Loans Available For Struggling Businesses In Burlington County

BURLINGTON COUNTY, NJ — Officials in Burlington County will provide working capital loans to eligible businesses struggling as a result of the outbreak of new coronavirus.

“Understanding challenges small businesses are facing during the pandemic Coronavirus, the Economic Development and Regional Planning (EDRP) arm of the Burlington County Bridge Commission, with consent of the Burlington County Board of Chosen Freeholders, will make loans available to eligible small businesses in the county, through the Small Business Loan Program,” Burlington County Freeholder Deputy Director Tom Pullion said Thursday morning. “These loans are intended to be used for working capital, including but not limited to covering wages and salaries of current employees, as well as paying for inventories, accounts payable and operational activities of the business.”

“Small businesses are central to our community and paramount to the economy,” Burlington County Bridge Commission Chairman Troy Singleton said. “Our hope and intention is that these loans will bring much needed relief to business owners by assisting helping them avoid layoffs and retain their valued employees. We will to continue supporting Burlington County families and small businesses as we face unprecedented challenges as a result of this pandemic.”

The terms of the working capital loans are:

• Up to $10,000 for each job retained, to a maximum of $50,000;
• Interest rate of 2.4375%, which is 75% of the Prime Rate currently set at 3.25%;
• Maximum payback period of 10 years; and
• Equity in the business at risk must be at least 10% of the amount requested to borrow.
• These loans may not be used to refinance current debt.

Criteria for eligible borrowers include:

• The borrowing business must be located in Burlington County;
• Jobs must be retained for the term of the loan; and,
• Borrower must have sufficient collateral in business or personal real estate to secure the loan.

The commission’s Economic Development and Regional Planning (EDRP) is working with the Burlington County Board of Chosen Freeholders to expedite the review of loan applications, and settlement of loans for eligible applicants, officials said. In addition, during the coronavirus pandemic, all application fees will be waived.

Information about the loan program and loan applications is available at https://bcbridges.org/financial-resources-programs/. Questions about the Small Business Loan Program can be sent via email to edcoordinator@bcbridges.org or by calling 609-265-5055.