Wilmington Trust to Participate in Delaware Small Business LIFT Program
Yesterday, Delaware Governor Jack Markell, along with Delaware Economic Development Office (DEDO) director Alan Levin, and Robert V.A. Harra Jr., president and chief operating officer of Wilmington Trust, announced the participation of Wilmington Trust in the Governor’s Limited Investment for Financial Traction (LIFT) program. This initiative aims to help Delaware small businesses survive the economic downturn.
The investment by the state is expected to help between 200 and 500 Delaware small businesses with good credit histories access as much as $50 million a year in loans from participating banks. The LIFT program uses $5 million from the state’s Strategic Fund to subsidize the interests on small-business loans. Businesses receiving the LIFT subsidy will repay the money to the state after two years, with the individual business owners themselves giving personal guarantees as part of the program.
To qualify for the Small Business LIFT, small businesses must be in operation for at least three years and can have as many as 50 employees. Participating banks agree to defer principal payments during the two years the state is subsidizing the interest.
The Wilmington Trust Company joins WSFS, The First National Bank of Wyoming and Community Bank as lending institutions participating in the LIFT.
Do you want to participate in the Limited Investment for Financial Traction (LIFT) program?
You can read more info on the LIFT program here. (PDF)
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