The New Jersey 30 Day Fund, a nonprofit founded by former Gov. Chris Christie and his wife Mary Pat Christie, on Thursday said it awarded loans to 100 small businesses across the Garden State since its inception in mid-June.
Each of these New Jersey businesses received a forgivable loan of up to $3,000 to bolster its efforts to financially recover from the COVID-19 pandemic. The Fund has received tremendous support and donations totaling more than $500,000 from more than 200 individuals committed to helping small businesses and local communities.
Modeled after a successful effort in Virginia, the NJ 30 Day Fund provides $3,000 forgivable loans to small businesses owned and operated by New Jersey residents. To be eligible, companies must have between three and 30 employees, be based in New Jersey and have been operating for at least one year.
“Hitting this milestone is extremely encouraging but it also shows just how many small businesses are struggling and need help getting through this crisis,” said the former governor. “Supporting small businesses is really about supporting the hard-working New Jerseyans who own and operate them and the countless people they employ. We remain committed to doing everything possible to help these local community anchors come back stronger than ever.”
The funds disbursed to small businesses by the New Jersey 30 Day fund do not need to be repaid.
If businesses who receive assistance do, at a later date, wish to “pay it forward,” they may do so by directing those dollars back to the Fund, which will disburse the money to another New Jersey business in need.
“The NJ 30 Day Fund is a team effort and we could not possibly help all these small businesses without the incredible support we have received over the past month,” said Mary Pat Christie.
The very first $3,000 forgivable loan was awarded to Tod Wilson, owner of Mr. Tod’s Pies in Newark. Founded in 2002, Mr. Tod’s Pies is a nationally recognized southern style comfort bakery.
The NJ 30 Day Fund is a volunteer-powered nonprofit with all funds raised going directly to small businesses. Donations and applications can be submitted on its website.