Four Burlington County businesses have been awarded interest-free loans by the county to help them recover from the impact of COVID-19.
Riverton Health and Fitness Center in Riverton, Auricle Hearing Aid Center in Cinnaminson, Team Builders Plus in Evesham, and the Law Offices of Stephanie Shreter in Mount Holly are the first four county business to receive loans through the county’s Health Emergency Loan Program, also known as HELP.
The zero-interest, $50,000 loans were approved Wednesday by the Burlington County Board of County Commissioners.
HELP was established in October and is funded through $660,000 in federal CARES Act funding obtained by the Burlington County Bridge Commission’s Economic Development Office.
“What a lifesaver,” said Riverton Health and Fitness Center owner Jason Cioci, who found out Thursday morning his business could now stay afloat.
“I was elated. It was just like one of those things where you can get your head above water to where you can tread water. It’s a new lease on life,” Cioci said.
Cioci, who has operated the fitness center out of the century-old former Collings Lumberyard building for over 20 years, said revenues at the gym are still 40{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} to 50{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} below what they were pre-pandemic.
Surviving off the generosity of his members, who he said continued to pay their monthly fees when gyms in the state were forced closed, he was looking for any help he could get to keep the gym open when he learned of the HELP loans.
“Without the members and this money, who knows where I would be,” Cioci said.
HELP loans, capped at $50,000, can be used for business-related purchases, payroll or any other expenses or improvements.
More:Burlington County small businesses have new lifeline ahead of potential 2nd COVID-19 wave
“Small businesses make up the backbone of both our county’s economy and the state at-large and so many of them have suffered revenue losses linked to the pandemic,” Burlington County Commissioner Director Feliia Hopson said. “By extending zero-interest loans, we’re providing a lifeline to help them get through these tough times and rebound to better days.
Stipulations include jobs must be retained for the term of the loan and borrowers must have sufficient collateral in business or personal real estate to secure the loans.
The maximum payback period is 10 years.
Bankruptcy and guardianship Attorney Stephanie Shreter said the loan will allow her to rehire staff and continue to do low cost guardianships for parents of disabled kids.
“I was thrilled,” Shreter said when she heard the news. “It’s an incredible loan, it’s interest-free and enables me to continue to rebuild my business.”
Burlington County and its economic development agency the Burlington County Bridge Commission created the HELP loan program in response to the the economic fallout of the COVID-19 pandemic.
The Bridge Commission is also responsible for administering the program.
Loan money is still available. Business interested in applying can find more information at https://www.bcbridges.org/covid19-resources/
George Woolston is a South Jersey native who covers several topics for the Burlington County Times. He joined the staff in 2019. Contact him at [email protected] and follow on Twitter @gcwoolston. Help support local journalism with a subscription to the Burlington County Times.
More Stories
7 Tips To Help You Promote Your Business
Koji Miyao Named President Of Ricoh Graphic Communications Business Unit
Saudi Arabia Getting World’s First ‘Ronaldo Correspondent’