The State Small Business Credit Initiative (SSBCI) has made $33.8 million in federal aid available to small businesses of New Jersey to be delivered in two years. The fund will encourage small business lending and job creation. Gov. Chris Christie announced that the money-flow will enable small businesses to succeed, grow and create good paying jobs.
Legislation AR-124 sponsored by Assemblywoman Connie Wagner received 79-0 approval from the Assembly on November. It called on Christie to file applications for the funding. The $33.8 million award to New Jersey shall help to jump-start economy and create jobs. The money will help to leverage private lending so as to help small businesses and manufacturers that are credit-worthy to receive loans. New Jersey will therefore emerge strong for working families.
However, the money shall be given out in three allotments over two years by State Department of Treasury. The first disbursement has 80% commitment that shall be followed by the second distributions. State Economic Development Authority (EDA) will take this opportunity to deploy loans and credit guarantees through existing SBLF programs. Money will be targeted to small businesses, manufacturers, women and minority-owned enterprises. It shall have a particular focus on businesses of underserved communities throughout New Jersey. Loan term has been extended up-to 15 years and interest-only payment up-to five years.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com