Financing
How We Can Help
To ensure that small and emerging businesses are able to find a successful place in Burlington County’s economic growth picture, County Freeholders offer two loan programs targeted specifically to small businesses.
The Micro-Enterprise Loan Program offers loans up to $25,000 to eligible businesses with five or fewer employees (including the owner). There are few limitations on the use of the funds; yet there are some specific requirements. For example, the owner must have at least 10% equity in the business or project, and repayment terms must be within 10 years. Interest terms are 0% for businesses located in the River Route Corridor and qualified Urban Enterprise Zones, and 1% below prime for other locations.
The County’s regular Small Business Loan Program offers a similar fixed rate, with direct loans up to $50,000 or more if a bank participates in the financing. Business owners are expected to generate one full-time job for every $35,000 loaned, and again, must have an equity stake in the project.
For more information on eligibility criteria, contact the Burlington County Office of Economic Development and Regional Planning at (609) 265-5055, or visit the department’s information page on the county Web site at www.co.burlington.nj.us.
Burlington County Economic Development
www.co.burlington.nj.us/departments/economic/development
The County’s Department of Economic and Regional Planning works to stimulate economic activity by offering a diverse range of business programs to build, revitalize, and sustain a quality community for Burlington County businesses and residents.
Offering accessibility, proximity to market, dependable utilities, available land and a trained workforce, Burlington County’s economy is one of the most diverse and vital in the state.
Inc. Magazine has named Burlington County as one of its “Hottest Large Cities,” saying, “The Philadelphia suburbs are thriving with strong growth in banking, insurance, and pharmaceuticals. Access to the Northeast’s major cities also a plus.”
Regional Planning manages two regional initiatives:
1. Route 130/Delaware River Corridor Revitalization Plan
2. Route 130 Corridor Extension/Route 206 Farmbelt Strategic Plan.
The County offers several loan programs including the Micro Enterprise Loan Program, The Route 130/Delaware River Corridor Economic Development Fund Revolving Loan Program, and the Small Business Revolving Loan Program.
Burlington County Bridge Commission/ Improvement Authority
The Burlington County Bridge Commission was created in 1948 to purchase and manage bridges in Burlington County, and it now manages eight bridges, including the Tacony-Palmyra Bridge, the Burlington-Bristol Bridge, and the Riverside-Delanco Bridge.
More important to the County’s economic development efforts, the Bridge Commission’s powers increased in 1966 to include activities generally associated with the County Improvement Authority.
One of the financing powers of the BCBC is to extend credit to redevelopers for planning, acquisition, construction, equipping and furnishing of redevelopment projects.