The New Jersey Economic Development Authority (NJEDA) today announced that ten lenders have been selected to receive grants through the Micro Lender Support Grant Program. This $2 million pilot program provides grants to Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), and other organizations that lend to New Jersey small and micro businesses to support the costs associated with scaling up their operations and offering direct assistance to more New Jersey-based businesses.
“Supporting small businesses is central to Governor Phil Murphy’s vision for a stronger, fairer recovery from COVID-19,” said NJEDA Chief Executive Officer Tim Sullivan. “Throughout the pandemic, lenders that specifically support micro businesses have been crucial to helping the most at-risk small businesses keep the lights on, but the ongoing challenges of the pandemic have strained these organizations. The Micro Lender Support Grant Program awards announced today will provide much needed resources to help CDFIs and other lenders continue supporting micro and small businesses that need help while increasing their capacity to serve even more businesses in need.”
The following organizations have been selected to receive grants through the Micro Lender Support Grant Program:
- Union County Economic Development Corporation (UCEDC)
- Cooperative Business Assistance Corporation (CBAC)
- Elizabeth Development Company of NJ
- Grameen America Inc
- NJ Community Capital
- Reinvestment Fund
- 1st Bergen Federal Credit Union
- Greater Newark Enterprises Corporation (GNEC)
- Lakewood Development Corporation
The ten grant recipients will each receive a $200,000 grant. These funds will be used to support operating expenses associated with servicing micro and small businesses, such as hiring additional staff or opening new offices, and the buying down of interest rates of loans offered to small and micro businesses.
More information about the Micro Lender Support Grant Program is available at https://www.njeda.com/micro-lender-support-grant-program/.
Information about other NJEDA small business programs is available at https://www.njeda.com/smallbusinessservices/.