COURT HOUSE — The Cape May County Chamber of Commerce is offering assistance to local businesses interested in two new economic stimulus programs announced by the New Jersey Economic Development Authority.
The InvestNJ and Main Street Business Assistance programs are designed to offer $170 million in financing assistance to help state businesses face the fiscal challenges of the national economic crisis.
NJEDA Account Executive Lloyd Oxford recently shared information about these programs at a Cape May County Chamber of Commerce meeting.
Oxford will be available to meet with local businesses interested in these finance programs on Tuesday, Feb. 17.
The $120-million InvestNJ program includes two components. One offers a $3,000 grant to New Jersey businesses for each new job created and retained for one year. Another element of the program authorizes the payment of grants equal to seven percent of a business’s qualifying capital investment of at least $5,000 made prior to Jan. 1, 2011. Up to $70 million is available for capital investment grants, not to exceed $1 million per grantee, to fund expenses for the direct use and operation of a business.
The Main Street Business Assistance Program also has two parts – a loan participation and/or guarantee product that is being offered through participating banks and a line of credit guarantee offered through the EDA’s 14 Preferred Lender partners. To qualify, borrowers must be in business at least two years, maintain jobs in New Jersey and meet other EDA eligibility requirements.
To schedule an appointment with Oxford, call the Cape May County Chamber of Commerce at 465-7181.
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