Areas Served: Atlantic, Cape, Cumberland and Salem counties
The South Jersey Economic Development District offers small businesses the opportunity to borrow money through the Revolving Loan Fund.
Goals and Objectives The SJEDD’s loan fund gives businesses the financial incentives they need to create new job opportunities as well as stimulate new capital investments thus generating new tax revenues to improve the economic well-being of communities throughout the region.
Overview The RLF program is intended to provide gap financing for small business firms to encourage business expansion and retention.
The minimum available to borrow is $10,000 and the maximum is $100,000. These low-interest loans provide up to 33 percent of the total eligible costs, with the maximum being $100,000 for fixed-asset financing.
Terms The interest rate is significantly below rates charged by commercial institutions and the loans generally carry a three to five year repayment schedule depending on the nature of the project being financed.
Eligibility Projects financed through the RLF must create new jobs and the borrower must be an equal opportunity employer that has been in business for at least two years with less than 60 employees.
Eligible communities are Atlantic, Cape May, Cumberland and Salem counties.
, Cumberland and Salem counties
Contact InformationSouth Jersey Economic Development District
Address: 226 North High Street, Suite A
City: Millville
State: New Jersey
Website:
http://www.sjedd.com/sjedd/revolvingloan.asp
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