The fund, which was launched by NJCC in March, provides working capital loans to small businesses and nonprofits in New Jersey that have been negatively affected by the COVID-19 pandemic, such as having difficulty accessing support from the federal Payment Protection Program.
“We’re proud to take a lead role and be the first bank to support NJCC’s Garden State Relief Fund which is dedicated to providing accessible capital and tools to the businesses and organizations in need of immediate relief,” Ira Robbins, CEO and president, said. As a long-standing corporate citizen, we feel that it’s our responsibility to stimulate local economic growth and advance equitable opportunities throughout the many communities we serve. This program does just that by providing the immediate and critical relief that local business owners need right now.”
The fund provides low-interest loans between $10,000 and $75,000 to small businesses and nonprofits with three to 75 full-time workers.
“In this crucial moment, we are grateful for the support of Valley Bank, which is critical to the acceleration of our program and meeting the urgent financial needs of those who are disproportionately affected by this crisis,” Wayne Meyer, president of New Jersey Community Capital, said. “We know that local businesses are the heart of our main streets and play an unprecedented role in providing goods, services and experiences that are accessible to all residents. We are pleased to partner with mission-driven leaders to deliver relief for these businesses in need.”
NJCC said more than 40% of the 300 applications it received were women- and minority-owned small businesses and nonprofits. To date, the fund has closed 35 applications and preserved 207 jobs.