Partnership to provide $600k startup loans for Lehigh University entrepreneurs

Cris Collingwood//July 10, 2023

Thaksheel Alleck ‘25, pictured in Lehigh Ventures Lab, is working on Logicae Science, a STEM education nonprofit focusing on scientific methods and entrepreneurship education whose mission is to build human capacity and technical capabilities on the Africa continent – PHOTO/JEFF TOTARO

Cris Collingwood//July 10, 2023//

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Lehigh University‘s Lehigh Ventures Lab is partnering with People First Federal Credit Union to offer $600,000 per year in startup loans for Lehigh students, recent alumni and faculty looking to start or grow a business.

The university said, Lehigh Venture Lab, its business incubator, which was established in April 2022, is a collaboration between Lehigh’s Baker Institute for Entrepreneurship, Creativity & Innovation and the College of Business, the university said.

“In less than a year, we have already graduated three founders’ and have six new ventures in our summer program all in the pursuit of commercialization,” said Chris Kauzmann, interim director of Lehigh Ventures Lab. “This new partnership is a key component in the frameworks we are establishing to support our entrepreneurs.”

Kauzmann said founders will work with Lehigh’s Small Business Development Center to refine financially sound business plans. In addition to earmarking the funds, People First is waiving any participation fees.

“We recognize the difficulty many startups face in securing funding,” said Howard Meller, president and CEO of People First. “We are focused in supporting small business start-ups and believe in the value that entrepreneurs bring to their neighborhoods.”

Lehigh Ventures Lab, headquartered in the new Business Innovation Building, is a milestone-based, in-person, startup incubator dedicated to supporting founders who are working fulltime to take their ventures to market, Lehigh said.

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