Tuesday, April 15, 2014
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State finance and development specialists Kimberly Carter, Tim Smith and John VanBrunt were in Porterdale last week to discuss the various programs the Department of Community Affairs can offer to small businesses and financial institutions in downtowns and small communities. (Special photo)
PORTERDALE — The Department of Community Affairs (DCA) offered some financial tips to businesses and banks in Porterdale last week.
Main Street Porterdale Director Teri Haler organized the meeting, inviting state finance and development specialists Kimberly Carter, Tim Smith and John VanBrunt to discuss the various programs DCA offers to small businesses and financial institutions in downtowns and small communities.
“The purpose was primarily to get our local community banks on board with the low interest and commercial lending loans DCA is offering as an incentive to start or grow a new or existing business,” Haler said.
Representatives from about five banks and several small business owners interested in Porterdale’s Opportunity Zone Tax Credit attended, according to Haler.
The business district of Porterdale received the Opportunity Zone Tax Credit designation in January 2013 from the state, meaning that businesses within the area receive a $3,500 tax credit for every new job created.
Deputy Commissioner of DCA Brian Williamson applauded Porterdale’s efforts and said, “DCA appreciates the city’s consideration of our programs along with the municipality’s commitment to economic development and redevelopment.”
Haler said Porterdale is a business-friendly city that is actively looking for business owners who think smart and creatively.
Mayor Arline Chapman said she’s pleased with the efforts being made in the community to grow business.
“We’re greatly appreciative of the state’s support for our redevelopment efforts, and we hope everyone knows we have an active Main Street start-up program,” Chapman said.