SURRENCY, PEARSON, WELLS-HUGGINS PROPOSE MICRO LOAN PROGRAM TO RESCUE SMALL BIZ 

 Program Based Off Mecklenburg County, NC Model 

(BRIDGETON, NJ) – Cumberland County Freeholder Jack Surrency and running mates Donna Pearson and Tracey Wells-Huggins today unveiled a micro loan plan to rescue small businesses in Cumberland County struggling at the hand of COVID.

“If you own a barber shop or nail salon or dry cleaners, this program is for you,” said Freeholder Jack Surrency (D-Bridgeton). “If you were put to the end of the line of the federal SBA program or never even got in line due to the lack of resources, this program is for you.”

The program, as proposed, would be called the “COVID-19 Small Business Emergency Stabilization Loan Fund,” based upon the model utilized by Mecklenburg County, North Carolina.  The county would dedicate $5,000,000 for the fund. Small businesses (up to 50 employees) in Cumberland County can apply for loans ranging from $5,000 to $35,000. These funds may be used to cover day-to-day operating expenses such as payroll, rent, routine real estate and equipment financing, utilities or losses due to destabilizing events. Loans will be available with up to 10-year loan terms at an interest rate of 3%.

“This program can serve as a bridge for Cumberland County small businesses,” Donna Pearson, a former freeholder. “Access to financing, like this, will determine if these small businesses ever open their doors again.”

Under the program, the county will have the Cumberland County Improvement Authority (CCIA) administer the program in partnership with a local community bank. The county will be active in all phases of the loan application and approval process.

“Small businesses are the heart and soul of our economy,” said Tracey Wells-Huggins, a Registered Nurse. “We need to be there for them in their time of need.”