EDA approves $200,000 for loan program in Millville

TRENTON – As part of the Loans to Lenders Program, the state Economic Development Authority approved $200,000 for a redevelopment

TRENTON – As part of the Loans to Lenders Program, the state Economic Development Authority approved $200,000 for a redevelopment group in Millville to provide capital to its small business loan fund on Tuesday.

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The loans will be given to businesses in the city, with each ranging between $10,000 and $50,000. Some 16 businesses are expected to receive loans.

The money from EDA will bring the loan fund total to $400,000 for the Millville Urban Redevelopment Corporation (MURC).

Environmental grants

More than $1.3 million in grants were approved today that address various environmental issues. They include:

*$203,835 grant to Acropolis Service Center for groundwater remediation

*$381,305 grant to Dana Motors in Brick Township for groundwater remediation

*$780,000 grant for My Way Pizza in Dumont for soil excavation and ground water investigation following the closure of two underground storage tanks

The EDA has also approved a modification to the Urban Transit Hub Tax Credit program, lifting the 20 percent cap and increasing the maximum tax credit award to 35 percent of the private investment cost.

Earlier story:

EDA increases allowable amount under UTHTC

EDA approves $200,000 for loan program in Millville