Dear New Jersey Banker,

Investing in New Jersey’s small, women-owned and minority owned businesses, particularly in the state’s cities, is a major focus of the EDA because it is an essential part of revitalization efforts that result in sustainable, vibrant communities, high-paying jobs and economic growth. Urban areas face particular challenges in attracting investment and the EDA has remained committed to bringing its resources to the market to help stimulate activity.  To bolster these efforts, we would like to call to your attention an opportunity that the EDA is making available to banks throughout the state as part of the Christie Administration’s focus on growing small businesses in New Jersey.  The goals of this initiative are to help meet business’ commercial credit needs and assist your institution in meeting Community Reinvestment Act requirements by providing alternative investment opportunities. 

Through customized investment funds and terms structured to meet the needs of your bank, the EDA can assist with the creation, implementation and execution of urban investment initiatives that are designed to revitalize urban communities, support small, women-owned and minority-owned businesses and drive economic development.  Investments can be individual or pooled with other entities for stronger impact in the community and can also be targeted toward certain industries, such as renewable and alternative energy.

With over 35 years of experience providing a total of more than $20 billion in financing assistance, the EDA has a long history and successful track record of partnering with the state’s banking community to support business growth in the state. Further, nearly $200 million in EDA assistance was directed toward stimulating investment in New Jersey’s urban communities in 2009.  We annually manage over $500 million in loans, bonds and state financial incentives, and have directly managed co-investments with private entities with an interest in urban projects.  Public Service Electric and Gas Company (PSE&G) and Jersey Central Power and Light (JCP&L) have invested in EDA’s Fund for Community Economic Development, an initiative that combines EDA financing with bank financing to support economic initiatives in urban areas. Since inception, the Fund has provided nearly $20 million in assistance, leveraging $36 million in total public/private investment and creating an estimated 1,250 full-time jobs. 

Entities interested in creating a fund to stimulate economic growth within the state’s urban areas can contact Lori Matheus, EDA’s Vice President of Regional Business Development, at 609-292-0170.  I encourage you to take advantage of this opportunity, particularly during these tough economic times when access to capital is needed for small and mid-sized businesses in New Jersey.  We look forward to partnering with you and to helping businesses overcome the financial obstacles that can stall their growth and expansion.

Please click here to access the Business Funding & Incentive Resources database.

The EDA held an event on June 22nd for companies interested in learning how to do business with India, the world’s fourth largest economy.  Review the presentations from the seminar’s prestigious roster of experts:

• Camille E. Sailer, Esq., Director of International Trade, NJEDA


• Abdul Quader Shaikh, Ph.D., Senior International Economist, US Commercial Service


• Regina Gordin, Export Finance Manager, U.S. Export-Import Bank


• Kelly Loughery, Esq., Blank Rome LLP, Washington, D.C.


• Mark A. Sullivan, Esq., Dilworth Paxton LLP, Philadelphia


• List of Attendees

By Andrew Kitchenman
NJBIZ
June 17, 2010
 

A Camden not-for-profit organization has closed on a $1.34 million loan that will allow it to build a job-training center.

 Respond Inc., which has provided social services for 43 years, closed on the loan with Sun National Bank, in Vineland. The loan includes $335,000 from the New Jersey Economic Development Authority. 

The loan will be used to complete the financing for the 20,000-square-foot New Worker Job Development Center, which will be dedicated to training for jobs in culinary arts and automobile repair.

 The financing for the center also includes a $1 million grant from the Economic Recovery Board for Camden and a $1.2 million grant from the U.S. Economic Development Administration, according to EDA officials. 

The authority portion of the loan, completed under the Statewide Loan Pool for Business program, was made at a fixed interest rate of 3 percent for five years. Sun National had approved a bridge loan for the construction, which will renovate a facility on North Eighth Avenue.

A ribbon-cutting was held in April 2009 for the facility, which includes state-of-the-art classrooms for up to 90 preschoolers. Local labor was used on the project.

• Camille E. Sailer, Esq., Director of International Trade, NJEDA


• Sidney Simon, Special Agent in Charge – Office of Export Enforcement


• Regina Gordin, Business Development Officer – Export – Import Bank


• Barbara D. Linney, Esq., Partner, Blank Rome LLP


• Donald L. Borod, Esq., Partner, McCarter & English LLP


• John Totaro, Jr., Saul Ewing LLP, Washington DC


• List of Attendees

• PowerPoint Presentation


• Webinar Q & A


• Recording (length 1 hr, 8 min)