The Equitable Small Business Initiative by New Jersey Community Capital and the African American Chamber of Commerce of New Jersey is directing much-needed capital and technical assistance to small business enterprises in New Jersey, focusing on support for Black and minority-owned small businesses affected by the COVID-19 pandemic.
Black-owned small businesses have faced historical challenges in securing access to capital, contributing significantly to limited financial health, startup capital, and access to credit and profitability. The economic downturn of the COVID-19 pandemic has further exacerbated these financial challenges. The Equitable Small Business Initiative builds on the long-standing commitment of NJCC and the AACCNJ to help address systemic inequities and support the needs of underrepresented communities. The program provides a holistic set of resources to help address the emergent financial needs of minority-owned small businesses, including high-touch and individualized technical assistance, capacity building and administrative support.
The initiative is supported by investments from the Pascale Sykes Foundation, the New Jersey Pandemic Relief Fund, Wells Fargo and the Robert Wood Johnson Foundation.
After receiving a $500,000 acquisition and construction revolving line of credit from New Jersey Community Capital, William (Bill) was able to initially purchase two vacant, scattered-site properties in his hometown to rehabilitate and renovate into quality affordable housing units.
For further information about the Equitable Small Business Initiative, please contact the African American Chamber of Commerce of New Jersey using the email below.Email
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 www.newjerseycommunitycapital.org and Twitter: @NJCLF.
The African American Chamber of Commerce of New Jersey
The African American Chamber of Commerce of New Jersey (AACCNJ) performs an essential role in New Jersey’s Economy. As affirmed in its mission statement, the Chamber seeks to economically empower and sustain African American communities, facilitating entrepreneurship and free enterprise activity within the state, with direct outreach programs. Different from acting as simply an association of allied businesses, the Chamber serves as a proactive advocacy group. While providing a collective voice for New Jersey’s African American business leaders, the AACCNJ advocates and promotes economic diversity while fostering a climate of growth through major initiatives on the educational and public policy levels.
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