County Commissioners approve first HELP loans to small businesses

County Commissioners approve first HELP loans to small companies

MOUNT HOLLY – The Burlington County Board of County Commissioners have accredited the primary 4 zero-interest loans to native companies impacted by the continued coronavirus pandemic.

The Riverton Well being and Health Heart’s membership was right down to half of its pre-COVID-19 totals.

Likewise, Staff Builders Plus, a Marlton-based firm specializing in company coaching and government teaching, suffered substantial losses as a result of cancellations and reductions in gross sales because of the pandemic, and the Regulation Places of work of Stephanie Shreter, a small Mount Holly regulation agency, was pressured to let go of its employees.

The fourth enterprise, Auricle Listening to Assist Heart, in Cinnaminson was strapped for funds to cowl bills like lease, tools restore and promoting.

Issues are starting to show round for all 4 companies following a tough 2020, however they reached out to the County for monetary help to assist them develop once more.

All 4 have been accredited by the Commissioners to obtain $50,000 interest-free loans by means of the County’s Well being Emergency Mortgage Program, also referred to as HELP.

“From the very begin of the pandemic, the Board has made it our mission to offer as a lot help as potential for our residents and small companies to assist them by means of this unprecedented disaster,” mentioned Commissioner Director Felicia Hopson, the Board’s liaison to the Bridge Fee and Division of Financial Growth. “We promised to make HELP accessible and now we’re proud to ship it. Extending loans at zero curiosity will permit these companies to get better and proceed providing service for our residents.”

The HELP loans have been created as a part of the County’s response to the continued well being emergency and the financial fallout the pandemic brought on.

A complete of $660,000 in federal CARES Act funding was secured by the Burlington County Bridge Fee’s Financial Growth Workplace for the loans, which can be found to Burlington County companies experiencing hardships from the pandemic.

The Bridge Fee can be liable for administering this system.

Loans are capped at $50,000 and can be utilized for business-related purchases, payroll or different bills or enhancements. There aren’t any closing prices, however jobs should be retained for the time period of the mortgage.

The utmost payback interval is ten years and debtors should have ample collateral in enterprise or private actual property to safe the loans.

The 4 companies accredited for loans Wednesday have operated in Burlington County for a mixed 124 years they usually plan to make use of the financing for quite a lot of functions, together with to rehire employees to pre-COVID ranges and to assist finance different bills, equivalent to tools restore, upkeep and promoting.

“Small companies make up the spine of each our county’s economic system and the state at-large and so a lot of them have suffered income losses linked to the pandemic,” mentioned Hopson. “By extending zero-interest loans, we’re offering a lifeline to assist them get by means of these powerful occasions and rebound to higher days. The truth that two of those companies intend to rehire workers they have been pressured to let go of earlier is extremely encouraging.”

Mortgage cash remains to be accessible. Enterprise focused on making use of can discover extra data at http://www.bcbridges.org/covid19-resources/

Along with voting to approve the small enterprise loans on Wednesday, Hopson introduced the formation of a brand new partnership between the County Commissioners, County Financial Growth Workplace and Burlington County Regional Chamber of Commerce to create a Burlington County Enterprise Hub.

Via the partnership, the County and Chamber anticipate to carry month-to-month seminars for present small enterprise operators and people focused on launching enterprises within the county. The Hub will present a one-stop store for companies to go for details about rules and necessities, accessible help and different applications and promotions, such because the County’s revived Store Burlington County First initiative.

“Whether or not you’re already established, a brand new enterprise or an entrepreneur who’s trying to begin their very own enterprise, we need to assist county companies to have all the data they should succeed,” Hopson mentioned. “We’re thrilled to companion with the Chamber and stay up for getting this initiative off and operating.”

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