The Whitehall Township Industrial and Commercial Development Authority Dec. 12 announced the formation of a $600,000 portfolio loan program for local business entrepreneurs.

"Applications are available now along with guidelines for the program," said Howard Lieberman, the authority's executive director. According to the documents, loans are available to business owners for $75,000 or up to 75 percent of the project's value.

"A requirement of the program is to create one full-time position for every $20,000 loaned," said Lieberman.

Although the authority bears the Whitehall Township name, it represents a collection of municipalities.

"We want to emphasize that this is an intermunicipal organization," Lieberman said.

Catasauqua and Coplay joined the authority to submit an application to establish a Community Revitalization and Investment Zone (CRIZ) earlier this month.

At the meeting, Whitehall Mayor Edward D. Hozza Jr. introduced Tina Smith, who will be working with Nazareth Township and the Nazareth Economic Development Commission (NEDC), that joined the group only days ago.

"We are fortunate to be able to have a development authority in Whitehall and the cooperation of surrounding municipalities," said Hozza.

"The intent [of the loan pool] is to attract and expand businesses that stabilize our communities' economic base and provide family-sustaining wages," Mark Molchany, authority board president, said.

According to Lieberman, the program is designed to provide financing for businesses that may not qualify for conventional financing, including start-ups and situations where credit and collateral may fall just below regularly accepted conditions.

Catasauqua Borough Manager Eugene Goldfeder enthusiastically supported the effort.

"I can see where businesses can use this resource at our Front Street development," he said.

Goldfeder expects that Spillman Farmer, the borough's designated partner, will have a set of plans available in April for the former FL Smidth brownfield. The borough's design plan is expected to be completed at the end of 2014.

"Once we [the borough] are there, we can attract other businesses to the site…This pool will be part of the package we can offer," Goldfeder said.

Applications are available from Laura Long, executive director of the Whitehall Area Chamber of Commerce.

According to Lieberman, five local applications are currently pending.

"Each application submitted is reviewed to gauge the impact it will have on the community," Lieberman said.

The intent is that the loan pool will be renewed as businesses are successful.