Kent Co. Introduces Growth Fund for Businesses with Expansion Plans
Helping businesses grow and expand is the goal of the Kent County Growth Fund.
The fund is designed to help businesses that have been in operation for at least two years, and that have between 10 and 500 full-time employees. They could qualify for loans of between $250,000 and $1,000,000 dollars to buy machinery, equipment, property, or to make renovations.
“The Kent County Growth Fund will be a great resource to help existing businesses in Kent County grow and expand,” Kent Economic Partnership Executive Director Linda Parkowski said. “This loan will be great for decreasing the typical monthly payments and freeing cash, allowing the businesses to retain and grow their workforce. Roughly 80% to 85% of job growth within a market comes from business expansion and greatly benefits the local economy.”
The Kent Economic Partnership, Kent County Levy Court and Discover Bank are collaborating on the Kent County Growth Fund. Loans will be federally guaranteed. Effective rates will be based on current market rates at the time the application is received.