Calling small businesses a cornerstone element of Delaware’s overall economic strength, Governor John Carney on Monday congratulated the the work behind a new capital investment program called the Grow Delaware Fund, which will help small and medium sized companies grow their businesses in Delaware.
Unveiled at a ceremony in Wilmington, the Grow Delaware Fund will provide $5 million to support loans to small businesses that are seeking to strengthen their operations and add jobs to their workforce.
Small business owner Paul Campanella employs 29 people — 25 full time and 4 part time — at Paul Campanella’s Auto & Tire Center. Campanella hosted Monday’s Grow Delaware announcement ceremony at his new Wilmington location on West 27th Street, which will open in November. He is grateful for the assistance of the Grow Wilmington Fund, which served as a model for the Grow Delaware Fund and has allowed his company to grow and expand to a second location.
Facilitated by West End Neighborhood House, The Longwood Foundation, Discover Bank, Division of Small Business Development and Tourism and the National Development Council, the Grow Delaware Fund hopes to enjoy the same success as its predecessor.
The new initiative will offer flexible financing to Delaware-based businesses through long-term fixed rate financing designed to minimize monthly principal and interest payments maximizing a business’ ability to grow.