Atlantic County Offers Loans for Local Businesses

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ATLANTIC CITY - Atlantic County and the City of Atlantic City have announced that they will offer two loan programs for businesses in Atlantic City and portions of the county.
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. The program allows communities to leverage their Community Development Block Grant funds into federally guaranteed loans for economic revitalization.
The 108 Loan Program provides for-profit business with loans up to 40% of the total cost of the project, not to exceed $400,000. The repayment terms for the loan is 10 to 20 years and one job must be created for every $35,000 spent. Applicants must pay a $200 non-refundable fee in order to submit an application.
The Micro Loan Program offers loans to start up businesses that meet the HUD criteria of low to moderate income. The loans offered are between $1,000 and $3,500 with preference given to borrowers who have at least six months to one year of experience. Additional requirements include 51% of the applicants new hires should be of low to moderate income and preferably living in Atlantic County. Loan applicants must pay a $100 non-refundable fee at the time the loan is processed.
The two loans offered will promote job creation, revitalize communities, and increase the ratable base and are offered to businesses located in municipalities that participate in the Community Development Block Grant as well as Atlantic City.
“We’re very pleased to offer these programs for the purpose of growing our local businesses and generating jobs for our residents,” said Dennis Levinson, County Executive. “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.”
For more information about the Atlantic City Improvement Authority, visit www.atlanticcountyimprovementauthority.org or call Max Slusher at 609.343.2157.

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