A long-standing initiative that promotes business development in the Palmerton area has changed its bylaws.

The status of the Palmerton Area Community Endeavor was the topic of conversation at the Palmerton Area Chamber of Commerce luncheon held last week at Bert’s Steakhouse.

Joe Federanich, co-chair of the Palmerton Area Chamber of Commerce, said the PACE Community is a part of the Palmerton Area Chamber of Commerce.

Federanich said that PACE, which was formed in 1959, had gone through the whole process with the Attorney General’s Office to change all of its bylaws.

“It was finalized (earlier this month) in Carbon County Court,” Federanich said during a phone interview last week.

Federanich added that the PACE Committee agreed on a maximum of $75,000 per customer that may be lent.

He said businesses may borrow that amount, fill out all the paperwork, and that the NEPA Alliance will do all of the vetting. It is then up to PACE to make the decision.

“The business has to be located within the Palmerton Area School District,” Federanich said. “Then we could lend the money if they get approved by the board, and they get 10 years to pay it back at an interest rate less than what the banks are charging.”

Federanich said that an ad in the then Palmerton Post showed that as of Dec. 31, 1965, PACE had a balance of $271,918, and that amount has since grown to $940,000 as of last week.

“This money sat there (for all these years) and nobody could use it for anything,” he said. “And we wanted to make it available to anybody who wants to start up or improve their business within the Palmerton Area School District.”

Federanich said that PACE was essentially “created to bring more jobs into the community.”

“We want to put that money to work for people that want to start or enlarge their business,” he said. “The end result to bring more jobs into the area.”

Anyone with questions may contact the Palmerton Area Chamber of Commerce at 610-826-5777.