Ten lenders will receive grants of $ 200,000 through the New Jersey Economic Development Authority-sponsored Micro-Lender Support Grant program, the EDA announced Friday.
EDA officials said the $ 2 million pilot program is intended to provide grants to community development finance institutions, minority depositories and other organizations that lend to small and microenterprises to cover costs associated with scaling up their operations and offering direct aid to more New Jersey. based companies.
EDA CEO Tim Sullivan said the group is happy to be able to help those who help small businesses.
“Throughout the pandemic, lenders who specifically support microenterprises have been critical in helping the small businesses most at risk keep the lights on, but the current challenges of the pandemic have put these organizations to the test,” he said. he declared. âThe Micro Lender Support Grant Program awards announced today will provide much needed resources to help CDFIs and other lenders continue to support micro and small businesses in need of assistance, while increasing their capacity to serve even more businesses in need. “
The following organizations have been selected to receive grants under the Micro-Lender Support Grant Program:
These grants are intended to cover operating expenses associated with serving micro and small businesses, such as hiring additional staff or opening new offices, and reducing interest rates on loans offered to small and small businesses. microenterprises.