Amid the COVID-19 pandemic, small companies have been struggling to remain afloat. Now, assistance is on the way in which.
The Hudson County Financial Growth Company (HCEDC) has dedicated a brand new $100,000 grant to New Jersey Group Capital (NJCC).
The grant will assist purchase down rates of interest for the Backyard State Aid Fund, which gives working capital loans to Hudson County small companies and nonprofits negatively impacted by the COVID-19 pandemic.
“We know that small business and nonprofit communities have experienced extraordinary challenges in the midst of COVID-19,” mentioned County Government Tom DeGise. “This important partnership with NJCC through The Garden State Relief Fund provides much-needed capital for those hit hardest by the COVID- 19 pandemic. We are proud to launch this program as part of the HCEDC’s commitment to support underserved communities through access to capital and timely information on corona-virus pandemic resources and business training.”
The HCEDC grant will eradicate curiosity on loans for small enterprise and nonprofit candidates in eligible municipalities making use of to the Backyard State Aid Fund. The grant will cut back the customary three % rate of interest to zero % for eligible debtors.
NJCC launched the Backyard State Aid Fund to fulfill the distinctive monetary wants of weak and traditionally underserved companies and organizations throughout New Jersey adversely affected by the pandemic.
This system gives low-interest loans as much as $75,000 to small companies and nonprofits with three to 75 full-time workers. At the moment, 17.6 % of Hudson County residents stay unemployed, among the many highest within the state.
“This important grant will aid the recovery of communities throughout Hudson County in need of long-term stability,” mentioned Wayne Meyer, President of NJCC. “HCEDC’s partnership and support will help accelerate sustainable and equitable recovery in the vibrant communities we serve.”
Since its inception, NJCC has partnered with a number of counties and municipalities to increase the Backyard State Aid Program and determine fast and long-term options that match with native wants.
As of July 30, 83 Backyard State Aid Fund loans have closed in 63 cities and cities throughout 20 New Jersey counties, 9 in Hudson County. 36 % of the loans have been disbursed to woman- and minority-owned small companies and nonprofit organizations.
“Hudson County is home to one of the country’s most diverse, culturally rich and fastest growing regions in the State,” mentioned Michelle Richardson, Government Director of HCEDC. “The HCEDC continues to help Hudson’s native economies, making certain the survival of our foremost road enterprise house owners working to get well from the pandemic.”
Hudson County candidates beforehand authorised for a Backyard State Aid loan are additionally eligible for a loan modification to scale back their rate of interest from three to zero %.
To study extra concerning the Backyard State Aid Fund, go to www.newjerseycommunitycapital.org/initiatives/garden-state-relief-fund.
For updates on this and different tales, test www.hudsonreporter.com and comply with us on Twitter @hudson_reporter. Daniel Israel may be reached at email@example.com.