County Small Business Loan Program can provide small businesses with low interest financing
The following information was provided by the Burlington County Board of Freeholders:
Over the next few months, Burlington County Freeholder Director Kate Gibbs will be touring the county and visiting local main streets to speak directly with small businesses about an attractive county economic development program that’s available to help them grow and create jobs.
“As Freeholder Director, it has been a priority of mine to make Burlington County a more affordable, prosperous and welcoming place to live, work and retire for all,” Gibbs said in a statement. “Small businesses and the job opportunities they provide our residents are so important to families and communities all across the county. That’s why I am thrilled to launch this initiative and tell small businesses about how the county can help them expand and reach their goals.”
Gibbs will be encouraging small businesses to take advantage of the County Small Business Loan Program, which can provide established businesses, start-ups and non-profits with very low interest financing.
The county offers direct loans up to $50,000 or as much as $200,000 in gap financing with a participating bank. Funding may be used to purchase real estate, acquire furniture, fixtures or equipment, or apply towards working capital. However, in order for a company to be approved for a county small business loan, a job must be either created or retained.
“This innovative program has helped to create so many small business success stories all throughout the county,” Gibbs said. “I hope to help small businesses continue to grow and call Burlington County home.”
The county began the program with approximately $900,000 available to loan to small businesses through grants provided by the U.S. Economic Development Administration. As borrowers pay off their loans, the county is able to replenish the fund and help other small businesses expand. The program has helped to create or retain more than 195 jobs in Burlington County since its inception.
For more information on the loan program, small businesses may contact the County Office of Economic Development and Regional Planning at (609) 265–5055.