FOR IMMEDIATE RELEASE
NJCC, Goldman Sachs Announce Hurricane Sandy Relief Program for New Jersey Small Businesses
Jersey City Economic Development Corporation, Asbury Park Urban Enterprise Zone, JPMorgan Chase, New Jersey Natural Gas Also to Support Fund to Aid Businesses in Jersey City, Newark, Asbury Park
(Jersey City, NJ) November 29, 2012 – New Jersey Community Capital (NJCC), with seed funds from Goldman Sachs Gives and other key investors, is launching the REBUILD New Jersey loan fund to aid recovery for small businesses in areas most severely impacted by Hurricane Sandy. Goldman Sachs Gives’ donation of $800,000 to this program represents a portion of the firm’s and its people’s $10 million commitment to Hurricane Sandy recovery efforts. NJCC has contributed $750,000 in lending capital to REBUILD and will immediately begin offering low-interest loans to small business owners in order to continue to fulfill its longstanding mission of stabilizing communities in need. The loans will be made in Jersey City (where the Jersey City Economic Development Corporation has also invested $500,000), Newark, and Asbury Park.
REBUILD will provide loans from $10,000 to $30,000 to qualifying small businesses in the impacted areas. The loans will be for 24 months at an interest rate of 3% and will be interest-free for up to three months. Small business owners can use a REBUILD loan to cover building repairs, equipment and inventory purchases, rent or mortgage payments, salary expenses, and utility costs. A participating business must have at least one year of prior operation and have ownership or a formal lease on its property. Businesses that are interested in more information and application materials can contact Daniel Arndt of NJCC at 732-640-2061 x405, or they can visit: www.newjerseycommunitycapital.org/financing/rebuildnj.
“The hurricane was devastating for many small businesses in places like Jersey City and Asbury Park,” said NJCC President Wayne Meyer. “Their return to normal operations will require long-term resilience, and we are happy to step in right away to reinforce them with much-needed funds. We are in this recovery for the long haul, because we know that the sustenance of these businesses not only provides economic benefits to their cities, but preserves places of pride and community-building that are so important in times of hardship.”
“We are pleased to donate these funds which will help small businesses in New Jersey get the capital they need to continue to provide vital goods and services while they recover from Hurricane Sandy damage,” said Dina Habib Powell, Managing Director and Global Head of Corporate Engagement at Goldman Sachs.
The $800,000 donation to REBUILD from Goldman Sachs Gives for small business recovery aligns with the goals of the firm’s 10,000 Small Businesses initiative, a $500 million investment to help small businesses in the United States create jobs and economic growth. 10,000 Small Businesses is currently active in the tri-state area and seven other cities nationwide. NJCC will use this major grant to support its loans and reduce their cost to small businesses, as well as to leverage significant additional capital for the fund.
REBUILD has also been propelled by a $500,000 investment of Urban Enterprise Zone (UEZ) dollars from Jersey City Economic Development Corporation (JCEDC), which will also provide leadership in REBUILD outreach efforts to small businesses in Jersey City. JCEDC’s investment continues to demonstrate the value of UEZ funds to the livelihood of New Jersey’s small businesses. Asbury Park UEZ will also contribute $100,000 to REBUILD to provide funds for a loan loss reserve for Asbury Park business loans.
“Jersey City’s small businesses are the backbone of our community and securing the resources they need to recover and get back to business as usual is one of our top priorities,” said Jersey City Mayor Jerramiah T. Healy. “The Jersey City Economic Development Corporation’s partnership with New Jersey Community Capital and Goldman Sachs Gives is a big step in helping Jersey City’s small businesses — and our community — and we are happy to be working with them.”
JPMorgan Chase, a foremost long-time supporter of NJCC’s community stabilization initiatives, contributed $250,000 in grant funds to fortify REBUILD. New Jersey Natural Gas will also commit a $5,000 grant to the fund. Several other prominent financial agencies have reached out to NJCC to express their interest in joining this momentous effort to advance economic recovery from the destructive impacts of the hurricane.
About New Jersey Community Capital
NJCC is a nonprofit community development lender that transforms at-risk communities through strategic investments of capital and knowledge. NJCC invests in affordable housing, community facilities, and economic development ventures that strengthen neighborhoods, improve education, and increase jobs, ultimately providing greater opportunities for the low-income residents in these communities.
About Goldman Sachs Gives
Goldman Sachs Gives is a donor-advised fund through which Goldman Sachs and its senior employees can recommend grants to qualified non-profit organizations globally. Established in 2007, Goldman Sachs Gives supports charities in communities around the world with a focus on benefiting underserved populations. Its grants support programs that build and stabilize communities, increase educational opportunities, honor service and veterans, and create jobs and economic growth.
About Jersey City Economic Development Corporation (JCEDC)
JCEDC is a private nonprofit corporation established in 1980 with the support of the Jersey City Administration and Municipal Council. JCEDC is home to the Jersey City Urban Enterprise Zone (UEZ) program, the largest and most productive in New Jersey. The organization provides technical assistance and loans for small businesses through its Small Business Assistance Program, and assists companies with finding appropriate business, commercial and residential locations through its Real Estate Development area. JCEDC’s Destination Jersey City is the City’s official Destination Marketing Organization.