The Warren County Economic Development Corp. has created the county's first revolving loan fund to assist small and medium-sized business.
The group set aside $100,000 for the fund, which will provide gap financing for businesses that want to launch or expand and that receive their principal loans from Warren County lenders, according to a news release. However, loan applications likely will not be accepted until 2014.
It is anticipated that the fund will boost the level of deal flow for small business development.
"We are very excited that after many decades of discussion, a revolving loan fund will become a reality," Jason White, the economic development group's executive director, said in the release.
White said the county is the state's 12th largest, but ranks 26th in total employment.
"Capitalizing good business projects results in job creation," he said.
The county has had spotty growth in recent years. White's group recently backed a ballot initiative to allow casino gambling in the county as a way to spur economic development. That effort was resoundingly rejected by voters.
The Warren County group wants to increase the size of its revolving loan fund. One option is to apply for a U.S. Department of Agriculture (USDA) grant, which could double the size of the fund, according to the news release. Loan applications will not be available until the group completes the USDA process, which it plans to do by the end of 2013.