MILLVILLE — South Jersey Economic Development District has introduced a new loan program to provide opportunities for small businesses to purchase renewable energy systems.
Those loans are structured to enhance credit availability for small business to finance renewable energy projects. The program will provide low interest loans on a subordinated basis for up to 50 percent of the project cost. Loans are capped at $50,000 and terms up to five years with an amortization schedule for up to 10 years.
Leonard C. Desiderio, district chair, stated “We are introducing this program so that the small business community can get access to these renewable energy opportunities that will allow them to control their energy costs in the future.
For information and to obtain an application, businesses should contact the district at (856-765-9700 or request an electronic application via e-mail at: info@sjedd.com.
The district is a federally funded regional agency established in 1979 to promote economic development in Cape May and surrounding counties, complementing and coordinating county and state development initiatives.
