Small Business Funding
The Gloucester County Small Business Revolving Loan Program has now exceeded that $3,500,000 project mark.
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 have 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. Throughthecountyandourpartnershipwith 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, throughout 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 fill 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.”
Videos talking about the success several of the local businesses that have utilized the Gloucester County Small Business Revolving Loan Program can be found here.
For information about the Gloucester County Small Business Revolving Loan Program contact the Office of Economic Development at 856-384-6930 or visit www.gloucestercountynj.gov.