In an effort to stimulate economic growth and development, Atlantic County and the City of Atlantic City are offering two loan programs for businesses in Atlantic City and portions of the county to promote job creation, revitalize communities and increase the ratable base. Funding for the loans that are administered by the Atlantic County Improvement Authority (ACIA) is provided by the U.S. Department of Housing and Urban Development’s (HUD) Section 108 program which allows communities to leverage their Community Development Block Grant funds into federally guaranteed loans for economic revitalization.
“We’re very pleased to offer these programs for the purpose of growing our local businesses and generating jobs for our residents,” stated County Executive Dennis Levinson. “As our current lead economic development agency, the ACIA has taken the initiative to pursue and successfully acquire the use of $6 million in federally-guaranteed funding.”
The 108 Loan Program can provide for-profit businesses with loans up to 40 percent of the project cost at a maximum of $400,000 with repayment terms of 10-20 years. One job must be created for every $35,000 spent. A non-refundable $200 application fee is required.
The Micro Loan Program offers loans between $1,000 and $35,000 to start up businesses that meet the HUD criteria of low to moderate income. Preference is given to borrowers with at least six months to one year experience. Fifty-one percent of an applicant’s new hires should be of low to moderate income and should preferably live within Atlantic County. A non-refundable $100 administrative fee is required at time of loan processing.
Both loan programs are available to businesses located in municipalities that participate in the Community Development Block Grant as well as Atlantic City.
For more info visit:Atlantic County Improvement Authority
or call Max Slusher, ACIA Economic Development Director, (609) 343-2157.
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