New Jersey Community Capital deployed $35 million in financing, created or retained 563 housing units and invested $2.5 million in community or commercial real estate space — all in 2021, according to its annual report, which was released Thursday.
NJCC, the state’s largest community development financial institution, had all that in more in what it is calling The Seeds of Success: Rooted in Resilience, which highlights the organization’s impact throughout the year and its vision for the future.
CEO Bernel Hall said he was proud of the numbers — and the trajectory the organization is on.
“We took the past year as an opportunity to reinvest in our infrastructure, strengthen our balance sheet and improve our measurable socioeconomic impact on the communities that we serve,” he said. “The strong numbers are a direct result of the hard work and dedication of NJCC staff and board members with a mission grounded in economic justice.”
The 2021 annual report details NJCC’s efforts to launch the Equitable Small Business Initiative in partnership with the African American Chamber of Commerce of New Jersey to provide loans to 16 New Jersey-based small businesses owned by people of color.
The report also highlights NJCC’s work to provide loans for small businesses and nonprofits after Hurricane Ida, close the opportunity gap for women of color business owners and create attainable homeownership opportunities through the Community Asset Preservation Corp. program.
Throughout FY21, NJCC saw a $13.775 million increase in net assets and a $15.6 million increase in overall revenue.
NJCC, which started in 1987 with $125,000, has since invested over $760 million in loans and investments to leverage over $2.5 billion.
In August, NJCC signed a lease for a new 24,000-square-foot headquarters in New Brunswick to accommodate its expanding influence. The organization, which has connected over 120,000 people across the state to necessary financial and educational resources, strives to remove barriers to capital to create more sustainable and equitable communities.