Greater Trenton’s Businesses Helping Businesses initiative, which will provide private funds to supplement the city’s existing $2 million Urban Enterprise Zone loan program, nabbed unanimous approval from Trenton City Council and Mayor Reed Gusciora on May 22.
The additional dollars will be used to make loans to businesses located outside the city’s UEZ area, allowing resources to span Trenton’s whole 7.5-square-mile area.
Gusciora called Greater Trenton “an invaluable partner” and said, “We commend Greater Trenton on creating this important Businesses Helping Businesses initiative to supplement the city’s existing loan program and offering a true public-private partnership to assist businesses of all sizes and locations within the city.”
Early funding commitments from organizations including Bristol Myers Squibb Foundation, NJM Insurance Group, Princeton University and Investors Bank provide funding to make loans to businesses outside the UEZ area. Supplemental funding will come from organizations throughout the region, particularly those with a location or interest in Trenton.
“By expanding funding opportunities to cover entities within Trenton’s broader footprint, we can help to ensure that every business has a chance to survive and succeed,” Trenton City Council President Kathy McBride said in a prepared statement.
Greater Trenton Chief Executive Officer George Sowa called economic development “key to maintaining vibrancy, vitality and opportunities for all Trenton residents.”
Businesses interested in providing supplemental funds to Businesses Helping Businesses should contact George Sowa at email@example.com, and Trenton businesses interested in obtaining a loan should contact Trenton’s Economic Development Specialist Eric Maywar at firstname.lastname@example.org.