Hat tip to Hatboro for having their act together and being selected as the first community in Montgomery County to launch this program!
MONTGOMERY COUNTY OFFICE OF COMMUNICATIONS
COURT HOUSE, NORRISTOWN, PA., BOX 311, 19404-0311
PHONE (610) 278-3061 FAX 278-5943
COMMISSIONERS: JAMES R. MATTHEWS, Chairman, JOSEPH M. HOEFFEL, Vice Chairman, BRUCE L. CASTOR, JR, Commissioner
RELEASE: IMMEDIATELY 07/28/11 PR#21-11
Program Launch for Small Businesses to Create and Preserve Employment
HATBORO — Montgomery County launched a new program Thursday to help small businesses create and preserve employment in central business districts throughout the County.
The Small Business Assistance Fund will provide small businesses with loans for up to $100,000 at low interest rates provided they can demonstrate at least one full-time job will be created or preserved for every $25,000 borrowed.
Financing from the program can be used to pay for a portion of the cost purchase land, buildings, machinery and equipment or as working capital for construction, renovations and other expenses that are part of the approved project.
“We see this program helping businesses occupy buildings that are now vacant, employ a few people and thereby improving the customer base for other businesses in the district,” said Ken Klothen, Director of Economic Development for Montgomery County.
The program will draw up to $1 million from the existing Economic Development and Community Revitalization programs to provide the loans. All loans will require approval by the Montgomery County Commissioners.
Hatboro Borough Manager Steven J. Plaugher, Hatboro Main Street Manager Stephen Barth and members of the Hatboro business community joined Klothen for the program launch.
“The Borough of Hatboro is excited to host the unveiling of the Montgomery County Small Business Assistance Fund, and would like to thank the County Commissioners and Ken Klothen for selecting our community to do so,” Plaugher said.
Hatboro is the ideal spot to launch the new program, Barth said. The borough has seen 26 new businesses open in the past six months and borough council, the chamber of commerce and other organizations and community members are focused on its revitalization, he said.
“The Montgomery County Commissioners recognition and support of Hatboro’s revitalization efforts will greatly enhance and spur continuing growth,” Barth said. “We already have ten businesses and investors lined up for the Small Business Assistance Fund.”
A detailed description of the program and application form can be found on the County’s web site at: http://planning.montcopa.org/economicprograms