For many years the Altoona Blair County Development (ABCD) Corporation supported projects concentrated on the larger, legacy manufacturing sector. And for good reason. The sector created hundreds of jobs, requires high value supply chains, and is traditionally a top paying sector. Still today, manufacturing does all of that and is a priority for us and our local economy.
But as the character of manufacturing changed, so has ABCD. Our project portfolio has diversified. We are now equally concentrated on smaller business start-ups and expansions. Main street businesses, food and beverage operations, housing and entrepreneurial ventures make up most of the new projects we help support.
Micro main street lending is a critical tool in the modern economic development toolkit. We have been working closely with municipalities across the County to establish Enterprise Zone eligible main street communities. Tax credits and low interest loans are key components to that effort.
Main Streets in Action: Tyrone Borough Micro Loan
In 2020, ABCD partnered with the Tyrone Borough Council to create a grant and micro loan program to support start-up and existing businesses. The Tyrone Borough Council contributed $100,000 for the micro loan program and $20,000 for the grant program. In the program’s infancy, ABCD was able to provide 7 grants ranging from $2,000 to $3,000 to local Tyrone based businesses. These projects primarily included renovations/improvements to real estate and equipment purchases.
Unlike the grant side, the loan program revolves over time. Repaid loans replenish the fund which grows over time. ABCD has funded three loans through the Tyrone Micro Loan that have supported projects involving site development and repairs to mixed-use properties in the Tyrone Borough. Many of these buildings involve commercial space on the first floor with apartments on the upper floors, which are critical to the character and vibrancy of traditional main streets.
Tyrone Project Highlight
The most recent project was completed by Billie Jo and Allan Brooks. The property houses their insurance business and apartments. Billie Jo started the Billie J. Friday Agency in 2017 and has continued to show strong growth year after year.
“The Tyrone Borough Micro Loan gave us the opportunity to repair the roof on our building at an affordable interest rate, which is tough to find in this current economic environment. I hope to continue to see more businesses come to and thrive in the Tyrone Borough,” Billie Jo said.
For more information on the Tyrone Borough Micro Loan Program, contact a member of our finance team Renae Lynn renael@abcdcorp.org or and Marcus Edwards marcuse@abcdcorp.org. Visit the Blair Alliance website to learn more about the Tyrone Borough Micro Loan Program and other programs offered by ABCD at the following link: https://www.blairalliance.org/financing/
