The Division of Small Business Development, The Longwood Foundation, Discover Bank, and West End Neighborhood House came together yesterday to announce the creation of the Grow Delaware Fund.
The fund is modeled after the Grow Wilmington Fund and will provide loans with flexible repayment terms to small businesses all over the state.
The Grow Wilmington Fund was established in 2014 through a partnership of the Wilmington Office of Economic Development, Discover Bank and the Small Business Administration. The fund has provided $3.2 million to four small businesses, creating 17 new jobs and 52 existing jobs.
Paul Campanella's Auto & Tire Center used a loan from the Grow Wilmington Fund to move to a new location on Concord Avenue and Broom Street.
Grow Delaware Fund loans will range from $150,000 to $4,000,000 with a repayment term of 10 years.
"This is how we want to see economic development function in Delaware," said Gov. John Carney. "It takes a model that worked well at the local level and expands it statewide, helping businesses to grow and proposer from Claymont to Delmar. Small businesses are a cornerstone element of Delaware's overall economic strength, and I look forward to seeing the new successes that will come out of assistance from the Grow Delaware Fund."