
Garden State small businesses got some welcome holiday news this week as the state set is receive $255 million in federal funds through the State Small Business Credit Initiative, a Treasury Department program designed to spur lending and investment of private capital.
The funding, allocated through the New Jersey Economic Development Authority, which will create and develop six programs to provide financial and technical assistance to small and microbusinesses, and early-stage, innovation-focused companies. At least $27.5 million will be allocated to benefit businesses owned by Socially and Economically Disadvantaged Individuals.
In a statement, Gov. Phil Murphy said the pandemic simultaneously showed the resilience and tenacity of the Garden State small business community, as well as the importance of getting capital into the hands of small business owners and entrepreneurs.
“The infusion of federal funding announced today presents our state with a tremendous opportunity to develop innovative programs to propel our economy forward,” Murphy said.
“Through a combination of loans and strategic investments, each of the SSBCI-funded programs being developed will help position New Jersey businesses for long-term growth,” said Tim Sullivan, NJEDA chief executive officer.