New Jersey Community Capital (NJCC) recently announced a $3.5 million investment from Wells Fargo in support of the Garden State Relief Fund, a program providing working capital loans to small businesses and nonprofits negatively impacted by the COVID-19 pandemic.
The Garden State Relief Fund launched in March 2020 to meet the unique financial needs of vulnerable and historically underserved small businesses and nonprofits across New Jersey that have been adversely affected by the pandemic. The lending program provides financial support in the form of low-interest loans for eligible organizations that often lack access to conventional vehicles of capital. New Jersey small businesses and nonprofits with 3 to 75 full-time employees are eligible to apply to the Garden State Relief Fund.
“Small businesses enable our main streets to thrive and grow while providing critical services to underserved communities,” said Vincent Toye, group hHead, Community Lending and Investments, Wells Fargo. “Given our longstanding and robust partnership with NJCC, we know that NJCC has the capacity and wherewithal to help mitigate the financial challenges that small businesses and nonprofits have encountered as a result of the pandemic and is committed to deploying the immediate resources necessary for stability and recovery.”
“We’re proud to have a longtime partner in Wells Fargo and to help bring stability and relief to vulnerable small businesses and nonprofits experiencing financial hardship in the midst of this pandemic,” said Wayne Meyer, president of NJCC. “With the growing impact of the pandemic, NJCC strives to expand quick access to low-cost capital in communities that have been profoundly impacted.”
Since the onset of COVID-19, NJCC has deployed more than $4.8 million to over 100 small businesses and nonprofit organizations. As of September 30, half of the program’s loans have been disbursed to diverse small business owners and nonprofit organizations including woman- and minority-owned businesses across New Jersey.
To learn more about NJCC and the Garden State Relief Fund, please visit: https://www.newjerseycommunitycapital.org/garden-state-relief-fund
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