Synchrony Bank provides low-cost line of credit for program deploying critical capital to New Jersey small businesses and nonprofit organizations economically impacted by COVID-19 pandemic
New Brunswick, NJ (September 15, 2020) – New Jersey Community Capital (NJCC) is pleased to announce the closing of a $2.5 million revolving line of credit with Synchrony 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 low-cost loan from Synchrony Bank ensures that NJCC can rapidly deploy flexible financial resources and provide immediate relief and stability for vulnerable businesses and organizations across New Jersey. 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 pandemic.
“As we continue to navigate this pandemic, Synchrony Bank is committed to deepening its support for small businesses and nonprofit leaders hit hardest by this public health crisis and accelerating the vital work of New Jersey Community Capital’s Garden State Relief Fund,” said Alan Urie, CRA Leader, Synchrony. “We’re proud to work together to help stabilize our main streets and support the immediate recovery of underserved communities.”
“We’re proud to have a partner in Synchrony Bank to help small businesses and nonprofits reopen and access critical financial assistance for relief and recovery,” remarked Leah Apgar, Managing Director of Lending at New Jersey Community Capital. “While this crisis has generated many challenges, we remain committed to identifying additional avenues for support while bringing stability to the many vulnerable small businesses that fuel our local economies.”
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.
As of July 30, 83 Garden State Relief Fund loans have closed in 63 cities and towns across 20 New Jersey counties. 36% of the loans have been disbursed to woman and minority-owned small businesses and nonprofit organizations. The Fund has preserved nearly 1,345 jobs across diverse industries including education, food and beverage, retail and health care. For six years, NJCC and Synchrony Bank 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 (NJCC) is a nonprofit community development financial institution that provides an innovative toolkit of financial products, programs and services to advance equity and opportunity in underserved communities. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education and strengthen neighborhoods to ensure that communities can thrive. To learn more, visit www.newjerseycommunitycapital.org and Twitter: @NJCLF.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.
Synchrony is changing what’s possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions.
For more information, visit www.synchrony.com and Twitter: @Synchrony.