M&T Bank has invested $1 million in support of New Jersey Community Capital’s Garden State Relief Fund, which provides working capital loans to small businesses and nonprofits negatively impacted by the COVID-19 pandemic.
NJCC, a community development financial institution, launched the Garden State Relief Fund in March to meet the growing financial needs of small businesses and nonprofits economically impacted by the global outbreak.
M&T’s investment ensures that NJCC can deploy flexible financial resources and provide relief and stability for vulnerable businesses and organizations specifically small businesses and nonprofit organizations experiencing difficulty accessing support from the federal Paycheck Protection Program and other similar programs.
“We recognize the need to make a positive impact in underserved communities disproportionately affected by this crisis,” remarked Tom Comiskey, senior vice president of M&T Bank in a statement. “We’re proud to be an early supporter of NJCC’s Garden State Relief Fund and to leverage resources to advance shared goals while providing much-needed relief and stability for small business owners and nonprofits.”
Small businesses and nonprofits with 3 to 75 full-time employees can nab low-interest loans between $10,000 and $75,000 from the Garden State Relief Fund.
To date, the fund has closed on 66 applications, preserving approximately 400 jobs across New Jersey in education, food and beverage, retail, health care, and more.