Bank of America Foundation Donates $75K to NJSBDC Network

America’s Small Business Development Centers, also known as the NJ Small Business Development Center (NJSBDC) network, has received $75,0000 from the Bank of America Charitable Foundation. This award, which stems from Bank of America’s economic opportunity initiative, reinforces a mission shared by the NJSBDC Network. The NJSBDC uses the funds to increase outreach and continue offering “credit clinics”, credit training, and business counseling for business owners experiencing social and economic disparities.

The NJSBDC has received the grant for over 10 years, signaling the continued shared dedication of both institutions. Kelly Brozyna, the CEO and state director of the NJSBDC Statewide Network, shared that, “We are honored to partner with Bank of America on this very important cause.”

Referencing the added importance of assistance during a time of greater financial strain, Brozyna added that “many businesses have been negatively impacted by the pandemic, especially those already suffering from issues of inclusion and racial inequality. Partnering with Bank of America helps us reach the businesses that need the right information and guidance to propel their businesses forward. We live for helping NJ’s businesses succeed, and we’re very happy that Bank of America is on this journey with us.”

Alberto Garofalo, president, Bank of America New Jersey, expressed news of the initiative and the support for the NJSBDC’s goals, noting that, “For years, Bank of America has worked with nonprofit partners, elected officials, business and civic leaders, and others across New Jersey to help drive economic opportunity and upward mobility. Recently, we announced a $1.25 billion, five-year commitment to help advance racial equality and economic opportunity in our communities,” adding that “Our support of NJSBDC and its work to advance local small businesses is an important down payment on that commitment as we work together to promote racial justice, advocacy, and equality for people and communities of color.”

The resources offered by the NJSBDC are the fundamentals that help small and mid-sized businesses create processes and strategies to succeed, a much-needed service, particularly for many women-owned, minority-owned, veteran-owned, and other economically disadvantaged business owners. The funds allow for continued service to the business community, targeting business equality, equity, opportunity, and responsible growth, all key factors for business success.

Because the NJSBDC counts on partnerships such as this one to continue its mission, it is enthusiastic for this continual support to continue its dedication to businesses that are often missing the resources. Whether it’s how to get started, understanding the credit process, or leveraging and scaling up, the NJSBDC training and counseling will carry on with their support so that small and mid-sized businesses can move forward and drive their business goals to the next level.

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