Pascale Sykes Foundation Provides $1.6 Million Grant to New Jersey Community Capital to Strengthen Local Small Businesses in New Jersey’s Heartland

Pascale Sykes Foundation Provides $1.6 Million Grant to New Jersey Community Capital to Strengthen Local Small Businesses in New Jersey’s Heartland

Pascale Sykes Foundation and New Jersey Community Capital Sustain THRIVE South Jersey Partnership

 

New Jersey Community Capital (NJCC) recently received a $1.6 million grant from the Pascale Sykes Foundation for the THRIVE South Jersey initiative. The grant continues much-needed support for entrepreneurs and small businesses in New Jersey’s Heartland through flexible financing options and financial services. 

THRIVE South Jersey (THRIVE) expands local and regional capacity to generate economic growth in four South Jersey counties; Cumberland, Gloucester, Salem, and Western Atlantic. Through a combination of strategic funding and capacity building, THRIVE supports organizations engaged in community revitalization activities that generate jobs and sustain low-income families in the four-county region. 

“New Jersey Community Capital has played a critical role in generating greater economic opportunities for small businesses and entrepreneurs across New Jersey,” said Pascale Sykes Foundation President, Frances Sykes. “It is through this unique partnership that we are able to serve both people and place while aligning resources for small businesses in the Heartland to grow and succeed. By helping small businesses, we’re also creating and retaining jobs, generating tax retables, and returning properties to use in South Jersey communities."

Since 2016, THRIVE has supported 100 small businesses, created over 675 full-time equivalent jobs and 384 construction jobs, produced 296 units of quality affordable housing, supported the development and renovation of over 257,400 square feet of commercial and community space, and produced approximately 1,002 primary and secondary education seats. The Pascale Sykes Foundation has awarded $7.7 million in grants and investments to THRIVE since its inception. This most recent Pascale Sykes award will help create new, sustainable businesses and maintain or create performing real estate assets, especially commercial properties.

THRIVE serves a diverse range of borrowers: Axe and Arrow Brewery, a small microbrewery in downtown Glassboro; Woodruff's Drugs, a local pharmacy in Bridgeton; Gateway Playhouse, a live musical theatre in Somers Point; and the Elmer IGA, the only full-service supermarket in the area.

“We are grateful to the Pascale Sykes Foundation for their continued partnership and proud to be a part of an initiative that bridges community and capital and invests in the growth of small businesses in the Heartland,” said NJCC President, Wayne Meyer. “Cultivating economic opportunities that nurture job creation, increase the tax base, support entrepreneurship and innovation, and address local community needs is not only fundamental to sustaining local economies but also to community health, contributing to local community identity and building a sense of place.” 

Many borrowers are eligible for THRIVE, including entrepreneurs, small businesses, and commercial real estate developers. THRIVE loans support asset-based lending and working capital for small businesses. THRIVE also provides real estate financing, designed to stimulate local economic growth and increase municipal tax bases. 

“These versatile financial products create solutions for diverse borrowers at varying stages of maturity and capacity,” said Laura Wallick, THRIVE’s Program Director. “In addition to our flexible and adaptive credit terms, our lending also provides borrowers with high-touch technical assistance customized to the particular business needs of each individual borrower.” 


Please contact Laura Wallick at lwallick@njclf.com for additional program and application information.