FOR IMMEDIATE RELEASE
Hurricane Sandy Recovery Fund for Small Businesses Now Available Statewide
TD Bank Among Investors Supporting the Expansion of REBUILD New Jersey to Many More Recovering Businesses(New Brunswick, NJ) December 20, 2012 – Just three weeks after launching the REBUILD New Jersey Loan Fund, New Jersey Community Capital (NJCC) is already expanding the Hurricane Sandy relief program exponentially. NJCC, which created the fund to aid storm recovery for small businesses in Asbury Park, Jersey City, and Newark, will now offer its low-cost funds to damaged small businesses throughout New Jersey. REBUILD’s growth will further propel the state’s efforts to recuperate from the largest natural disaster in its history.
Small business owners can use a REBUILD loan to pay for building repairs, equipment and inventory purchases, rent or mortgage payments, salary expenses, and utility costs associated with losses suffered in the hurricane. Loans will range from $10,000 to $30,000 with a term of up to 24 months and a fixed 3% interest rate, with up to three months interest-free. A participating business must have at least one year of prior operation, have ownership or a formal lease on its property, and have a credit score above 625. Businesses that are interested in more information and application materials can contact Joseph Palazzolo of NJCC at 732-640-2061 x202, or they can visitwww.newjerseycommunitycapital.org/financing/rebuildnj.
TD Bank, America’s Most Convenient Bank®, has committed to a $1 million investment in the fund. “TD Bank is proud to partner with New Jersey Community Capital and invest in the REBUILD New Jersey Loan Fund,” said Nick Miceli, Central New Jersey Market President for TD Bank. “Through the REBUILD fund, NJCC will assist small businesses during their rebuilding efforts with low-cost loans that are much needed during this time.”
To support the expansion of the fund, NJCC also received a $500,000 investment from the New Jersey Economic Development Authority, adding to a series of measures that the state has taken to support recovery efforts, and a $250,000 grant from JPMorgan Chase to fund hard-hit microenterprises. For the three-city launch of REBUILD, NJCC received an $800,000 grant from Goldman Sachs Gives, a $500,000 investment of urban enterprise zone (UEZ) dollars from the Jersey City Economic Development Corporation, and a $100,000 investment in loan loss reserve dollars from the Asbury Park UEZ. NJCC also contributed $750,000 of its own lending capital to REBUILD.
“Cities and towns all over New Jersey continue to face major challenges in mending their wounds and becoming strong again,” said NJCC President Wayne Meyer. “We are committed to the short-term and long-term support of small businesses because their success is essential to the vitality of these recuperating communities. We are thrilled that so many partners have pooled resources to ensure that any small business in need of emergency funds, no matter where in New Jersey it is located, can look to REBUILD New Jersey for assistance.”
Architectural Hardware, Inc. (AHI), a wholesale distributor of metal and wood doors and frames and finishing door hardware, was the first business to receive a REBUILD loan, which was provided using seed funding from Goldman Sachs Gives. A family-owned and operated business with nine employees, AHI has been a fixture in Jersey City since 1970, but its livelihood was threatened when Hurricane Sandy flooded its warehouse along with much of the Jersey City coastline.
“We had up to 56 inches of water,” said Mary Capurso, Secretary of AHI. “We lost a great amount of inventory. We lost all of our vehicles. We had no power for 12 days, and our communication was very limited, so we could not provide any type of service. It really hurt our sales.” Capurso was unable to secure a source of immediate recovery capital, and then she found REBUILD. “I went online and filled out the application, and soon afterward it was a done deal. Everything went so smoothly.”
Capurso said that AHI will be using the $30,000 loan to purchase a new forklift and inventory, as well as to replenish lost revenues. “Now we can continue to do what we’ve done for the last 42 years,” she said. “Bidding projects and serving our clients.”
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that provides innovative financing and technical assistance to support the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education, and strengthen neighborhoods. Founded in 1987, NJCC has invested over $346 million in 783 projects resulting in the creation or preservation of over 9,000 housing units, 4,750 early care spaces, 7,300 education slots, and 5,000 jobs.
About TD Bank, America’s Most Convenient Bank®
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing nearly 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank is one of the few banks in the world rated AAA by Moody’s and trades on the New York and Toronto stock exchanges under the ticker symbol “TD.” To learn more, visit www.td.com.