Small businesses to benefit from $500,000 USDA 're-lending' program

EGG HARBOR TOWNSHIP - U.S. Department of Agriculture Rural Development State Director Jane Asselta joined Atlantic County Improvement Authority Executive Director Tim Edmunds and key local stakeholders to announce a $500,000 funding award to support rural, small businesses in the area. 

The award was funded through USDA Intermediary Relending Program, which provides low-interest loans to local lenders or “intermediaries” that re-lend to businesses to improve economic conditions and create jobs in rural communities. In Atlantic County, the ACIA will support small businesses with microloans that drive growth and long-term sustainability.

“At USDA Rural Development, we’re all about making life better in New Jersey’s small towns,” said Asselta, a South Jersey native. “Through this partnership with the Atlantic County Improvement Authority, we’re able to support a business owner's plans to grow their business and assist Atlantic County’s efforts to diversify its economy and improve the quality of life for its residents." 

The award is one of only four IRP projects awarded by the USDA nationwide in the third quarter of Fiscal Year 2024 and is the first IRP awarded in the state of New Jersey in 10 years. 

"We are excited and honored to partner with USDA Rural Development to provide this important, additional resource to small businesses in Atlantic County,” Edmunds said. “Providing this capital to small business owners not only helps achieve their immediate goals but also clears the path for long term, sustainable success.”

    Key stakeholders from the USDA Rural Development program and Atlantic County Improvement Authority pose for a photo during a $500,000 award Sept. 10 in support of rural, small businesses in South Jersey.
  

Applicants are typically businesses in the development, expansion or reorganization stage of their business and interested in additional services provided by the IRP lender, such as financial analysis, accounting services, business counseling and technical assistance.

USDA Rural Development funds projects in New Jersey under the leadership of its state office staff located in Mt. Laurel and is supported by offices located in Hackettstown, Columbus, and Vineland. 

For more information on programs, email Derek VanHorn, [email protected]