NEWS RELEASE
Salem County Board of Chosen Freeholders
94 Market Street. Salem, N.J. 08079
CONTACT: Deborah Turner-Fox, Clerk of the Board/Administrator
James Waddington, Director, Economic Development Ext. 8615
October 6, 2003
SALEM COUNTY RECEIVES RURAL BUSINESS ENTERPRISE GRANT OF $99,000
Salem County is the recipient of a $99,000 Rural Business Enterprise Grant from the United States Department of Agriculture’s Rural Development Program. These monies will be added to the County’s Revolving Loan Fund, which provides low interest loans to businesses throughout the County who are looking to relocate here or expand their operations. Currently the Revolving Loan Fund is making its second generation of loans available to area businesses. The Loan Fund was originally established with help from Rowan University and local banking institutions and has over $500,000 in its coffers.
"Salem County is exploring every avenue available to help the business community here," stated Freeholder Director Jack Kugler. "Our businesses are the backbone of our county and we intend to help them remain financially stable and expand their operations during these uncertain economic times."
Since taking over as Director of the Freeholder Board in January, Kugler has focused his attention on securing federal and state monies for many Salem County initiatives. So far this year, over three quarters of a million dollars in new grant monies have been obtained by Salem County.
"These monies are there for the asking," stated Kugler. "Salem County must be proactive in its pursuit of these programs in order to continue to stabilize the county tax rate. It is unfair to ask our county tax payers to continue to provide an ever increasing stream of revenue when we have alternative funding sources like these available to us."