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DLA, LLC announces hiring of managing director, Maria Golenkov

FAIRFIELD, N.J. — (BUSINESS WIRE) — DLA, LLC (DLA), a leading provider of internal audit and accounting advisory services, is delighted to announce the addition of Maria Golenkov as Managing Director, Internal Audit.

 

With a career of successes performing operational consulting, IPO readiness, SOX implementations, and enterprise risk assessments for Business Development Companies (BDCs) and Financial Services companies. Maria brings a wealth of expertise to fortify DLA’s impactful portfolio.

 

Maria’s niche lies in her strategic focus on BDCs, private equity, credit, real estate investment trusts, hedge funds, and global alternative asset management. Her seasoned background has consistently propelled her clients toward excellence in a dynamic landscape.

 

Before joining DLA, Maria held the position of Director at a prominent Big Four Accounting firm. In this role, she navigated clients through the terrain of public company corporate governance requirements for NYSE and NASDAQ. Her guidance allowed asset managers’ seamless transition from private to public, ensuring adherence to the standards of SOX 404. Maria’s experience extended to the streamlining of business processes and systems, accomplished through innovative automation and the expansion of existing applications.

 

“Maria is an exemplary audit and risk management leader, celebrated for her transformative initiatives and the orchestration of high-performing teams,” commented Phil Ramacca, President & CFO at DLA. “Her exceptional experience perfectly equips her for the role of Managing Director, Internal Audit.”

 

Maria’s arrival underscores the firm’s commitment to excellence and growth. Maria’s alignment with DLA’s values and her capacity to steer transformational change make her an invaluable asset to the firm and its clients alike. As Managing Director, Internal Audit, Maria is set to elevate DLA’s impact and reinforce its reputation for excellence in the realm of audit and advisory services.

 

About DLA, LLC

Founded in 2001, DLA provides internal audit and accounting advisory services to hundreds of clients. DLA’s leadership team averages 30+ years of experience and is led by Big Four veterans with deep industry expertise. DLA specializes in internal audit, accounting advisory, forensic accounting, valuation and litigation support, tax, risk management, and IT advisory services. The company is headquartered in Fairfield, New Jersey.

 

For further information about DLA, LLC, please visit us at www.dlallc.com.

 

Contacts

Danielle Dietrich, Managing Director of Human Resources & Administration, 973.575.1565

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AM Best affirms credit ratings of British Caribbean Insurance Company Limited

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of British Caribbean Insurance Company Limited (BCIC) (Jamaica). The outlook of these Credit Ratings (ratings) is stable.

 

The ratings reflect BCIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

BCIC’s balance sheet strength assessment is derived from the company’s risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), partially offset by the company’s high reinsurance dependence to protect its surplus and earnings in the event of major catastrophe events. The balance sheet strength assessment also reflects BCIC’s strategically liquid investment portfolio, which is primarily composed of government of Jamaica short-term repurchase agreements, fixed-income securities, and cash and cash equivalents.

 

BCIC has a history of consistent earnings supported by underwriting gains, fee income and investment income, resulting in solid profitability metrics as demonstrated by its five-year average return results. Overall earnings in 2022 were primarily driven by reinsurance commissions, as well as strong investment income, which offset a net underwriting loss for the year. Effective Jan. 1, 2022, BCIC entered into a new motor quota share treaty, which resulted in increased operating expenses driven by one-off costs; however, this was offset by the related ceding commissions associated with the treaty.

 

AM Best views the company’s business profile as limited. The company generates the bulk of its business in its domicile of Jamaica, while also operating in Turks and Caicos, and Barbados. BCIC operates in highly competitive markets and offers an array of insurance products through its branches and agents, including commercial and residential property, as well as automobile coverages. Given BCIC’s geographic concentration in the Caribbean, the company has significant exposure to weather-related events. Like many property/casualty insurers operating in the Caribbean, BCIC cedes a significant portion of its written premiums to reinsurers under its reinsurance treaties.

 

BCIC’s ERM is considered appropriate. The company has an established risk management framework that supports the achievement of the organization’s objectives by addressing the full spectrum of its risks and managing the combined impact of those. AM Best anticipates that the company’s risk management capabilities and comprehensive reinsurance program will continue to support BCIC’s overall rating assessment.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

 

Contacts

Anthony Molinaro
Senior Financial Analyst

+1 908 882 2129
anthony.molinaro@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Ricardo Longchallon
Senior Financial Analyst
+1 908 882 2019
ricardo.longchallon@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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Sprouts announces 24 school garden builds in 24 hours in 24 communities

Foundation invests over half a million dollars directly into local schools for nutrition education, academic learning

 

PHOENIX — (BUSINESS WIRE) — #24gardensin24hours—The Sprouts Healthy Communities Foundation announced today that it is awarding 24 schools across the U.S. with a new or refreshed learning garden as part of the “24 Gardens in 24 Hours in 24 Communities” contest, that was launched in April to celebrate Earth Month. From a pool of over 3,000 nominations by Sprouts customers, a three-month process involving interviews and thorough vetting generated in the selection of the final 24 schools.

On Saturday, Sept. 23 an estimated 500 Sprouts team members across the country will join together to install these learning spaces, building 24 school gardens in 24 hours. Companywide volunteer service days have become an annual tradition for Sprouts, whose team members have donated more than 10,000 service hours over the last five years, working to bring these programs to life for kids.

 

“Sprouts is committed to providing children with hands-on educational experiences that shape how they think about food. We believe that our Foundation’s efforts to make these connections will play a pivotal role for children to develop an understanding of the importance of healthy eating,” said Nick Konat, president and chief operating officer of Sprouts.

 

“We are also very excited for our team members to give back to their local communities on September 23rd as we build these learning gardens in 24 hours.”

 

In addition to funding the physical garden spaces, the Foundation’s donation will also support training for educators at each school site to learn how to effectively incorporate the garden into teaching practices across all grade levels. By teaming-up with KidsGardening, a national nonprofit focused on this work, each of the 24 schools will become part of a learning community, where teachers responsible for the garden space will receive ongoing technical assistance and mentoring for the full school year.

 

“This program is exciting because we are able to invite our customers to help us connect with new schools through the nomination process,” said Lyndsey Waugh, executive director of the Sprouts Healthy Communities Foundation. “These schools represent 24 incredible communities, comprised of teachers and students, that will now have access to an outdoor garden, where classroom lessons can be brought to life through hands-on learning, and where students can experience the magic of watching seeds sprout, and fresh fruits and vegetables grow. We are glad we can play a role in making this possible.”

 

“Sprouts is a true partner who listens and understand what it takes to operate a successful garden program – and investing in teacher training and compensation for educators operating their garden spaces is the key ingredient to building effective and sustainable school garden programs,” said Em Shipman, executive director of KidsGardening.

 

Since its inception in 2015, the Foundation has granted $18M to more than 400 nonprofit partners focused on advancing children’s nutrition education and school-based gardening programs. This year alone, more than 3 million students across the U.S. will benefit from programs supported by Sprouts.

 

A list of the contest winning finalists can be found at sprouts.com/schoolgardenwinners

 

Winning schools are in 23 states across the U.S. in Sprouts Farmers Market communities including: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Kansas, Louisiana, Maryland, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Washington.

 

Garden Giveaway Winners Receive:

  • $15,000 – $20,000 garden construction grant awarded directly to the selected school to build a new learning garden or refresh an existing garden space on campus.
  • $5,000 program grant to support nutrition education lessons in the garden.
  • The Sprouts Healthy Communities Foundation will partner with each winning school to coordinate a volunteer workday for the garden build or garden refresh on Saturday, September 23, 2023.
  • Ongoing professional development and 1:1 support to sustain their learning garden program.

 

To learn more, visit https://about.sprouts.com/sprouts-foundation/.

 

About Sprouts Healthy Communities Foundation

The Sprouts Healthy Communities Foundation is helping kids grow healthy through nutrition education and hands-on gardening programs that bring learning to life. In partnership with nonprofit organizations, from school gardens to youth cooking programs, we’re teaching children how to grow and prepare fresh, nutritious foods, empowering them with the tools to develop lifelong healthy eating habits. Since 2015, the Sprouts Healthy Communities Foundation has donated more than $18 million to advance nutrition education and access to fresh fruits and vegetables, and this year alone, over three million children will be impacted by nutrition education and garden-based learning programs, funded by Sprouts.

 

About Sprouts Farmers Market, Inc.

Sprouts is the place where goodness grows. True to its farm-stand heritage, Sprouts offers a unique grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. The healthy grocer continues to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. Headquartered in Phoenix, and one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States, Sprouts employs approximately 31,000 team members and operates approximately 380 stores in 23 states nationwide. This year Sprouts celebrates its 20th anniversary. To learn more about Sprouts, and the good it brings communities, visit about.sprouts.com.

Contacts

480-263-0441, media@sprouts.com

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Business Economics Lifestyle

Celsius disclosure statement approved by court

Plan Focused on Distributing a Meaningful Liquid Cryptocurrency to Customers as well as Equity in NewCo

Celsius Creditors Encouraged to Vote in Favor of Chapter 11 Plan by September 22, 2023

 

HOBOKEN, N.J. — (BUSINESS WIRE) — Celsius Network LLC “(Celsius” or the “Company)” announced Thursday that its Disclosure Statement was approved by the United States Bankruptcy Court for the Southern District of New York “(the Court).”

 

As previously announced, the Company completed a successful Court-approved auction process in May 2023 that resulted in the selection of Fahrenheit, LLC “(Fahrenheit)” as the winning bidder. Celsius’ proposed Chapter 11 Plan (the “Plan)” contemplates a transaction with Fahrenheit, which will provide the capital, management team, and technology required to successfully establish and operate the new company “(NewCo).” NewCo will be overseen by a new Board of Directors, a majority of which will be appointed by the statutory committee of unsecured creditors that was appointed in Celsius’ Chapter 11 cases (the “Creditors Committee).”

 

“We remain laser focused on creating the best outcome for customers and creditors and returning value as soon as possible,” said Chris Ferraro, Chief Restructuring Officer & Interim Chief Operating Officer, Celsius.

 

“The approval of the Disclosure Statement marks another major milestone in our process to transition Celsius’ assets to NewCo and provide a path to complete the proposal from Fahrenheit,” added David Barse and Alan Carr, members of the Special Committee of the Board. “We remain committed to working with the Official Committee of Unsecured Creditors, regulators, Fahrenheit, and creditors throughout this process to achieve a strong result for all stakeholders.”

 

The Plan outlines a proposed path to a value-maximizing conclusion that returns as much value to the Company’s creditors as possible. Celsius’ eligible creditors will receive a Solicitation Package in the mail from the Company’s claims, noticing, and solicitation agent, Stretto. The Solicitation Package will include Celsius’ Disclosure Statement and Plan, detailed voting instructions, and additional important information. In order for a vote to be counted, it must be received by Stretto on or before September 22, 2023, at 4 p.m. prevailing Eastern Time. Celsius encourages customers to read the Disclosure Statement in full to learn more about the Plan. Votes will be solicited until September 22, 2023, and the Company encourages all eligible creditors to vote in favor of the Plan by the voting deadline.

 

A Court hearing to consider approval of the proposed Plan is currently scheduled to begin on October 2, 2023. Following confirmation of the Plan, Celsius expects to distribute Liquid Cryptocurrency to account holders on the Plan’s effective date (or as soon as reasonably practicable thereafter), and create NewCo., which will manage Celsius’ illiquid assets, including Celsius’ institutional loan portfolio, mining business, and alternative investments for the benefit of account holders as contemplated in the Plan. Under the Plan, Celsius’ account holders will own 100% of the new equity in NewCo (subject to dilution by the equity to be distributed to Fahrenheit as management fees).

 

“We are excited about the progress that has been made and remain steadfast in our commitment to create a stronger organization coming out of this process,” said Steve Kokinos of Fahrenheit Holdings. “We are continuing to work with all stakeholders to ensure a successful transition and a bright future for NewCo. Our vision includes optimizing existing infrastructure, exploring new growth opportunities, diversifying revenue streams, and delivering meaningful benefits to Celsius’ customers and creditors. We look forward to engaging more deeply with the Celsius community in the weeks ahead regarding the Plan.”

 

Additionally, the Company previously confirmed that it has secured a backup bid with the Blockchain Recovery Investment Consortium “(BRIC),” which, if required for any reason, would provide for the orderly wind down of Celsius’ remaining assets.

 

Additional details regarding the outcome of the vote will be forthcoming when the results are available.

 

Additional Information about the Restructuring Process

The full terms of the Plan and Disclosure Statement, as well as additional information about the Chapter 11 filing, including Court documents, can be found online free of charge at https://cases.stretto.com/celsius. Stakeholders with questions may call Stretto at +1 (855) 423-1530 (U.S.) or +1 (949) 669-5873 (international) or email celsiusinquiries@stretto.com.

 

Advisors

Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, C Street Advisory Group is serving as strategy and communications advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius.

 

White & Case LLP is serving as legal counsel, Perella Weinberg Partners is serving as investment banker, and M3 Partners is serving as financial advisor to the Creditors Committee.

 

Brown Rudnick LLP is serving as legal counsel to Fahrenheit, LLC.

Willkie Farr & Gallagher LLP is serving as legal counsel to the BRIC.

Contacts

Media Inquiries
C Street Advisory Group

celsius@thecstreet.com

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The Prospector creates competitive and inclusive employment for people with disabilities

RIDGEFIELD, Conn. — The Prospector, a 501(c)(3) non-profit organization, is dedicated to providing competitive and inclusive employment opportunities for people with disabilities through the operation of a first-run movie theater and online gourmet popcorn business.

 

 

With a mission to create meaningful work for millions, the Prospector operates a wide array of jobs and businesses while educating entrepreneurs, employers, and educators about their model.

 

 

The Prospector aims to address the pressing issue of unemployment among individuals with disabilities, where nearly 80% of Americans with disabilities do not have a job.

 

 

By showcasing the value that people with disabilities bring to the workforce, the Prospector is committed to transforming lives through meaningful work.  Prospects are paired with jobs that highlight their strengths and passions – or as the Prospector calls it, “sparkle.”   Approximately 75% of Prospects, the name given to all Prospector employees, self-identify with a disability.

 

“Our goal is to build a system where anyone with sparkle, determination, and drive can transform their lives through meaningful work,” the organization states.

 

“We are dedicated to creating a universally-designed, inclusive workplace where barriers are eliminated, and all individuals can thrive.”

 

Since its inception, the Prospector has established a workplace that embraces inclusivity at every level. Operating procedures are documented with accessibility in mind, while accommodations, modifications, and workarounds are integrated into daily operations. The organization believes in constant learning and teaching, adapting dynamic approaches to training and nurturing a supportive environment.

 

Prospects at the Prospector have trailblazed a revolutionary model of social enterprise, which can be adapted by businesses of all sizes. The key to their success lies in competitive and inclusive employment, with Prospects, both with and without disabilities, working together across various roles. This collaboration ranges from movie projection and production to concessions, clean team, grant writing, graphics, and more. Prospects earn competitive wages, benefit from upward mobility, professional development, and contribute to the organization’s high standards of excellence.

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County Exec. Hughes not long ago, announces Certified Diverse Vendor Directory

Building on his Small Business Set-Aside Program, Mercer County Executive Brian M. Hughes announced that a digital directory of participating businesses is now available online on Mercer County’s website.

The  Mercer County New Jersey Certified Diverse Vendor Directory will include New Jersey State certified Women Business Enterprises (WBE), Minority Business Enterprises (MBE), Veteran Owned/Disabled Veteran Owned Businesses (VOB/DVOB) and Small Business Enterprises (SBE).

“The online directory is an effort to support the business enterprises of women, minorities and veterans, along with small businesses,”  Mr. Hughes said.

“Small  businesses are the lifeblood of our local economy, and our goal is to create and identify ways to increase business traffic to certified small businesses and encourage others to become certified. This online directory, managed by our Small Business Outreach Department, is another tool to support our business community.”

In his 2023 State of the County address, County Executive Hughes recognized Job One Lawn and Landscape, a Woman and Minority-owned small business in Ewing. Owned by Jocelyn and Stan Tucker of Ewing, Job One recently won a county contract for $75,000, and are just one of Mercer County’s set-aside success stories.

How will my business benefit?

No-cost advertising. The digital directory will be accessible to all Mercer County departments and the public, and for even greater exposure for businesses listed in the directory Mercer County will share information with municipal purchasing departments within the county. All businesses will be displayed by category and will include the business’s contact information and Capability Statement.

Hands-on help. Mercer’s Small Business Outreach pros will walk you through the process to learn how to participate in the county’s formal bidding process.

Free training. Mercer partners with the Small Business Development Center at The College of New Jersey to review business plans, and obtain funding from the UCEDC.

Please note, only current certified businesses registered with The State of New Jersey SAVI Selective Assistance Vendor Information Portal will be included.

Digital directory accessible at www.mercercounty.org

Sign me up!

 

Questions? Please contact James Chambers, Coordinator of Small Business Outreach at (609) 989-6212, jchambers@mercercounty.org.

Adopted in July 2018, the Qualified Minority-, Women-, Veteran-owned Business or Small Business Set-Aside Program reserves 10 percent of the dollar value of all the county’s goods, professional services and construction contracts to be utilized for qualified businesses. Of that 10 percent, 30 percent is allocated for qualified minority businesses; 30 percent for qualified women-owned businesses; 30 percent for qualified veteran-owned businesses; and 10 percent for small businesses. The Set-Aside Program makes it easier for qualified businesses to contract with the county, as it provides access to $70 million in procurement. An estimated $7 million worth of contracts will be available to eligible businesses as part of the new program.

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Business Economics Healthcare Lifestyle Regulations & Security

Best’s Review’s popular stories focus on insurance asset management, telemedicine, non-property cat bonds and more

OLDWICK, N.J. — (BUSINESS WIRE) — In the last 90 days, Best’s Review readers have been most interested in the following stories:

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. Access to the complete content of Best’s Review is available here.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contact:

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 882 1771
patricia.vowinkel@ambest.com

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Business Culture Economics Government International & World Lifestyle Programs & Events

PBGC approves SFA application for Newspaper Guild International Plan

Newspaper Guild International Plan averts insolvency and reduction of benefits through receipt of Special Financial Assistance

 

WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) recently announced that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the the Newspaper Guild International Pension Plan (Newspaper Guild International Plan). The plan, based in Washington, D.C., covers 5,824 participants in the printing industry.

The Newspaper Guild International Plan will receive approximately $62 million in special financial assistance, including interest to the expected date of payment to the plan. The plan was projected to become insolvent and run out of money in 2034.

Without the SFA Program, the Newspaper Guild International Plan would have been required to reduce participants’ benefits to the PBGC guarantee levels upon plan insolvency, which is roughly 15 percent below the benefits payable under the terms of the plan. SFA will enable the plan to continue to pay retirement benefits without reduction for many years into the future.

“Today, the Biden-Harris administration kept our promise to fight for America’s workers and retirees by taking action to protect the retirement security of 5,824 workers across America,” said Acting Secretary of Labor Julie Su.

“As part of the American Rescue Plan, Special Financial Assistance will ensure workers get the secure and dignified retirement they deserve as we grow our economy from the middle out and the bottom up.”

 

About the Special Financial Assistance Program

The SFA Program was enacted as part of the American Rescue Plan (ARP) Act of 2021. The program provides funding to severely underfunded multiemployer pension plans and will ensure that millions of America’s workers, retirees, and their families receive the pension benefits they earned.

The SFA Program requires plans to demonstrate eligibility for SFA and to calculate the amount of assistance pursuant to ARP and PBGC’s regulations. SFA and earnings thereon must be segregated from other plan assets and may be used only to pay plan benefits and administrative expenses. Plans are not obligated to repay SFA to PBGC. Plans receiving SFA are also subject to certain terms, conditions and reporting requirements, including an annual statement documenting compliance with the terms and conditions. PBGC is authorized to conduct periodic audits of multiemployer plans that receive SFA.

As of August 1, 2023, PBGC has approved nearly $52.2 billion in SFA to plans that cover over 751,000 workers, retirees, and beneficiaries.

The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective August 8, 2022, and was amended effective January 26, 2023.

About PBGC

PBGC protects the retirement security of over 33 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of more than 1.5 million participants and beneficiaries in failed single-employer pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Program is financed by insurance premiums. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.

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Mercer County Clerk continues to issue warnings to passport applicants

TRENTON — Mercer County Clerk Paula Sollami Covello is again issuing warnings to constituents in order to prevent them from wasting their precious time and money.

Residents should know the following:

Passport fees are required at all passport facilities

The U.S. Department of State advises all passport applicants that there are no free passports, nor fee waivers. Instead, it is true that a fee is required for all passport applications.

Payment is required at all Passport Acceptance Facilities, including the Mercer County Connection in Hamilton Township, and the Mercer County Clerk’s Office in Trenton.

There are recent social media videos circulating on the internet, which advise customers that passports can be free by submitting form I-912, but these are false, misleading and incorrect.

The form they are referring to is for U.S. Citizenship and Immigration Services (USCIS), and not for Passport Services. The form is NOT a Department of State form and it is not honored by them.

Mercer County Clerk Paula Sollami Covello explained that videos on social media platforms such as TikTok and Instagram, are not being produced by government officials, and have created confusion among constituents who believe they (the videos) are accurate.

For further information on the Form I-192 and the individuals eligible, please visit https://www.uscis.gov/i-192 for clear instructions and additional information.

It is recommended for those who are planning international travel to begin submitting their paperwork well in advance of any travel dates, to allow for any unforeseen delays. The current wait times for passport services are 7-9 weeks for expedited services and up to 14 weeks from the time of submission for a regular application. Please note, these times are estimates; if the workload is significantly heavy or light, that number can change.

For detailed information on documentation required for a passport, or office hours at the Mercer County Clerk’s Office, please visit https://www.mercercounty.org/government/county-clerk-/office-services/passportsand for detailed information on services at the Mercer County Connection in Hamilton, please visit https://www.mercercounty.org/departments/county-connection/passport-application-information

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Mercer County announces zero-interest rate loans to businesses through new partnership with UCEDC

Mercer County Executive Brian M. Hughes and the Mercer County Office of Economic Development are excited to announce that the county will partner with the UCEDC to establish a 0% Interest Loan Program for small businesses in Mercer County.

Dedicating $350,000 in American Rescue Plan Act (ARPA) dollars, the program will allow Mercer County businesses to apply for affordable access to capital. The UCEDC will provide loans on a first-come, first-served basis utilizing current lending products and capital.

“Mercer County continues to provide financial options for its vibrant small businesses,” said County Executive Hughes.

“Through our 2023 Mercer County Small Business Grant Program, our newly announced Small Business Investment Program and this initiative, we recognize the importance of our small businesses to our regional economy and want to make every effort to help them continue to grow and flourish.”

Specifically, the program will require the following:

  • Businesses must be located in Mercer County, registered with the State of New Jersey and have been formed on or before September 1, 2019.
  • Businesses must have 30 full-time equivalent employees or less at time of application and have less than $10 million in annual gross revenue based on most recent tax return.
  • Loans will range from $10,000 to $20,000.
  • Loans will be offered at 0% interest, with a five-year repayment term.
  • Funds can be used for working capital, inventory, or purchases of furniture and equipment.
  • No collateral requirements, pre-payment penalties, processing, closing or application fees.
  • Personal guarantees of the significant owners of the business (10% or greater) are required.
  • Applicants must not have had a bankruptcy or significant charge-offs within the most recent 3-year period.

Through the Mercer County loan program, UCEDC will provide $750,000 of lending to small businesses located in Mercer County. With an average expected loan amount of $15,000, given the parameters above, Mercer County will provide funding to approximately 50 businesses in the target market.

Please click Mercer County Zero-Interest Loan Program flyer or here to learn more and apply.