The Lehigh Valley Economic Development Corp. (LVEDC) and The Guardian Life Insurance Company of America recently partnered to assist women- and minority-owned businesses facing economic difficulties caused by the COVID-19 pandemic.
The partners distributed business assistance grants, totaling $2,000 each. Guardian Life provided the funding, and LVEDC identified the companies and distributed the grants.
“We are proud to provide these grants in collaboration with Guardian Life to support Lehigh Valley small businesses,” Jaime Whalen, LVEDC vice president of administration and investor relations and chief of staff, said. “LVEDC is dedicated to assisting the business community, particularly during these uncertain economic times, by collaborating with our stakeholders and building partnerships that support regional companies and the Lehigh Valley.”
In Lehigh Valley, there are 290 minority-owned businesses and 2,092 women-owned businesses. Of the minority-owned businesses, 70 are in the professional, scientific, and technical services sector. Of the women-owned businesses, 86 percent employ nine or fewer people.
LVEDC also has submitted loan applications to the Pennsylvania Industrial Development Authority’s COVID-19 Working Capital Access Program. The 26 applications totaled $2.3 million and are for Lehigh County and Northampton County businesses.
Guardian Life has distributed 720 grants nationwide using the U.S. Chamber of Commerce’s Save Small Business Fund.