The New Jersey Economic Development Authority announced on Monday it has partnered with four organizations to offer support services to small businesses that have been impacted by the coronavirus pandemic.
The organizations will help small business owners file applications through the Small Business Administration Economic Injury Loan program to receive up to $2 million of working capital loans to help survive the crisis. They will also help prepare financial information, package application documents and complete and submit the application.
“New Jersey remains steadfast in its commitment to ensuring that small businesses have access to the resources they need to continue paying their bills and their workers during these unprecedented times,” NJEDA CEO Tim Sullivan said. “We encourage business owners to work with one of these partners during this stressful time.”
The four organizations selected include:
- African American Chamber of Commerce of New Jersey;
- New Jersey State Veterans Chamber of Commerce;
- Rising Tide Capital;
- Statewide Hispanic Chamber of Commerce of New Jersey.
“The AACCNJ is devoted to helping its constituents through the economic hardships resulting from the COVID-19 outbreak,” John Harmon, AACCNJ founder, CEO and president, said. “To the small business owners and employers throughout the state, know that we will leverage our partnerships and expertise to guide you through the SBA EIL application process. We are here to help.”
“The economic impact that the COVID-19 outbreak has had on small businesses is staggering and the New Jersey State Veterans Chamber of Commerce stands ready to assist business owners, regardless of veteran status, as they seek to overcome the challenges that arise in the coming days, weeks, and months,” Jeff Cantor, founder of the NJ State Veterans Chamber of Commerce, said.
“Entrepreneurs and small businesses play such a critical role in transforming our communities through the jobs and other opportunities they provide,” a Demmellash, co-founder and CEO, Rising Tide Capital, said. “Rising Tide Capital is here to help them navigate the process of applying for SBA EIL loans and better position themselves to receive optimal funding.”
“New Jersey’s small businesses owners are resilient, but they are vulnerable as they confront the new reality presented by the COVID-19 outbreak,” Carlos Medina, CEO and president, SHCCNJ, said. “The Chamber is prepared to work side-by-side with them to help secure the SBA EIL funding that will be so critical to their recovery.”
Last week, the EDA announced new programs designed to help businesses and workers facing economic hardships due to the coronavirus outbreak worth an estimated $75 million to $100 million.