GAP lending offered to at-risk Somerset businesses

Loans of up to $100,000 are being offered to help struggling Somerset County businesses stay afloat. The Somerset County Business Partnership, which represents more than 600 businesses, has teamed up

News 12 Staff

Feb 19, 2009, 1:52 AM

Updated 5,631 days ago

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Loans of up to $100,000 are being offered to help struggling Somerset County businesses stay afloat.
The Somerset County Business Partnership, which represents more than 600 businesses, has teamed up with local banks to provide what is called GAP funding. According to the partnership, micro-loans of up to $35,000 or small business loans of up to $100,000 can be awarded to businesses that might not have anywhere else to go for help.
Business owners can apply for the loans online.
Bob Petix, of Scapi?s Seafood Restaurant, applied for a $40,000 loan for renovations. He says business is at lows previously unheard of to his restaurant.
?This is the worst I've seen in 27 years, as far as slow down,? he says. ?We've had slow downs before - but not like this.?


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