The Trenton City Council has approved Greater Trenton‘s Businesses Helping Businesses initiative, it announced recently. The initiative will provide funds to supplement the city’s existing $2 million Urban Enterprise Zone revolving loan program.
“We commend Greater Trenton on creating this important Businesses Helping Businesses initiative to supplement the City’s existing loan program and offering a true public-private partnership to assist businesses of all sizes and locations within the city,” Trenton Mayor W. Reed Gusciora said. “During these critical times, and from day one, Greater Trenton has been an invaluable partner helping to move the city forward.”
Funding commitments were provided by Greater Trenton board member organizations including Bristol-Myers Squibb Foundation, NJM Insurance Group, Princeton University and Investors Bank for loans to businesses outside of the city’s UEZ zones.
“We appreciate the partnership with Greater Trenton and the additional funding to support even more businesses and maintain jobs, retail goods and services and vibrancy in Trenton,” Trenton City Council President Kathy McBride said. “By expanding funding opportunities to cover entities within Trenton’s broader footprint, we can help to ensure that every business has a chance to survive and succeed.”
Applications will be submitted, reviewed and approved by the city of Trenton and the program will be administered by New Jersey Community Capital.
“We are very pleased and thank the Mayor and Council for coming together to unanimously approve our Businesses Helping Businesses initiative in support of jobs and businesses across the city. Greater Trenton’s role is to work using private funding and a network of collaborative relationships to promote and create economic development initiatives that retain and create jobs and support businesses of all sizes throughout the city,” Greater Trenton CEO George Sowa said. “Economic development is key to maintaining vibrancy, vitality and opportunities for all Trenton residents. We also would like to acknowledge and thank the efforts of other non-profit entities providing meals and other critical services to residents in the city during these very difficult and uncertain times.”