EDA HOSTS ROUNDTABLE WITH PREFERRED LENDERS
PNC, Provident, Susquehanna and TD Banks Honored at Event
Trenton, N.J. (February 8, 2010) – The New Jersey Economic Development Authority (EDA) recently hosted a roundtable event for its preferred lenders to discuss financing programs for New Jersey businesses and to recognize the lenders for their partnership with the EDA in serving the needs of companies throughout the state. The Preferred Lender Program enables certain banks to utilize a streamlined loan-approval process with the EDA, the result of which speeds the flow of capital to growing businesses in the state.
“The Preferred Lender Program is a partnership with the banking community to ensure that New Jersey small businesses have the resources necessary to expand in our state,” said EDA Chief Executive Officer Caren S. Franzini. “That’s why, particularly during these tough economic times, our partnerships with banks are critical to overcoming the financial obstacles that can stall the growth and expansion of New Jersey-based businesses.”
At the event, the EDA recognized the fifteen banks in the program for their participation, with three of the banks (Citizens Bank, The Provident Bank and Valley National Bank) welcomed as new Preferred Lenders joining in 2009. The remaining banks in the Preferred Lender group worked with the EDA on over 118 transactions totaling over $154 million in 2009. In particular, PNC Bank, The Provident Bank, Susquehanna Bank and TD Bank were honored for their strong commitments to lending in New Jersey in partnership with the EDA.
PNC was honored for closing the greatest number of transactions with the EDA, which amounted to 57 projects that provided a total of approximately $14 million to New Jersey businesses maintaining over 430 jobs. Susquehanna Bank was honored for closing the largest dollar volume of transactions with the EDA on behalf of New Jersey companies, with a total of over $43 million in financing to companies through its partnership with the EDA. TD Bank was recognized for its standing as the most active bank providing assistance directly under the Preferred Lender Program, with transactions amounting to nearly $14 million. The Provident Bank was recognized as the New Preferred Lender Program Bank of the Year based on its six transactions that provided New Jersey companies with over $13.7 million in assistance through its partnership with the EDA.
The Preferred Lender Program features a five-day turnaround time for loan approval and applies to transactions in which the EDA buys a participation in bank financing and/or guarantees a portion of a bank loan. It is designed to help New Jersey businesses grow by providing funds at below-market interest rates with flexible terms. Funds can be used for fixed assets, working capital to meet operating needs, and the refinancing of other debt. Quick turnaround time from approval to closing provides a strong incentive for borrowers, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk.
The EDA’s current Preferred Lenders include: The Bank, Bank of America, Capital One Bank, Citizens Bank, Columbia Bank, Cornerstone Bank, Peapack-Gladstone Bank, PNC Bank, Provident Bank, Roma Bank, Sovereign Bank, Sun National Bank, Susquehanna Bank,TD Bank, and Valley National Bank.
To learn more about the Preferred Lender program or other products and services, contact the EDA at 866-534-7789 or email CustomerCare@njeda.com. For more information about doing business in New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.
The EDA is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the state’s strategic advantages to attract domestic and international business.