Board Meeting – January 24, 2025 – 4:00pm
Board Meeting – January 24, 2025 – 4:00pm
In serving the county’s economic development needs, The Authority and its partner agencies also help businesses identify and secure financial support services needed for their growth. Authority staff will work with existing and new businesses to help them easily navigate incentive packages, program guidelines, site location, planning, permitting and more.
The Authority works alongside business decision makers to identify all federal, state and local programs which offer resources to minimize capital expenditures. Programs such as Urban Enterprise Zones, the Foreign Trade Zone at the Millville Airport, and others can provide businesses with key advantages to assist with expansion and relocation efforts.
During the last five years, The Authority has financed capital projects totaling more than $279 million, utilizing bond financing, tax credits, redevelopment laws and state incentive programs. In addition, The Authority partners directly with local economic development offices, community development financial institutions, state authorities and independent nonprofit organizations to layer the financing needed to get projects completed successfully.
No other county in the region can match the array of outstanding financing and other incentive programs offered in Cumberland County. As a multi-faceted agency, The Authority and its partners provide financing, technical assistance, pre-development, development and management expertise for all aspects of business planning, expansion, construction and operations. The Authority also provides full support to businesses locating, remaining and expanding in Cumberland County, including facilitating the connections necessary to secure funding for job training, infrastructure, equipment and other development needs. Examples of potential funding opportunities and incentive programs include the following:
Now accepting applications. Provides low interest loans plus value-added tax exempt bond and gap financing.
Assists businesses and developers with direct loan funding and tax incentives.
Provide loan funding and tax incentives to businesses located within targeted census tracts within the county.
Administers Revolving Loan Fund (RLF) Program to supply small businesses and entrepreneurs with gap financing needed to start or expand their business.
Forges partnerships with rural communities, funding projects that bring housing, community facilities, utilities and other services. Also provides technical assistance and financial backing for businesses and cooperatives to create quality jobs in rural areas.
Provides financing and technical assistance in underserved communities.
Assists developers investing in a re-purposed or redevelopment site with potential environmental issues.
Helps extend public infrastructure and improvements for a project with qualifying job creation impacts.
Encourages long term investment of capital into distressed communities through capital tax deferment and other incentives.