It may be hard for businesses to secure a bank loan during the current economic climate, but they have another option offered by Essex County.
Craig Lombardi, Economic Development Corp of Essex County deputy director, spoke before the Township Committee Tuesday night about the organization's microloan program.
The EDC will offer a loan between $1,000 to $100,000, he said, and they take bigger risks than a bank. The business needs a positive plan, he said, but if there's a credit issue the business may not be rejected outright.
The loan could be used for capital improvements, basic technical services or other similar costs, he said.
The EDC did a small loan for COCO, Lombardi said, and the hope is the EDC can help other businesses in Millburn-Short Hills.
Daniel Baer, a committee member, said the EDC has already had an effect in the community. When the Paper Mill went through its financial hardships, the EDC assisted them in getting financing, he said.
The organization is also sponsoring Destination Essex for business owners on Thursday at 8:30 a.m. to 2 p.m. at Bears and Eagles Riverfront Stadium in Newark.
Lombardi said the event allows business owners to network with each other and learn how to work with the county, including securing one of the loans available.
Registration is required, which can be done by calling 973-621-4457.