Politics & Government

County Looks to Jumpstart Small Businesses

The Small Business Assistance Fund would provide low-interest loans for real estate, equipment or working capital.

Through the end of the year, small businesses operating in, or looking to set up shop in any of Montgomery County’s central business districts or revitalization communities could qualify for a loan with a maximum 3.25 percent interest rate.

Ken Klothen, county economic development director, made the announcement Thursday morning in Hatboro, a community that he said “typifies” the reasons to roll out the program and underlines why it will be successful.

“You have an active program here. You have a cooperative program here,” Klothen said to the roughly two dozen Hatboro officials and business owners present Thursday. “And you have all of the elements of success here. We would love to be able to invest in some of the businesses in this business district.”

Klothen said small business owners and potential owners in any of the county’s revitalization areas or boroughs could qualify for low-interest loans provided that they create one full-time job equivalent for every $25,000 borrowed.

The maximum loan for working capital is $50,000. In all, Klothen said loans would be paid from an initial $500,000 pot, adding that $5 million has been allocated from the capital fund and could be tapped too, if necessary.


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