New Jersey Community Capital announced on Wednesday it has received a $1 million investment from M&T Bank to support its Garden State Relief Fund.
The program, which was launched in March, provides working capital loans to vulnerable small businesses and nonprofits that have been affected by the COVID-19 pandemic and are having difficulty getting support from federal programs, such as the Paycheck Protection Program.
Tom Comiskey.
“We recognize the need to make a positive impact in underserved communities disproportionately affected by this crisis,” Tom Comiskey, senior vice president of M&T Bank, said. “We’re proud to be an early supporter of NJCC’s Garden State Relief Fund and to leverage resources to advance shared goals while providing much-needed relief and stability for small business owners and nonprofits.”
The fund gives out loans between $10,000 and $75,000 to businesses with three to 75 full-time employees.
“Small businesses and nonprofits across New Jersey have been profoundly impacted by this pandemic,” Leah Apgar, managing director of lending at NJCC, said. “M&T Bank’s support is critical to providing immediate financial assistance for relief and stimulating economic recovery in vulnerable communities hit hardest. As the anchors of our communities, small business owners and nonprofits increase the vitality of our main streets and provide essential opportunities for local economic growth.”
Of the 435 applicants, more than half are women- and minority-owned organizations. The date, the fund has closed on 66 applications, preserving nearly 400 jobs in the state.
