On June 11, OFN member New Jersey Community Capital (NJCC) announced a $2 million investment from Valley Bank in support of the Garden State Relief Fund, a program providing working capital loans to small businesses and nonprofits negatively impacted by the COVID-19 pandemic.
The Garden State Relief Fund launched in late March 2020 to meet the growing financial needs of small businesses and nonprofits economically impacted by the global outbreak. The low-interest investment by Valley ensures that NJCC can rapidly deploy flexible financial resources and provide immediate relief and stability for vulnerable businesses and organizations across New Jersey. The fund targets small businesses and nonprofit organizations that are experiencing difficulty accessing critical support from the federal Payment Protection Program and other similar programs.
“In this crucial moment, we are grateful for the support of Valley Bank, which is critical to the acceleration of our program and meeting the urgent financial needs of those who are disproportionately affected by this crisis,” said Wayne Meyer, president of New Jersey Community Capital. “We know that local businesses are the heart of our main streets and play an unprecedented role in providing goods, services, and experiences that are accessible to all residents. We are pleased to partner with mission-driven leaders to deliver relief for these businesses in need.”
Read the full press release.