Amsterdam News Staff
Jersey City, N.J., Mayor Steven Fulop announced the launch of a new loan program aimed at securing financing for local businesses.
Many small businesses—particularly newer ones without proven track records or pre-existing credit—have difficulty securing capital from traditional lenders. The newly established Jersey City Fund will meet this need, helping local entrepreneurs and creating jobs in Jersey City.
“Small businesses are a key part of our economy throughout the state, and in Jersey City, we’ve made it a priority for my administration to do everything we can to help these businesses grow and flourish,” said Fulop. “This fund will continue these efforts and give entrepreneurs the tools they need to succeed, create good jobs and contribute to the city’s economy.”
The Jersey City Fund will be managed by the 504 Company, a nonprofit entity authorized by the U.S. Small Business Administration to administer loan programs, including the SBA 504 and Community Advantage loan programs. The $10 million loan fund will provide SBA Community Advantage loans between $25,000 and $250,000 to small businesses and startups, helping local entrepreneurs and creating good jobs in Jersey City. According to the SBA, 90 percent of loans to small businesses are under $100,000