The program provides loans at a fixed two percent interest rate to volunteer fire, ambulance and rescue companies for the acquisition, rehabilitation, or improvement of apparatus, facilities, and equipment.
Since the program's inception in 1976 through 2001, 5,612 applications have been approved representing $280,196,389 in funding.
Friendship Fire Company No. 1 utilized the VLAP to satisfy a note from National Penn Bank for $100,000. This was part of the financing for the purchase of a Freightliner chassis and the installation of a body onto the chassis at New Lexington Fire Equipment Company.
The completed pumper-tanker was delivered to the fire company in October of last year. It holds 1,800 gallons of water and has a pumping capacity of 1,250 gallons per minute.
Cost of the chassis and body was $242,844, which was financed using proceeds from an insurance settlement that covered a pumper/tanker involved in an accident in December 2000, a truck fund, fund raising activities and the note from National Penn Bank.
The VLAP loan will satisfy the National Penn note. Repayment period through the VLAP is 15 years at two percent interest.
Representative Samuel E. Rohrer (128th district) and Betty Randzin, representing Senator Jim Gerlach (44th district), were special guests at the settlement event. Taking part in the
event were Mary Frances S. Conners form National Penn Bank, Letitia Sinclair from the Office of the State Fire Commissioner and Friendship Fire Chief Paul D. Shirey and Treasurer
Dora R. Brady.