First Loan to Assist Small Business Awarded in Gloucester County
(Glassboro, NJ) – The Gloucester County Revolving Loan Fund officially closed its first loan by lending $35,000 to a local small business to move and expand.
HFM Investment Advisors, LLC, a financial advisors firm currently located in a shared-office in Turnersville will be moving to Rowan Boulevard with the assistance of their $35,000 county loan, and SBA loan of $15,000 that they were awarded through the loan process to relocate and expand their offices for their six employees and clients.
Gloucester County Freeholder Director Robert M. Damminger said, “When the recession hit our region one of the biggest requests the county would get was from entrepreneurs and small business people looking for loans to grow their business. The banks weren’t lending and without financing our small businesses could not expand.”
The Freeholders created a $100,000 Small Business Revolving Loan Program for Gloucester County start-up and existing businesses this past summer in partnership with the Cooperative Business Assistance Corporation (CBAC) who administers the program. CBAC is also able to leverage the county loans with other financial tools and products to help increase the funding opportunities to small businesses.
Freeholder Heather Simmons, Liaison to the Department of Economic Development said, “We are extremely excited to see this program working for our small business owners so they can help be a part of our economic revitalization. When our businesses are successful that result trickles down throughout the community and we see many benefits. We are pleased to invest in our small businesses and entrepreneurs. “
HFM Investment Advisors, Inc. Executive Vice President Michael P. Pallozzi said, “Our office relocation to Rowan Boulevard will allow us to more easily fulfill our mission of educating and inspiring our clients to make wise financial decisions. By utilizing state-of-the-art classrooms at Rowan University and upgrading our technology we can more efficiently help prepare our clients for life's financial transitions. The funds from the Revolving Loan Fund will be used in support of this focus and to bring much needed investment and financial information to the Gloucester County community and beyond."
HFM Investment Advisors will be moving to their new location at 209 Rowan Boulevard in Glassboro by the year’s end.