ConnectOne Bank Joins Growing List of EDA Premier Lenders
TRENTON, N.J. (February 14, 2018) – As part of ongoing efforts to support small business growth in the State, the New Jersey Economic Development Authority (EDA) Board yesterday approved New Jersey based ConnectOne Bank as a Premier Lender. The Premier Lender Program is a partnership between the EDA and more than two-dozen banks throughout New Jersey that is designed to help small businesses overcome financial obstacles that can stall growth and expansion.
Through the Premier Lender Program, EDA can guarantee or participate in a portion of a Premier Lender’s commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital. EDA’s involvement in the transaction provides access to lower cost financing for businesses and offers lenders greater flexibility by reducing their overall exposure.
“ConnectOne Bank’s partnership with the EDA will enable us to support the growth of more New Jersey businesses and in turn, drive our local economy,” said Elizabeth Magennis, Executive Vice President and Chief Lending Officer of ConnectOne Bank. “The EDA shares our commitment to our clients’ success, and our values of being accessible and responsive to their needs.”
ConnectOne Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. ConnectOne operates from its Englewood Cliffs headquarters and through its 20 other banking offices across New Jersey and New York.
“Resources like the Premier Lender Program are designed specifically for New Jersey’s many small businesses, which are the backbone of the State’s economy and a critical job creation engine,” said EDA President and Chief Operating Officer Tim Lizura. “EDA has an array of programs and resources to support small business growth and our new partnership with ConnectOne Bank will help ensure we are able to help even more companies in the state.”
The Premier Lender Program offers loans with up to a $2 million EDA loan participation or $1.5 million loan guarantee for fixed assets, up to a $750,000 loan participation or $1.5 million loan guarantee for term working capital, and up to a $750,000 line of credit guarantee. The list of eligibility requirements and Premier Lender banks can be found at www.njeda.gov/premierlender.
The EDA regularly partners with financial institutions, local organizations and other State agencies to help borrowers bridge financing gaps and increase their access to capital. This includes offering low-interest loans, bond financing for manufacturers and not-for-profit organizations, and technical assistance and training through EDA’s strategic partnership with UCEDC, a statewide, not-for-profit economic development corporation.