Valley supports program helping New Jersey small businesses and nonprofit organizations economically impacted by COVID-19 pandemic
New Brunswick, NJ (June 11, 2020) – New Jersey Community Capital (NJCC) is pleased to announce a $2 million investment from Valley Bank in support of the Garden State Relief Fund, a program providing working capital loans to small businesses and nonprofits negatively impacted by the COVID-19 pandemic.
The Garden State Relief Fund launched in late March 2020 to meet the growing financial needs of small businesses and nonprofits economically impacted by the global outbreak. The low-interest investment by Valley ensures that NJCC can rapidly deploy flexible financial resources and provide immediate relief and stability for vulnerable businesses and organizations across New Jersey. The fund targets small businesses and nonprofit organizations that are experiencing difficulty accessing critical support from the federal Payment Protection Program and other similar programs.
“We’re proud to take a lead role and be the first bank to support NJCC’s Garden State Relief Fund which is dedicated to providing accessible capital and tools to the businesses and organizations in need of immediate relief,” remarked Ira Robbins, Valley President and CEO. As a long-standing corporate citizen, we feel that it’s our responsibility to stimulate local economic growth and advance equitable opportunities throughout the many communities we serve. This program does just that by providing the immediate and critical relief that local business owners need right now.”
“In this crucial moment, we are grateful for the support of Valley Bank, which is critical to the acceleration of our program and meeting the urgent financial needs of those who are disproportionately affected by this crisis,” said Wayne Meyer, President of New Jersey Community Capital. “We know that local businesses are the heart of our main streets and play an unprecedented role in providing goods, services and experiences that are accessible to all residents. We are pleased to partner with mission-driven leaders to deliver relief for these businesses in need.”
New Jersey is currently experiencing the highest rate of unemployment in the nation, with nearly 1.04 million New Jersey residents filing for unemployment since March 1. The state is one of four hardest hit areas to receive a least proportionate share of Payment Protection Program funding, including less than 20% of eligible payroll funded after the first two rounds. Utilizing past crises recovery models, the Garden State Relief Fund provides low-interest loans between $10,000 and $75,000 to small businesses and nonprofits with 3 to 75 full-time employees.
Over 40% of the 300 applications received are woman and minority-owned small businesses and nonprofit organizations. To date, the fund has closed on 35 applications and preserved 207 jobs across diverse industries including education, food and beverage, retail and health care. Strong public and private partnerships from financial leaders such as Valley Bank ensure that community development financial institutions like NJCC can continue providing critical capital to underserved communities.
To learn more about the Garden State Relief Fund, please visit www.newjerseycommunitycapital.org/initiatives/garden-state-relief-fund or email questions to firstname.lastname@example.org.
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) helping to foster more equitable and inclusive communities. Through integrative models of financial products, programs and services, we expand opportunities that strengthen neighborhoods and ensure that underserved communities can thrive. To learn more, visit www.newjerseycommunitycapital.org.
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $39 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Service Center at 800-522-4100.