Gloucester County Starts Revolving Loan Fund for Small Business
(Mullica Hill, NJ) – Gloucester County Freeholder Director Robert M. Damminger and Freeholder Heather Simmons announced today the creation of a $100,000 Small Business Revolving Loan Program for Gloucester County start-up and existing businesses.
Freeholder Director Damminger said, “When the economic downtown started in 2008 banks and lenders made it nearly impossible for start ups or small businesses to obtain financing. This Microloan program has been something the county has been looking to establish assist start-ups or expansions to get financing to help spur the economy.”
Damminger said that there were 463 new trade names registered in the county between January 1, 2013 and June 20, 2014.
“We receive calls every week in our offices from entrepreneurs looking for help with financing to start their business or expand,” Damminger said. “This program is an investment in our economy.”
Freeholder Heather Simmons, Liaison to the Department of Economic Development said that in partnership with the Cooperative Business Assistance Corporation (CBAC), beginning July 1, 2014 Gloucester County will be able to offer a Small Business Revolving Loan Program.
Simmons said, “Our small businesses and start ups deserve this opportunity. By offering well-planned and well deserving business the chance to succeed we can help them say yes while everyone else says no. When we create businesses, we create job. Financing options are so minimal for small business and these loans can be secured for property acquisition, gap financing, or working capital.”
Simmons said, “We are really excited to partner with CBAC to help administer this funding. They are an established organization that has achieved great success in lending to small businesses and helping leverage financing. They have great relationships throughout our region and they are the perfect fit for this program.”
The Gloucester County Small Business Revolving Loan Program will support small businesses throughout Gloucester County with loans from $1,000 to $35,000 for real estate, fixed assets, inventory, marketing and/or working capital purposes at fixed interested rates ranging from 4% to 5% based on 2014 interest rates.
Because CBAC is able to apply for additional loan funds from other sources, they would have the ability to leverage an initial grant and could potentially result in a larger loan. CBAC will provide all the loan serving, accounting, payment collection and extensive financial and technical assistance to prospective and existing borrowers.
There are 9,842 companies with fewer than 10 employees in Gloucester County.