Trenton N.J. – Mayor W. Reed Gusciora is announcing the creation of the Small Business Fiscal Relief Program; a new City initiative to support local small businesses during this time of economic hardship. Going before City Council is a resolution which would allow the City to provide loans to Trenton-based businesses. The City will begin fielding applications this week with the funds to be dispersed shortly thereafter pending City Council approval.
“Trenton is not an exception to the economic impacts of our current situation. We are fighting tooth and nail to get cash into the hands of local businesses to help keep them afloat during these difficult times and to keep folks on the payroll who might otherwise lose their jobs,” asserted Mayor Gusciora. “I will not stand by and let generational storefronts close their doors.”
The City is looking to allocate around $2 million dollars for the program.
Terms of the loans will include the following:
- 60-month (5-year) repayment term
- No payments and 0% interest for the first year
- 2% interest amortized over the remaining term of the loan (48 months)
“We need to bridge the fiscal gap that our shops and restaurants are undoubtedly experiencing.,” maintained the Mayor. “I don’t think there has ever been a need as urgent as this for the City to immediately bolster our local economy.”
Applicants will find documentation on the City website located at www.TrentonNJ.org.
All businesses must be in good standing, be located within the City limits, and be able to submit all local, state and federal tax documents as detailed in the application.
“Our businesses need the City now more than ever. They cannot wait for the County. They cannot wait for the State. They cannot wait for the Federal Government to let money trickle down into their cash registers,” concluded Gusciora.
“They need this money now, and we’re not stopping until we make that happen. These funds are vital to the survival of our City’s businesses and the residents who own, operate, and staff them.”
All supporting documentation and applications will be made available later this week for those interested. Until that application is posted, business representatives may contact Economic Development Specialist Eric Maywar via email at email@example.com.