New Jersey Community Capital Launches THRIVE South Jersey Initiative
EDA Provides $1 million loan to support economic development in four South Jersey Counties
TRENTON, N.J. (May 5, 2016) – New Jersey Community Capital (NJCC) announced today the first investments under its THRIVE South Jersey initiative, which deploys flexible, affordable capital and technical assistance to generate quality jobs and improve economic opportunities across a four-county area in South Jersey, including Cumberland, Gloucester, Salem, and Western Atlantic counties. A $1 million loan from the New Jersey Economic Development Authority (EDA) will be used to boost the $13 million loan fund, supporting small businesses and workforce development programs in the region.
At the Riverfront Renaissance Center in Millville, NJCC announced the program’s initial investments, which include the Millville Arts and Innovation Center, the Vineland and Millville Public Charter Schools, the Glasstown Creative Enterprise Center, the Millville Neighborhood Alliance, and Andrea Trattoria Italiana in Millville.
“We fully support NJCC’s commitment to economic development in areas of South Jersey and THRIVE SJ will prove to be very impactful,” said EDA Chief Executive Officer Melissa Orsen. “These initial investments, complemented by future THRIVE SJ loans to small businesses, will further arts, education, and the small business community.”
THRIVE SJ is part of the Pascal Sykes Foundation’s (PSF) South Jersey Economic Initiative, through which NJCC has already received $4.1 million in seed money to develop traditional and non-traditional financing within the four-county target area. NJCC has already leveraged this initial PSF grant by obtaining another $9 million for THRIVE SJ from partnering lenders including TD Bank, Wells Fargo, Fulton Bank of New Jersey, and the EDA.
“We appreciate the commitment of the EDA and our other partners to growing economic development opportunities in South Jersey,” said Wayne T. Meyer, President of NJCC. “We anticipate that investments made under the THRIVE SJ initiative will have a widespread and lasting impact on families and communities throughout these four counties.”
The EDA is part of the State’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education, and the EDA.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.