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Statement on NJEDA Emerging Developer Fund

Statement from Bernel Hall, President & Chief Executive Officer, New Jersey Community Capital:

“I applaud the NJEDA Board on approving the Emerging Developer Fund. Entrepreneurs and small businesses face an uphill battle. Predevelopment costs deplete operating income and back-office duties are not an emerging developer’s forte. Additionally, small businesses experience difficulties accessing adequate capital, with non-white business owners reporting the lowest levels of financing support.

NJEDA’s Emerging Developer Fund aligns with NJCC’s goal to support diverse small businesses and developers. At NJCC, we want to strengthen small businesses to sustain success in infrastructure and supply chain and we will provide business operations support for BIPOC developers to have double impact. Business ownership and success can be the means for wealth generation.

For 35 years, NJCC has been providing financing and other support to small businesses and emerging developers from predevelopment, acquisition, construction to bridge and working capital loans. Our lenders partner with each borrower from the first handshake to the last payment, educating borrowers to make smart, informed decisions.

Our real estate arm, Community Asset Preservation Corporation (CAPC), strives to create and maintain job opportunities for local small businesses so we rely on them heavily. Small businesses are the lifeblood of thriving communities, and we are proud of the transformational results of our collaboration with local business owners.”

For financing, contact Leah Apgar, Managing Director of Lending at lapgar@newjerseycommunitycapital.org.

For potential development partnership opportunities, contact Ryan Johnson, Managing Director of Real Estate at rjohnson@newjerseycommunitycapital.org.

For more information on NJEDA, visit here.

About New Jersey Community Capital
New Jersey Community Capital (NJCC) is a nonprofit community development financial institution (CDFI) 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 newjerseycommunitycapital.org.

 

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