FOR IMMEDIATE RELEASE
White House Honors Wayne T. Meyer as a Hurricane Sandy Champion of Change
New Brunswick, NJ (May 3, 2013) – On Wednesday, April 24th, the White House selected Wayne T. Meyer, President of New Jersey Community Capital (NJCC), as one of five Hurricane Sandy Champions of Change in New Jersey. The prestigious honor recognizes Mr. Meyer and his team at NJCC for their support of Sandy-impacted small businesses through REBUILD New Jersey, NJCC’s disaster recovery fund.
REBUILD New Jersey offers accessible, low-cost loans to help small businesses recover from building damages, losses of equipment and inventory, and financial losses they faced due to post-storm business closures. The fund is a result of NJCC’s engagement of supporters and stakeholders in the immediate aftermath of Sandy: in a matter of weeks, NJCC raised $3 million in lending capital and contributed $750,000 of its own funds. NJCC staff immediately began reaching out to impacted communities to deliver these resources.
“At NJCC, we are always seeking new and innovative ways to help those who face crisis in New Jersey,” said Mr. Meyer. “When the hurricane devastated our state, we knew we had to act instantly, and by doing so we have helped many small business owners get back on their feet and restored some normalcy to recovering communities. We are thrilled that the White House has acknowledged our important work.”
To date, NJCC’s lending staff has provided New Jersey small businesses with 23 loans totaling $574,000, creating or preserving over 135 jobs. Meanwhile, under Mr. Meyer’s leadership, NJCC is expanding its recovery effort by integrating its proven housing and neighborhood stabilization strategies in Sandy-affected areas, another process that requires a long-term commitment of capital and planning. In March 2013, NJCC closed its first REBUILD housing loan to support a local partner, the Affordable Housing Alliance, in building 17 new manufactured homes in Eatontown, NJ for families displaced by the storm.
“We applaud President Obama and Governor Christie for their concerted efforts to assist our shore communities,” added Mr. Meyer. “We look forward to working with their offices to design new partnerships that use federal, state, and private funding to rebuild even more homes, businesses, and community facilities. Their support will allow us to continue to innovate, collaborate, and help advance the recovery.”
The White House notes that, Hurricane Sandy Champions of Change are “hidden heroes [who] implemented innovative, collaborative solutions to meet the unique needs of communities and neighborhoods as they worked to rebuild after the devastating effects of this disaster.” The White House calls the Champions of Change program a chance to highlight “groups of Americans – individuals, businesses and organizations – who are doing extraordinary things to empower and inspire members of their communities.”
NJCC recently expanded REBUILD New Jersey loan criteria and terms to serve a greater number of small business owners. REBUILD loans are now available in amounts ranging from $10,000 to $65,000, extend up to 39 months with up to three months interest free, and require a minimum credit score of 600. REBUILD loans maintain a fixed 3% interest rate. The loans are approved within seven business days, and the borrower is not charged fees of any kind. For more information about the program and how to contact a loan officer, visit www.newjerseycommunitycapital.org/financing/rebuildnj.
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.