Bordentown City Could Get State Aid Boost Under Singleton Economic Development Bill

BORDENTOWN CITY, NJ — Bordentown City could see a boost from state aid under legislation sponsored by State Senator Troy Singleton (D-Burlington), which would promote economic development and business opportunities in less-populated municipalities.

The measure, Senate Bill 1435, would direct the New Jersey Economic Development Authority (EDA) to establish the Downtown Economic Growth Program. Financial and technical assistance would be made available to businesses located along main streets in municipalities with populations of less than 11,000, are a county seat, contains an opportunity zone, or are over 70 percent developed.

Singleton said that the bill is aimed at providing financial and technical assistance to businesses located along main street areas in certain smaller municipalities.

“Providing assistance to businesses in small towns would breathe new life into the local economy and community,” said Singleton. “A main street lined with businesses, shops and restaurants attracts consumers and other new businesses into town, benefiting all the residents. This legislation makes downtown revitalization efforts of small town main streets possible.”

Additional towns in Burlington County that could receive financial assistance if the measure becomes law are Edgewater Park, Medford Lakes, Mount Holly and Riverside.

The measure also requires the EDA to establish the Downtown Economic Growth Assistance Fund for the purposes of providing loans, loan guarantees, and technical assistance to the aforementioned businesses. The EDA would submit an annual report to the Legislature and the Governor on the effectiveness of the program; the number of businesses supported by the program; the types of businesses; the amount and types of assistance awarded by the program; and other necessary information. 

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