Sussex County Announces Economic Development Program

by Dave on July 21, 2009

Sussex County will participate in a new federal program that will lend millions of dollars in bonds to businesses expanding or adding jobs, all in the hope of stimulating the local economy.

County Council, at its Tuesday, July 21, 2009, meeting, approved a resolution to participate in the federal government’s Recovery Zone bond program, designating the entire County, with the exception of State- and federally-owned property, as a Recovery Zone. The County will not actually lend the money, but will instead review and approve applications for the funding.

Eligible businesses can apply to the County now, and all bonds must be issued by Dec. 31, 2010. While the County will lend its name on the bonds, those borrowing the money, not local taxpayers, would be responsible for re-payment of the debt.

“We would encourage businesses to consider this type of funding as a way to reduce costs and make their projects more feasible,” County Administrator David B. Baker said. “In the long run, we believe this can add jobs and strengthen our overall economy.”

For more details on the program or to submit an application, contact the Sussex County Economic Development Office at (302) 855-7770.

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