Page 18 - Sussex County - 2019 Economic Development Guide
P. 18

Sussex County’s Low-Interest Loan Program Is a Success
Sussex County announced the launch of a new “Excite Sussex” low-interest
loan program in 2018 and made $4 million available to new businesses and existing businesses in Sussex County looking to expand. Today, three businesses have successfully applied and have been approved for loans under the new program.
“The goal of the loan program is to attract new businesses to Sussex County and incentivize existing businesses to expand through access to capital,” said Bill Pfaff, Executive Director of the Sussex County Office of Economic Development.
The loans may be used for machinery and equipment; real estate acquisition and renovations; and tenant improvements. Closing costs may be financed, and there is no application fee. Loan applications are evaluated by the County and managed by the National Development Council.
Qualified applicants can borrow between $250,000 and $1 million for as little as 4% (based on current rates), with terms ranging from 10 to 25 years. In addition to existing Sussex County businesses desiring to expand, the county will heavily target businesses located in the Mid-Atlantic region to relocate or expand in Sussex County.
The loan program is a private-public partnership between Discover Bank, The National Development Council, the Small Business Administration and Sussex County. The county contributed $750,000 to Discover Bank’s $3.25 million in low-interest, long- term loans available to qualified applicants. The federally guaranteed loan program is open to borrowers who have at least 10 employees and have been in business for at least two years.
Pfaff noted that, between the loan program, the County’s three newly designated Economic Development Zones (Nanticoke, Broadkill and Indian River), as well as the five Opportunity Zones located in mid- and western Sussex County, the package creates a nice trio of incentives that make Sussex County the place to start or expand a business.
“This loan program,” Pfaff said, “in addition to attracting and growing businesses, will also create new, high-paying jobs in areas that are economically depressed in Sussex County.”
For more information on the new loan program and the Sussex County Office of Economic Development, visit
n Sussex County
ussex County’s manufacturing industries continue to diversify. The county’s
new Economic Development Zones
with the County’s ExciteSussex low-interest
               and expansion. The major sectors include:
• Aeronautical
• Construction
• Craft brewing and bottling • Fabrication
• Food
• Pharmaceutical
Merck and Manufacturing Min Sussex County
          research-driven company that
range of veterinary medicines and services.
             Merck offers one of the industry’s most                          poultry and swine.
Merck’s products and services enable pets and people to enjoy their time together and will
        wholesome and affordable food supply. Merck
is a leader in research and development of veterinary vaccines and pharmaceutical products.

   16   17   18   19   20