County Revolving Loan Fund for Small Business exceeds $3.5 million project mark
74 local small businesses assisted
(Woodbury, NJ) – The Gloucester County Small Business Revolving Loan Program has now exceeded that $3,500,000 project mark announced Freeholder Director Robert M. Damminger and Freeholder Heather Simmons.
In June of 2014 the Gloucester County Board of Chosen Freeholders created a $100,000 Small Business Revolving Loan Program for Gloucester County start-up and existing businesses. The program, in partnership with Cooperative Business Assistance Corp, CBAC, who administers the program, leverages the county loans with other financial tools and products that has helped increase the funding opportunities to small businesses.
Freeholder Director Robert M. Damminger said, “What began as a $100,000 investment to provide Gloucester County start-ups and growing small businesses with the opportunity to expand has exceeded all of our expectations. Through the county and our partnership with CBAC, and reseeding the loan fund by $250,000 last year, we are able to help small businesses leverage ten times that amount in loan funding.”
Freeholder Heather Simmons, Liaison to the Department of Economic Development, said, “This loan fund program has made a huge impact on many of our small businesses. Their ability to expand and succeed, hire workers and make improvements may not have happened without the county’s loan fund.”
Simmons said, “We work closely with our small businesses to make sure that they are in a position to succeed and pay back their loan so that we can continue this program. And, through out partnership with CBAC, we are able to leverage the county’s investment with other banking institutions to offer more products to our business owners.”
Simmons said that Gloucester County, with the support of CBAC, has made 74 loans since July 2014 totaling $1,543,824.21 and by collaborating with banks on a number of those loans, another $2,052,919.79 was loaned to local small businesses for a grand total of $3,596,744.00 in Gloucester County Projects.
“At least 75 jobs have been kept or created as a result of this loan program,” said Simmons. “When we talk to our small business owners they are pleased with how this funding helped filled the gap that traditional banking institutions have not always been able to fill for them. That is why we created the loan program, because small business is the backbone of our local economy and when they succeed and prosper, so do our residents.”
A video talking about the success several of the local businesses that have utilized the Gloucester County Small Business Revolving Loan Program can be found at:https://youtu.be/BkHHkQX8lQQ Full video