The Burlington County Board of Chosen Freeholders and Burlington County Bridge Commission announced the launch of a new interest-free loan program aimed specifically at aiding small businesses impacted by the ongoing coronavirus pandemic.
A total of $660,000 in federal CARES Act funding was secured by the Burlington County Bridge Commission’s Economic Development Office for the new Health Emergency Loan Program (HELP), which will extend up to $50,000 in zero-interest financing to any business operating in the county for business-related purchases, expenses and improvements.
The County Economic Development and Regional Planning office is administering those loans --- information about these new loans can be found on this webpage:
http://www.bcbridges.org/covid19-resources/
From there click on the “SEE IF YOU QUALIFY!” button and you’ll see a page with 5 statements – if you are able to check all 5 boxes, citing that those statements are true, then you may qualify.
After checking all 5 boxes, a questionnaire will appear. After you fill out that information, you’ll receive an email with an application for the HELP loan. Loan amounts of $20,000 to $50,000 are available.
What if you don’t qualify for the HELP loan?
You may qualify for one of the other loans we offer, though having sufficient collateral is key to qualifying for all our loan programs. See this page http://www.bcbridges.org/financial-resources-programs/ for more details.
These new HELP loans will provide businesses working capital for purchases and can also be used to retain jobs that might be lost due to cash shortages during the pandemic.
Unlike commercial loans or U.S. Small Business Association loans, the county programs have no closing costs, and county officials said the HELP loans will be interest-free to aid businesses with their recovery.
More information about the county loan programs and other resources for businesses is available online at http://www.bcbridges.org/covid19-resources/ or by calling the Bridge Commission’s Office of Economic Development and Regional Planning at 609-265-5055.