Wilmington Mayor Dennis P. Williams joined James J. Roszkowski, president of Discover Bank; Bill Young of National Development Council; and the Mayor’s Office of Economic Development to announce the Grow Wilmington Fund, a loan fund for established small businesses.
The fund has been created through the cooperation of Wilmington UDAG Corporation, Discover Bank and the National Development Council.
The Office of Economic Development plans to use the Grow Wilmington Fund to promote job growth and economic development in the City of Wilmington through the expansion of existing businesses and recruitment of new businesses. Grow Wilmington offers attractive interest rates, extended terms to benefit eligible Wilmington businesses, according to a release.
“I would like to thank Discover Bank, the National Development Council and other community stakeholders for their commitment to supporting the economic vitality of the City of Wilmington,” said Williams. “The Grow Wilmington Fund will allow the city to support the expansion of existing businesses and attract new businesses to provide increased job opportunities to local residents.”
“Discover is proud to be part of this program that supports small size businesses and the city of Wilmington,” Roszkowski said. “We look forward to continuing to build upon our long-standing commitment to supporting local businesses and communities since we first established Discover Bank in Delaware.”
NDC will work with the City of Wilmington through its affiliate Community Development Financial Institution, the Grow America Fund (GAF), a SBA licensed Small Business Lending Company, to deliver professional underwriting, servicing, and portfolio management services; along with technical assistance to local established businesses.
The Grow Wilmington Fund is available to qualified, existing businesses in operation for at least three years, with less than 500 employees, and revenues generally between $500,000 and $20 million.
Grow Wilmington Fund loans will range from $150,000 to $4,000,000. However, the amount a business can borrow is subject to underwriting guidelines and loan fund availability. Once obtained, loan funds may be used for:
Working Capital – to be repaid over 10 years
Machinery and Equipment – to be repaid over 10 years
Real estate acquisition and/or renovation of owner-occupied businesses – to be repaid over 25 years
Tenant improvements – to be repaid over the life of the lease
As a mission-driven loan fund, Grow Wilmington is focused on the creation of new jobs in the City. Serving as a mechanism to invite new businesses into the City of Wilmington, the Grow Wilmington loan fund can help generate commerce and foster a supportive environment for businesses to succeed.
