Sussex business takes advantage of state loan program

An upstate dental office has opened a new facility in Millsboro, capitalizing on a state program that subsidizes small-business loans.

Peninsula Dental, a full-service general dental office, offers Spanish-speaking doctors, sedation for disabled patients, and services for children and adults, with special measures for patients with anxiety or medical conditions.

Gov. Jack Markell, who initiated the Limited Investment for Financial Traction (LIFT) program last year, told business leaders and local politicians Monday, Jan. 4, that increasing small business opportunity in Delaware helps create more jobs. The state faces an 8.5 percent unemployment rate, leaving 36,000 Delawareans out of work. In Sussex County, the unemployment rate was 6 percent for November, according to the Department of Labor.

“Small businesses need to be the engine driving our economic recovery. Seeing our small business LIFT help companies like Peninsula Dental put people to work and serve the community is a great start to the year,” said Markell.

Peninsula Dental dentist Dr. Glen Goleburn, who also co-owns a dental practice in the Bear area with Dr. Neil Woloshin, said he and his partners chose Millsboro because it was a location in need.

Dr. Judy Majul provides Spanish speakers with her dental expertise too.

“Our ability to offer sedation dentistry and having a bilingual staff is already proving to be helpful in Millsboro,” said Goleburn. The LIFT program uses $5 million from the state’s Strategic Fund to subsidize interest on small-business loans. Businesses that receive LIFT loans repay the subsidy to the state after two years. Individual owners are also required to provide personal loan repayment guarantees.

To qualify for LIFT, small businesses must be in operation for three years. Participating banks – seven of them throughout the state – have agreed to defer principal payments during the first two years while the state subsidizes the loan interest.

Delaware Economic Development Office Secretary Alan Levin said LIFT funds have helped 37 companies since it was established, preserving or creating 440 jobs. He said money loaned helps small businesses pay salaries, inventories and expand on a short-term basis. “One thing we need to do is find a way to get credit to companies that are working hard and working with the people of Delaware,” said Levin, referring to Peninsula’s success.

Peninsula Dental in the Bear-Glasgow employs 35 workers. At the Millsboro office, six new jobs have been created with the help of the $517,000 state loan. Markell said even in small amounts, expanding payroll helps the state. “Other states say they’re not interested in companies unless they can create 250 jobs,” said Markell.

After state officials determined small businesses had difficulty obtaining credit, they launched the LIFT program. “Far too often, government is an impediment to success,” he said.

Sussex County Council President Vance Phillips, who attended the opening, said, “We, in Sussex County, applaud your effort.”

“The LIFT program enabled us to build our new office, purchase the dental equipment and hire staff,” said Peninsula Dental Office Manager John Moore. “We are pleased to be an example of how the Markell administration has provided concrete opportunities for small businesses to help move Delaware in the right direction in very trying economic times,” said Moore.

Peninsula Dental is at 26670 Centerview Drive, Unit 19 next to BJ’s Wholesale Club on Route 113. The office is open Monday through Friday. To make an appointment, call 302-297-3750, or go to peninsuladentalmillsboro.com