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Money

Business borrowers could be squeezed in bank consolidation wave (access required)

In August, ConnectOne Bank (about 29 branches in New York and New Jersey) announced an agreement to buy Bank of New Jersey (9 branches, all in New Jersey). Driven by high regulatory costs, smaller banks in the state are increasingly getting scooped up by larger institutions. What will this mean for business borrowers? “I worry ...

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Wells Fargo LIFT Homeownership Program comes to Essex County with $5 million commitment

Wells Fargo is partnering with the cities of Newark, Orange and Irvington, as well as non-profits NeighborWorks America and New Jersey Community Capital in the 75th LIFT program, designed to boost homeownership. This fall, with a $5 million philanthropic commitment by Wells Fargo, the NeighborhoodLIFT program will create more than 180 Essex County homeowners by ...

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EDA opens applications for new program to help banks prop up local NJ businesses

The state’s Economic Development Authority opened up applications for funding from a newly created $15 million program aimed at helping banks prop up local businesses. Under the Community Development Financial Institution program, the EDA will provide the funds to local banks, credit unions and other financial institutions so that they can provide financing for small ...

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Wells Fargo grants $100K for Latina Entrepreneurship Training Series

The Statewide Hispanic Chamber of Commerce of NJ (SHCCNJ) received a $100,000 grant from the Wells Fargo Foundation for its new Latina Entrepreneurship Training Series (LETS) program. The grant will be used toward bilingual business development and educational programs to be launched in 2020 particularly tailored to the needs of female Hispanic business owners. This ...

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