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Burlington County Freeholder Director Bruce Garganio announced today that the Freeholder Board has authorized a $1 million Route 130 interest-free revolving loan to McCollister’s Transportation Group during their Wednesday, August 23, 2017 public meeting. This loan will allow the company to retain 100 jobs in Burlington County and lead to further job creation.
Additionally, the loan will assist McCollister’s in purchasing property on Terri Lane in Burlington Township for their new company headquarters.
“We are proud that McCollister’s has chosen to continue to call Burlington County home,” said Freeholder Director Garganio. “McCollister’s has had a long-standing history in the county for 72 years, providing good paying jobs to Burlington County residents.”
McCollister’s Transportation Group, headquartered in Burlington, NJ, is a leader in supply chain management serving the household goods and relocation and high value products industry.
The Burlington County Route 130 Revolving Loan Fund Program provides zero-interest loans in the form of gap financing offered to businesses locating or expanding in the Route 130 Corridor, a region targeted for economic growth. Loans can be for acquiring real estate (land and/or buildings), for improvements or renovation to real property (land and/or buildings), or for working capital and fixed assets.
Loans are required to promote at least one of the following economic development goals: 1. Create and retain jobs permanent private-sector jobs within 18 months of loan funding, 2. Provide entrepreneurial opportunities for qualified individuals, 3. Stimulate private sector investments available funds for local small businesses by leveraging state and private sector funds to maximum levels, 5. Stimulate balanced development.
“The Route 130 Revolving Loan Program is the result of $5 million State grant that the county received in 2000,” explained Garganio. “The program continues to offer economic development opportunities to companies and other entities looking to build or expand in the River Route region.”
“Programs like the Route 130 Revolving Loan Fund Program are helping promote economic development, bringing good paying jobs to county residents, and further improving the quality of life for Burlington County’s residents,” concluded Garganio.