Loan program lures new companies to Salem

Cities and municipalities have been considering ways to foster employment and business growth. An article from The Statesman Journal details one such program in the Salem area that has brought two new companies.

Organic Fresh Fingers Inc. and Wandering Aengus Ciderworks were the first to receive loans from the Urban Renewal Agency of Salem and are currently building their facilities that are slated to open in the fall -- creating new jobs in the Salem area.

The loan works by forgiving $2,800 from the loan amount for every job the company creates, up to 70 percent of the total loan. Loan payments start five years after it's given, and can be paid back over a 10-year period.


The full article has more details, as well as the City of Salem's Urban Development Department (http://www.cityofsalem.net/Fairviewloan).