M&T Bank invests in program deploying critical capital to New Jersey small businesses and nonprofit organizations economically impacted by COVID-19 pandemic.
New Jersey Community Capital (NJCC) is pleased to announce a $1 million investment from M&T Bank (M&T) 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.
NJCC launched the Garden State Relief Fund in late March 2020 to meet the growing financial needs of small businesses and nonprofits economically impacted by the global outbreak. The low-cost investment by M&T 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 continued difficulty accessing critical support from the federal Paycheck Protection Program and other similar programs.
“We recognize the need to make a positive impact in underserved communities disproportionately affected by this crisis,” remarked Tom Comiskey, Senior Vice President of M&T Bank. “We’re proud to be an early supporter of NJCC’s Garden State Relief Fund and to leverage resources to advance shared goals while providing much-needed relief and stability for small business owners and nonprofits.”
“Small businesses and nonprofits across New Jersey have been profoundly impacted by this pandemic,” said Leah Apgar, Managing Director of Lending at New Jersey Community Capital. “M&T Bank’s support is critical to providing immediate financial assistance for relief and stimulating economic recovery in vulnerable communities hit hardest. As the anchors of our communities, small business owners and nonprofits increase the vitality of our main streets and provide essential opportunities for local economic growth.”
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.
More than half of the 435 applications received are woman and minority-owned small businesses and nonprofit organizations. To date, the fund has closed on 66 applications, preserving nearly 400 jobs across diverse industries including education, food and beverage, retail and health care. For nearly five years, NJCC and M&T have partnered to deploy critical capital and promote economic equity in 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 relief@njclf.com.
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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.
About M&T Bank
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.