Cinnaminson Business Awarded No-Interest Loan Amid COVID Pandemic

CINNAMINSON, NJ — A Cinnaminson business is one of four countywide that has received a zero-interest loan through a program designed to help local businesses that have been hit negatively by the coronavirus pandemic.

Auricle Hearing Aid Center, at 700 Route 130 North, Suite 103, received a $50,000 interest-free loan through Burlington County’s Health Emergency Loan Program (HELP), county officials announced.

The other three businesses that received loans were the Riverton Health and Fitness Center; Marlton-based Team Builders Plus; and the Law Offices of Stephanie Shreter, out of Mount Holly.

“From the very start of the pandemic, the Board has made it our mission to provide as much assistance as possible for our residents and small businesses to help them through this unprecedented crisis,” Burlington County Commissioner Director Felicia Hopson, liaison to the Bridge Commission and Department of Economic Development, said. “We promised to make HELP available, and now we’re proud to deliver it. Extending loans at zero interest will allow these businesses to recover and continue offering service for our residents.”

Auricle Hearing Aid Center was established in 2006, and also serves clients who live in Moorestown, Delran, Willingboro, Burlington, Pennsauken Township, and surrounding areas, according to the business’s website.

“When you come to Auricle with concerns about your hearing, you will find a cheerful, professional environment where you can feel comfortable discussing your situation, without pressure to make a commitment you may not be ready for,” the company says on its site. “Our success depends upon every client's satisfaction, and we take great pride in giving you the best service possible.”

They offer free hearing evaluations and consultations and house calls, repairs all makes and models, and offers hearing aids from multiple manufacturers, with free trials before purchase.

According to county officials, the company needed financial help to cover rent, equipment repair and advertising. They reached out to the county for financial assistance.

The Burlington County Bridge Commission’s Economic Development Office secured $660,000 in federal Coronavirus, Aid, Relief and Econcomic Security (CARES) Act funding to launch the HELP program, officials said. It also administers the program.

Loans are capped at $50,000 and can be used for business-related purchases, payroll or other expenses or improvements. There are no closing costs, but jobs must be retained for the term of the loan.

Borrowers have up to 10 years to repay the loan, and they must have sufficient collateral in business or personal real estate to secure the loans, officials said.

“Small businesses make up the backbone of both our county’s economy and the state at-large and so many of them have suffered revenue losses linked to the pandemic,” Hopson said. “By extending zero-interest loans, we’re providing a lifeline to help them get through these tough times and rebound to better days. The fact that two of these businesses intend to rehire employees they were forced to let go of earlier is incredibly encouraging.”

Loan money is still available. Business interested in applying can find more information at http://www.bcbridges.org/covid19-resources/.

Auricle Hearing Center is open Monday through Thursday, 9 a.m. to 5 p.m.; and Friday, 9 a.m. to 4 p.m. It can be reached at856-829-3800. It receives the loan as the country continues to navigate its way through the pandemic.

As of Monday, there have been 1,049 cases of the coronavirus and 35 coronavirus-related deaths in Cinnaminson since the pandemic began. Countywide, there have been 27,298 cases, 647 confirmed deaths and 65 probable deaths since the pandemic began.

Burlington County officials also announced the formation of a new partnership between the County Commissioners, County Economic Development Office and Burlington County Regional Chamber of Commerce to create a Burlington County Business Hub.

Through the partnership, the county and chamber expect to hold monthly seminars for existing small business operators and those interested in launching enterprises in the county.

The hub will provide a one-stop shop for businesses to go for information about regulations and requirements, available assistance and other programs and promotions, such as the county’s revived Shop Burlington County First initiative.

“Whether you’re already established, a new business or an entrepreneur who is looking to start their own enterprise, we want to help county businesses to have all the information they need to succeed,” Hopson said. “We’re thrilled to partner with the Chamber and look forward to getting this initiative off and running.”

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