SJEDD Satisfies Debt Three Years Early

By: Follow South Jersey Staff

MAYS LANDING, N.J. — The South Jersey Economic Development District (SJEDD), which represents Atlantic, Cape May, Cumberland, and Salem counties, is now debt free after ten years.

A decade ago, the agency was bankrupt with significant debt. Now the federally funded agency that coordinates regional economic development initiatives is debt-free after making its final payment on a $275,000 loan to the Atlantic County Improvement Authority (ACIA), three years earlier than expected. The ACIA had provided the SJEDD with the loan to satisfy a portion of its financial obligations.

“It is gratifying to achieve solvency ahead of schedule,” Atlantic County Commissioner John Risley said in a press release from Atlantic County. “The entire team is to be commended.”

Risley, who was appointed by County Executive Dennis Levinson to represent Atlantic County and currently serves as SJEDD chair, acknowledged the efforts of SJEDD Executive Director Lou Joyce, its board members and past chairman, Cape May County Commissioner Will Morey.

The SJEDD is currently working with its four county members to provide funding and technical assistance for COVID recovery and resiliency plans. It has also partnered with the Cooperative Business Assistance Corporation to offer business loans through a revolving loan fund. In Atlantic County, SJEDD funding is helping the Atlantic County Economic Alliance identify properties to spur development and job creation.

“The SJEDD has made great strides and is hard at work to support our efforts to strengthen the regional economy,” Levinson said.

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