Facade Loan Program

We just sent out this press release on our new Facade Loan Programs. In eight of our nine communities (with the last one, Macungie, expected to be up shortly), we have established low-interest rate loan programs. The goal of these programs, of course, is to create incentives so that people can better afford improvements to their home. In this economic climate, it is more vital than ever that teh public and private sector work together on urban revitalization.
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Borough Business Revitalization Program announces creation of Façade Loan Program in partnership with community banks

Program will make it easier for residents and business owners to improve their properties

Lehigh Valley, PA – The Borough Business Revitalization Program today announced the creation of reduced interest-rate Façade Loan programs in six Lehigh Valley communities. These programs, effective in the Boroughs of Alburtis, Bangor, Bath, Catasauqua, Coopersburg, Hellertown, North Catasauqua and Wilson, will give property and business owners reduced interest rates for improvements to their facades.

“The purpose of these programs is to act as an incentive,” said Michael Schlossberg, one of the Borough Business Revitalization Coordinators. “We understand that property and business owners want to improve their properties pproperties but may not have the financial means to do so. Accordingly, we partnered with community banks to create reduced interest-rate programs that will make it less expensive for property and business owners to make their desired improvements. This will benefit both the property owner and the community at large.” He went on to note that these programs are for residential or business properties that are located anywhere in the six participating Boroughs.

“Urban revitalization is all about creating viable community partnerships,” said Sharon Davis, Borough Business Revitalization Coordinator. “We want to do whatever we can in order to improve the physical appearance of our traditional downtowns. Fortunately, these banks were more than willing to partner with us to help improve their communities. These reduced interest-rate programs have the potential to allow for physical improvements throughout all of our communities, and we are incredibly grateful to the participating banks for their support.”

This program is also designed to work in conjunction with the Façade Program that is ongoing in these six boroughs as well as Catasauqua, Macungie and North Catasauqua. The Façade Program is a 1-1 matching grant program (up to $5,000) whereby property and business owners can apply to make exterior improvements to their property. The program is eligible to properties within the downtown districts of participating communities. Accordingly, interested participants can use these loans to cover their payment for the Façade Program. They can also use this reduced interest-rate program independently of the Façade Program.

The specific information on each community is as follows:
· Alburtis & Bath: First Star Bank
· Bangor: Merchants National Bank
· Catasauqua, Coopersburg, Hellertown, North Catasauqua and Wilson: KNBT

For more information on these programs in Bangor, Bath, Catasauqua, North Catasauqua and Wilson, contact Sharon Davis at 610-793-4404841-5840 or SharonD@lehighvalleychamber.org. For more information in Alburtis, Coopersburg, Hellertown or Macungie, contact Michael Schlossberg at 484-809-1796 or MikeS@lehighvalleychamber.org.

The Borough Business Revitalization Program is a regional Main Street Program. It is a partnership between the Pennsylvania Department of Community and Economic Development, Lehigh & Northampton counties, the Greater Lehigh Valley Chamber of Commerce, the Greater Lehigh Valley Chamber of Commerce Foundation and the eight Boroughs: Alburtis, Bangor, Bath, Catasauqua, Coopersburg, Hellertown, Macungie and Wilson. The goal of the program is to revitalize the urban cores of the participating communities.

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