Sussex County Council unveiled and approved a new public-private loan program to support growing small businesses in the central and western portions of the county. Called the ExciteSussex Loan Program, it replaces a loan program that officials say was underused.
There are three specific economic zones the county is targeting in central and western sussex: down Route 13, called the Nanticoke Zone; and from Ellendale south on Route 113, divided into the Broadkill and Indian River zones.
The new $4 million program will see the county put up $750,000 in funding, and Discover Bank $3.25 million to be issued in long term low interest loans. Businesses must have at least 10 employees, been in operation for 2 years, and can borrow up to $1 million. Officials estimate the program should be up and running by January 2018.