JERSEY CITY - A new program has been established to assist small businesses in Jersey City that were affected recently by Hurricane Sandy. Through the program, known as REBUILD New Jersey - The Jersey City Fund, eligible small businesses can receive low interest working capital loans and lines of credit.
REBUILD New Jersey - The Jersey City Fund was established by New Jersey Community Capital with $500,000 in funding from the Jersey City Economic Development, which is utilizing its Urban Enterprise Zone reserve funds, and with grants from Goldman Sachs Gives and JP Morgan Chase & Company.
In an effort to acquaint local businesses with the program, REBUILD New Jersey will hold an open house at City Hall, 280 Grove St., on Thursday, Dec. 6 from 1 to 3 p.m. The open house will acquaint business owners with the program and to assist them with applications.
REBUILD New Jersey - The Jersey City Fund will make available loans between $10,000 and $30,000 for up to two years. These loans will be interest-free for three months and will have a fixed interest rate of 3 percent after that period. The loans may be used for building repairs, equipment and inventory purchases, rent or mortgage payments, salary expenses, and utility costs. To qualify, a business must be located in Jersey City, have at least one year of prior operation, and business owners are required to have an average credit score of 625.
Business owners who are in taking advantage of this program may obtain additional information from the Jersey City Economic Development Corporation at (201) 333-7797 or the Mayor's Action Bureau (201) 547-4900. The program application and additional information can be obtained at www.newjerseycommunitycapital.org/financing/rebuildnj.
"Jersey City's small businesses are the backbone of our community and securing the resources they need to recover and get back to business as usual is one of our top priorities," Jersey City Mayor Jerramiah T. Healy said in a statement. "The Jersey City Economic Development Corporation's partnership with New Jersey Community Capital and Goldman Sachs Gives is a big step in helping Jersey City's small businesses - and our community - and we are happy to be working with them."