The U.S. Department of Housing and Urban Development (HUD) today announced a $1 million loan guarantee for a distillery and manufacturing facility in Allentown, PA’s East Side.
The loan guarantee, offered through the Section 108 Loan Guarantee Program (Section 108), will be used to finance the construction of a major new distillery for consumable beverages and a manufacturing facility for industrial alcohol. This new endeavor will be owned and operated by This Life Forever Inc., the only African American owned distillery in the Commonwealth. The Section 108 project will primarily benefit low- and moderate-income (LMI) persons through job creation, with at least 51 percent of the full-time equivalent jobs held by or made available to LMI persons.
“HUD is committed to supporting small businesses and all they do for their communities,” said Marion McFadden, Principal Deputy Assistant Secretary, Office of Community Planning and Development at HUD. “This loan guarantee will support Allentown in helping the Commonwealth’s only African American owned distillery grow and create jobs in the U.S., particularly for people with low and moderate incomes.”
Section 108 provides Community Development Block Grant (CDBG) funds to communities as a source of low-cost, long-term financing for economic and community development projects that primarily benefit low- and moderate-income persons. Section 108 can be used for a variety of projects, such as housing, infrastructure, and other physical development projects. The flexibility of the program makes it an attractive and effective tool for state and local governments.
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