Experienced Real Estate Agent Joins Nonprofit’s Loan Committee
ALLENTOWN, PA. —January 25, 2021 – Allentown Economic Development Corporation is pleased to welcome Ms. Veena Chauhan as the newest member of the Loan Committee. Ms. Chauhan will be joining 11 other committee members who evaluate and recommend potential business borrowers as part of AEDC’s Urban Made Program.
AEDC’s Loan Committee meets as needed to review small business and individual loan applications as part of its Urban Made initiative. As determinations are made, the committee’s recommendation is presented to the AEDC Board to take formal action on the loan.
To be reviewed, loan prospects submit applications that include their financing needs, financial statements, and a business plan. Through several Allentown focused economic development loan fund programs, qualified businesses can then borrow up to $100,000 for equipment, real estate acquisitions, or capital improvements, and in some cases, up to 40% of inventory or working capital. Through the Lehigh Valley focused Pennsylvania Minority Business Development Authority loan fund, qualified minority-owned businesses can borrow up to $250,000 for equipment, real estate, capital improvements, and in some cases, working capital. In recent years, both loan volume and the number of loans created through the Urban Made program has increased substantially. Currently, AEDC manages over 30 loans with an origination value of over
$3 million and is the second-largest administrator of the PMBDA loan.
Loan Committee meetings are held to evaluate an applicant’s ability to contribute to regional economic development based on their business plans and financial status. To professionally measure the risks and rewards of each application, individuals with small business experience are encouraged to join the committee. Specifically, community members with business knowledge in the legal, financial, and real estate industries are invited to hold seats on the committee.
Veena Chauhan is looking forward to holding one of those seats for an extended time, like many of the existing members. As a licensed real estate agent with a background in sales, operations, and marketing, Chauhan is confident that her years of experience as an entrepreneur will allow her to contribute to group considerations and have a positive impact. Chauhan brings a unique understanding of the real estate market and extensive knowledge from working with industry investors. She is looking forward to adding value to the community by helping other small businesses grow.
“AEDC is pleased Ms. Chauhan is joining our Loan Committee, and we look forward to her participation in our economic development loan evaluation deliberations. Her knowledge and experience will complement the outstanding group of Loan Committee members that already voluntarily serve. Plus, her referral to join the committee came from an office tenant of the Bridgeworks Enterprise Center, which is an ideal scenario for everyone, ” said David Dunn, AEDC’s Loan Program Manager.
About Allentown Economic Development Corporation
Allentown Economic Development Corporation is an independent nonprofit organization, founded in 1979, whose mission is to improve vacant and underutilized properties within the City of Allentown by assisting manufacturers, business owners and entrepreneurs in obtaining the resources and opportunities they require for success. AEDC is committed to advancing the economic vitality of Allentown and the Lehigh Valley through its three core initiatives; Bridgeworks Enterprise Center, Urban Made and Urban Sites, programs focused on helping businesses grow, receive the support they need and find a home in Allentown. For more information, please visit http://allentownedc.com/
Information Provided By:
Erin M. Hudson
Marketing & Communications Specialist
Allentown Economic Development Corp.