New Jersey Community Capital Receives $5 Million Grow With Google Small Business Fund Loan to Help Small Businesses Recover from Covid-19

New Jersey Community Capital Receives $5 Million Grow With Google Small Business Fund Loan to Help Small Businesses Recover from Covid-19

Opportunity Finance Network has awarded the loan to support the CDFI’s work helping minority- and women-owned businesses   

(New Brunswick, NJ) September 18, 2020 — New Jersey Community Capital (NJCC) announced it has received a $5 million Grow with Google Small Business Fund loan from Opportunity Finance Network (OFN). The New Jersey community development financial institution (CDFI) will deploy the loan to small businesses in New Jersey hurt by the economic impact of COVID-19. 

NJCC, New Jersey’s largest and leading CDFI, provides an innovative toolkit of products, programs, and services to advance equity and opportunity in the communities it serves. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education, and strengthen neighborhoods. In response to COVID-19, NJCC launched the Garden State Relief Fund, a program providing working capital loans to small businesses and nonprofits critically affected by the pandemic. The Garden State Relief Fund ensures that small businesses and nonprofits are provided with quick yet equitable and inclusive opportunities for relief, stability, and resiliency.

NJCC is part of the third round of loans OFN has deployed from the Fund. 

Launched in March, the Grow with Google Small Business Fund delivers financing to CDFIs that are supporting the short-term recovery and long-term financing needs of America’s small businesses hardest hit by COVID-19. At the same time, Google.org made a $5 million grant to OFN to enable OFN’s member CDFIs to improve access to capital for the most marginalized communities. The unrestricted grants can support operations, loan capital, loan loss reserve, capacity building, or any other purpose. 

On June 17, Google’s CEO Sundar Pichai announced an additional $45 million in loans for the Fund to assist Black-owned small businesses and $5 million more in Google.org grants. In total, Google has now committed $170 million in loans and $10 million in Google.org grants. 

CDFIs are lenders with a mission to serve small businesses underserved by mainstream finance and a proven model for moving capital into the hardest to serve communities. See a full list of loan recipients here.

“While this crisis has generated many challenges for vulnerable businesses and nonprofits, this investment will aid in the continued recovery of underserved communities disproportionately affected by this crisis,” says Wayne Meyer, President of NJCC. “With this support from OFN and Google, NJCC can direct critical capital to communities and neighborhoods experiencing extraordinary challenges during this time of immediate need.” 

Since inception, NJCC has invested nearly $650 million and leveraged over $1.9 billion in underserved New Jersey communities and neighborhoods. Since the onset of COVID-19, NJCC has deployed more than $4.2 million in Garden State Relief loans to 90 small businesses and nonprofit organizations. 49% of the loans have been disbursed to woman- and minority-owned small businesses and nonprofit organizations. To learn more or to apply for a loan, please visit www.newjerseycommunitycapital.org/initiatives/garden-state-relief-fund.

There are more than 1,100 CDFIs working in all 50 states, the District of Columbia, Guam, and Puerto Rico. OFN’s more than 300 members serve 58% people of color, 85% low-income, 26% rural, and 48% women (OFN Annual Member Survey, 2018). Nationwide, the CDFI industry manages more than $222 billion. 

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About OFN 
 
OFN, a leading national network of CDFIs, strives to ensure low-income and other under-resourced communities have access to affordable, responsible financial products and services. Members of OFN are CDFIs that deliver responsible lending to help low-income communities join the economic mainstream.  
 
Through 2018, OFN’s network originated $74.2 billion in financing in rural, urban, and Native communities. This financing has helped to create or maintain more than 1,560,000 jobs, start or expand more than 419,177 businesses and micro-enterprises, and support the development or rehabilitation of 2.1 million housing units and more than 11,500 community facility projects. For more information, visit www.ofn.org

About Google

Google's mission is to organize the world's information and make it universally accessible and useful. Through products and platforms like Search, Maps, Gmail, Android, Google Play, Chrome and YouTube, Google plays a meaningful role in the daily lives of billions of people and has become one of the most widely-known companies in the world. Google is a subsidiary of Alphabet Inc.

 
About Google.org

Google.org, Google's philanthropy, supports nonprofits that address humanitarian issues and apply scalable, data-driven innovation to solving the world's biggest challenges. We accelerate their progress by connecting them with a unique blend of support that includes funding, products, and technical expertise from Google volunteers. We engage with these believers-turned-doers who make a significant impact on the communities they represent, and whose work has the potential to produce meaningful change. We want a world that works for everyone—and we believe technology and innovation can move the needle.

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