Video Shows How Simple it is for Lehigh Valley Businesses to Find Financing
By Colin McEvoy on April 11, 2016
The Lehigh Valley Lending Network is a revolutionary new program making it easier than ever for businesses to find financing resources to help them grow. Now, a newly-released video explains exactly how it works, and how it’s already helping businesses grow and thrive.
Created by Digital Feast and commissioned by the Lehigh Valley Economic Development Corporation (LVEDC), the new video explains in a simplified way how the Lehigh Valley Lending Network works, and how businesses can access it.
The video also features several interviews, including one highlighting a company that has directly benefited from the network. Mark Vasilantone, president of Vastex International, Inc., which manufactures screen printing equipment for the garment textile industry, said the program provided him the resources necessary to continue doing his businesses.
“This funding and this relationship with LVEDC is allowing us to expand our facility and continue to grow,” Vasilantone said. “It’s really been a fabulous experience. … It allowed me to feel like I had somebody that was really there for me; that had nothing to gain but to see me succeed.”
The Lehigh Valley Lending Network is a coalition of 15 regional banks and public lending entities that offers a single point of entry for both private and public financing. This allows businesses seeking financing to simultaneously access and shop commercial lending institutions and economic development resource providers, all in one spot.
“The intention is really to make this simple so that they can find a single point of access to access not only the resources that will lower their cost of financing, but also provide comprehensive assistance for all of their financing needs moving forward,” said John Kingsley, LVEDC Vice President of Finance..
The video explains the process in a simplified way: An eligible borrower completes a series of forms outlining their business and provides a financial profile outlining their operating history and financing needs. This information is circulated to banks and economic development lenders based on the preferences of the borrower.
Representatives of the selected lending organizations will then provide an expression of interest in working with the borrower that will outline the likely terms of a loan that could be offered if the company meets specific eligibility and credit criteria.
Participating banks include BB&T Now Truist, Chase, Embassy Bank, ESSA Bank & Trust, First Commonwealth Federal Credit Union, Fulton Bank, Key Bank, New Tripoli Bank, People First Federal Credit Union, Peoples Security Bank and Trust, PNC Bank, Provident Bank, TD Bank, Univest Bank and Wells Fargo.
for the video about the Lehigh Valley Lending Network, as well as other LVEDC-commissioned videos marketing the economic assets of the Lehigh Valley and its sub-regions.
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