PRIVATE-PUBLIC COLLABORATION BETWEEN THE CHRISTIE ADMINISTRATION AND PNC BANK SUPPORTS SMALL AND MID-SIZED BUSINESSES WITH GUARANTEED LOANS
PNC Bank and New Jersey Economic Development Authority Announce $50 Million for Job Creation Fund
TRENTON, N.J. (Feb. 1, 2011) – In line with Governor Chris Christie’s efforts to spur job creation and economic growth in New Jersey, PNC Bank today announced it has significantly increased its commitment to New Jersey’s small and mid-sized businesses. Under the New Jersey Business Growth Fund, which is administered in partnership with the New Jersey Economic Development Authority (EDA), PNC Bank has doubled its commitment from $25 million in 2010 to $50 million in 2011.
“Governor Christie and Lieutenant Governor Kim Guadagno have taken great strides to make New Jersey a home for growth, and PNC’s commitment is another strong endorsement of the state’s improving business climate,” said EDA Chief Executive Officer Caren S. Franzini. “By doubling the amount of available financing, even more small and mid-sized businesses in the state will be able to access the capital they need to thrive.”
Under the program, creditworthy companies that are retaining or creating jobs in New Jersey may be eligible for up to a $3 million PNC Bank loan with a 25-percent or 50-percent EDA guarantee. Companies must commit to creating one full-time job in the state for every $50,000 of guarantee provided by the EDA, with the exception of manufacturers, which must commit to maintaining one existing full-time job per $50,000. Funding can be used for machinery and equipment or real estate, with loan terms of up to five years for machinery and equipment and up to five years for owner–occupied real estate purchases.
“PNC’s continued participation in the New Jersey Business Growth Fund represents our long-standing commitment to invest in businesses in the communities where we live and work,” said Linda Bowden, northern New Jersey regional president of PNC Bank. “Small and mid-sized businesses are the bedrock of our economy, and it’s critical for them to have access to capital at affordable rates so they can continue to expand and grow in this challenging environment.”
In 2010, the program supported 40 businesses across the state that expect to maintain more than 500 existing jobs and create nearly 160 new jobs. Companies that benefited include: Romanelli’s Garden Café, a Galloway-based restaurant; Flemington-based Mechanical Precision, Inc., a machine shop specializing in CNC machining, prototypes, precision welding, machine building, engineering and design; Jersey Gasoline Corporation, a Woodbridge-based transporter of petroleum to gasoline stations throughout Central New Jersey; and, Asbury Park-based Knock-Out Graphics, Inc., a company that provides graphics and printing enhancement services to commercial businesses.
PNC is actively lending to businesses of all sizes, including $3.5 billion to small businesses in 2010. The New Jersey Business Growth Fund, which has served as a critical driver of expansion for many small businesses in New Jersey, complements the numerous financing options that PNC makes available to small businesses, including lines of credit, term loans, SBA loans and business credit cards that PNC makes available to companies seeking to better manage their cash flow.
Since inception of the New Jersey Business Growth Fund, 265 projects have received more than $125 million in PNC loans with EDA guarantees of over $39 million.
Applications are available at all PNC Bank branches in New Jersey, at www.pncbank.com, at www.njeda.gov, or by calling PNC Bank at 877- BUS-BNKG (877-287-2654). To learn more about opportunities for business growth throughout New Jersey, contact the Business Action Center at (866) 534-7789.