PRESS RELEASE: THE RISING TIDE ADDS A LINE OF CREDIT TO ITS SMALL BUSINESS LENDING PRODUCTS
FOR IMMEDIATE RELEASE
CONTACT: CHRIS HUDOCK (T) 484.893.1039 (C) 484.553.3171
The Rising Tide Community Loan Fund has expanded its services yet again, announcing today the creation of a first-of-its-kind line of credit for micro-enterprises, start-ups and other businesses that struggle to get financing from traditional lending sources. The federally-certified, nonprofit community development financial institution will offer lines as low as $3,000 and as high as $15,000. The interest rate will be determined based on the circumstances and set by a committee of volunteers.
Chris Hudock, Director of The Rising Tide Community Loan Fund, said, “We find many of our existing borrowers expressing a need for a line of credit. In the Lehigh Valley, if you can’t find a bank that offers a line of credit, The Rising Tide is the only option,” adding, “We understand your need, are sympathetic and are anxious to help you grow your business.”
The Rising Tide Community Loan Fund is the only federally-certified community development financial institution headquartered in the Lehigh Valley. It offers loans to micro- and small businesses that have difficulty getting loans from conventional sources. The Rising Tide has awarded 166 loans totaling just under $4,600,000 since its inception, creating at least 250 jobs and retaining 306 others in the Lehigh Valley. Of the 166 loans, 104 have been granted to women-owned businesses, 67 have gone to minority-owned businesses, and 113 benefited low- to moderate-income individuals and their communities. The Rising Tide works with individuals who are unable to secure traditional loans, yet only 15 loans have been written off as uncollectible, while 99 have been paid in full.