2002 Section 108 Project Summary - New Jersey

Economic Development

BUSINESS LOAN PROGRAM ESTABLISHED FOR INVESTMENT WITHIN COUNTY
Cumberland County NJ Cumberland County Business Loan Program $5,500,000

Cumberland County will utilize $5,500,000 in Section 108 loan funds to establish a Business Loan Program to be made available for businesses within the County's boundaries. The County is a non-entitlement community under the CDBG program. The New Jersey Economic Development Authority will jointly administer the County's loan with the Cumberland Empowerment Zone Corporation. The Section 108 funds will used be in conjunction with an Economic Development Initiative grant ($600,000) that will be used to fund a debt reserve account. The program will leverage a total of $14,200,000 in other public and private financing.