NEW BRUNSWICK, NJ - Small business and non-profits across Hudson County will now have the opportunity to avail of interest free loans of up to $75,000 thanks to a $100,000 grant the Hudson County Economic Development Corporation (HCEDC) committed to New Jersey Community Capital (NJCC) to help buy down interest rates for the Garden State Relief Fund.
The HCEDC grant will eliminate interest on loans for small business and nonprofit applicants located in eligible municipalities of Hudson County applying to the Garden State Relief Fund which was launched to meet the unique financial needs of vulnerable and historically underserved businesses and organizations across New Jersey adversely affected by the pandemic. The grant will reduce the customary 3% interest rate to 0% for all eligible borrowers. The goal of the program is to help lower the unemployment rate across Hudson County which currently stands at 17.6%, among the highest in the state.
“We know that small business and nonprofit communities have experienced extraordinary challenges in the midst of COVID-19,” County Executive Tom DeGise said. “This important partnership with NJCC through The Garden State Relief Fund provides much-needed capital for those hit hardest by the COVID-19 pandemic,” he said, adding that the program is just part of the HCEDC’s commitment to supporting underserved communities through access to capital and timely information on coronavirus pandemic resources and business training.”
“This important grant will aid the recovery of communities throughout Hudson County in need of long-term stability,” Wayne Meyer, President of NJCC, said. “HCEDC’s partnership and support will help accelerate sustainable and equitable recovery in the vibrant communities we serve.”
Since inception, NJCC has partnered with several county and municipalities to expand the Garden State Relief Program and identify immediate and long-term solutions that fit with local needs. As of July 30, 83 Garden State Relief Fund loans have closed in 63 cities and towns across 20 New Jersey counties, nine in Hudson County. 36% of the loans have been disbursed to woman- and minority-owned small businesses and nonprofit organizations. The Fund has preserved nearly 1,345 jobs across diverse industries including education, food and beverage, retail and health care.
“Hudson County is home to one of the country’s most diverse, culturally rich and fastest growing regions in the State. The HCEDC continues to support Hudson’s local economies, ensuring the survival of our main street business owners working to recover from the pandemic,” Michelle Richardson, Executive Director of HCEDC, said.
Hudson County applicants previously approved for a Garden State Relief loan are also eligible for a loan modification to reduce their interest rate from 3% to 0%. To learn more about the Garden State Relief Fund, please visit www.newjerseycommunitycapital.org/initiatives/garden-state-relief-fund.
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