Sussex County is seeking a bigger bang for its economic development bucks, with hopes it will pay big dividends for the local economy.
The Sussex County Council this week approved creation of a new economic development loan program using a mix of public and private dollars. The $4 million pool of money will be available to businesses in targeted zones to grow their operations and create jobs.
"We re-tooled an existing program that the County has had in existence since 2005. And what we did, we partnered with the National Development Council as well as Discover Bank to create an updated loan program,” said County Economic Development Director Bill Pfaff .
Pfaff says the ExciteSussex Loan Program will be funded through two major sources, with Sussex County government contributing $750,000, and Discover Bank providing the balance of $3.25 million.
“The new loan program will be targeted to businesses with loan potentially of $250 to $1 million,” said Pfaff.
Loans will be federally guaranteed and available for as little as 3.94-percent based on current rates, and on terms ranging from 10 to 25 years.
Pfaff says this fund will give businesses a new tool, offering a link to critical financing that can save them thousands of dollars with lower monthly payments. Pfaff adds the hope is this will encourage businesses to create and retain jobs.
Officials plan to officially launch the program by the end of January.