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AEDC awarded $2,500 from PPL to further diversity, equity, and inclusion efforts throughout the Lehigh Valley<\/em><\/p>\n ALLENTOWN, Pa. \u2014August 12, 2021 \u2014\u00a0Allentown<\/a>\u00a0<\/u>Economic Development Corporation<\/a>\u00a0is pleased to announce it has been awarded $2,500 through the PPL Foundation Sustaining Grant program. The funds will support the marketing of AEDC\u2019s loan program serving minority business owners, the Pennsylvania Minority Business Development Authority Loan Fund (PMBDA).<\/p>\n The\u00a0PMBDA Loan Fund<\/a>\u00a0serves both Lehigh and Northampton County\u00a0and is one of four existing loan programs administered through \u201cUrban Made\u201d, AEDC\u2019s business and retention initiative. AEDC will utilize the grant funds from the PPL Foundation to develop and distribute information to educate minority business owners in the two counties about available funding to help expand their businesses.<\/p>\n \u201cWe are grateful for the support and partnership with PPL in\u00a0promoting diversity, equity and inclusion,\u201d said Marketing and Communications Specialist Erin Hudson. \u201cBy originating more PMBDA loans throughout the Lehigh Valley, we can continue to combat inequities relating to access to capital faced by minority business owners. The majority of contact for this program occurs through word-of-mouth referrals, and we\u2019re determined to reach these business owners more directly.\u201d<\/p>\n Since 2017 AEDC has grown the PMBDA program to be the second-largest administrator of the PMBDA loan funds (surpassed only by the Commonwealth itself) and has administered seven loans to minority-owned businesses. Total PMBDA loans outstanding increased from $300,000 to $1.2 million. In that timeframe, AEDC has helped minority business owners create more than 100 new jobs as a direct result of the PMBDA loan program. Three specific clients include:<\/p>\n To qualify, eligible businesses (as defined by the Commonwealth’s PMBDA program) must be 51% owned by socially or economically disadvantaged minorities, which is based on cultural, racial, or chronic economic circumstances, background, or similar cases. Borrowers include but are not limited to African Americans, Native Americans, Hispanic Americans, Aleuts, Asian Americans, Asian Indians, and Eskimos.\u00a0Loan amounts can cover up to 90% of a project cost, or $250,000, whichever is less. Project costs typically include machine and equipment costs, land costs, building acquisition, construction, renovation, legal fees, and working capital. Loan fees apply, along with approval criteria requiring borrowers to create one full-time job or an equivalent part-time job for every $50,000 borrowed within three years of receiving loan funds.<\/p>\n AEDC has a current operating budget of $1.64MM. Approximately 59% of its revenue comes from real estate development and property management, with 28% from business incubation program activities, 6% from business outreach and finance program activities, and 7% from private and public support.<\/p>\n The PPL Foundation\u2019s sustaining grants program distributed $450,000 to 115 nonprofit organizations across central and eastern Pennsylvania to support education initiatives; promote diversity, equity, and inclusion; and strengthen community resources. \u201cThrough its grants, the PPL Foundation invests in innovative approaches to address critical social challenges and help build stronger, more sustainable communities,\u201d said Ryan Hill, president of the PPL Foundation. \u201cWe\u2019re proud to support the work of our nonprofit partners, working together to improve the lives and well-being of residents in the communities we serve.\u201d<\/p>\n About Allentown Economic Development Corporation<\/strong><\/em><\/p>\n Allentown Economic Development Corporation<\/a>\u00a0is 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\u00a0http:\/\/www.allentownedc.com\/<\/a>.<\/p>\n About the PPL Foundation<\/strong><\/em><\/p>\n Through strategic partnerships, the PPL Foundation promotes the development of sustainable communities and supports children’s success from cradle to career. The PPL Foundation contributes more than $3 million annually to a wide variety of nonprofit organizations. For more information, visit\u00a0http:\/\/www.pplcares.com<\/a>.<\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" AEDC awarded $2,500 from PPL to further diversity, equity, and inclusion efforts throughout the Lehigh Valley ALLENTOWN, Pa. \u2014August 12, 2021 \u2014\u00a0Allentown\u00a0Economic Development Corporation\u00a0is pleased to announce it has … Continue reading Minority-Owned Businesses Receive Support from AEDC through PPL Sustaining Grant Award<\/span> \n
\nInformation Provided By:
\nErin M. Hudson
\nMarketing & Communications Specialist
\nAllentown Economic Development Corp.
\nhttps:\/\/allentownedc.com\/<\/p>\n
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