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$33.8 Million in Aid for NJ Small Businesses-cnbnews.net

 

Haddon Heights NJ – Today, Congressman Andrews announced that New Jersey small businesses will receive $33.8 million in federal funds to boost small business lending. This money will be used by entrepreneurs to start new businesses, hire new employees and expand operations. Made possible by the Small Business Jobs Act of 2010, Congressman Andrews helped lead the effort in Congress to deliver these funds so that middle class families and local businesses have the resources they need to create quality jobs and make our region more competitive.

 

Rob AndrewsImage via Wikipedia

New Jersey expects that the $33.8 million in federal funds will spur ten times that amount in new private lending, delivering more than a third of a billion dollars for small businesses in our state. The New Jersey Department of the Treasury, in cooperation with the New Jersey Economic Development Authority (EDA), will use these funds to support four existing credit support programs. These include: two loan guarantee programs; a venture capital investment program that invests directly in eligible businesses; and a direct loan program.  Funds from these programs will be targeted to small businesses, small manufacturers, and enterprises owned by women and minorities, with a particular focus on businesses located in underserved communities.

 

“With the news of this funding comes a brand new investment in jobs for South Jersey, and that’s the right news at the right time for our families and small businesses,” said Congressman Andrews. “In the past two weeks, I met with over 30 small business owners from my district, and most said the same thing – they would put more people back to work and expand their businesses if they could get access to a loan. Today, we’ve given creditworthy businesses access to much-needed capital to get the job done.”

Congressman Andrews has indicated that small businesses are the engine for American jobs and have served as the path to economic growth, security and personal success for countless workers and entrepreneurs. As America struggles to fight its way out of this recession, the needs of small businesses cannot be overlooked. With job creation as the top priority, Congressman Rob Andrews will continue to make every effort to assist small businesses whose prosperity is essential to our recovery.

 

If you own, or are looking to start a small business and would like to learn more about the small business lending programs the SSBCI will support, visit the EDA’s small business site athttp://businesslending.njeda.com or call the Business Action Center at (866) 534-7789.

 

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