Through $3 million in lending capital and $350,000 in grant funding, New Jersey Community Capital announced it will expand lending capital and technical assistance to diverse small businesses across New Jersey, particularly minority- or women-owned businesses in low-income communities.
NJCC provided $17.5 million in financing to 15 small business borrowers last year. The projects supported by these loans retained nearly 150 jobs and are anticipated to create 120 new employment opportunities.
In June 2018, NJCC was selected as one of 12 Community Development Financial Institutions award recipients across the country.
According to the Census Annual Survey of Entrepreneurs, African-Americans and Hispanics, respectively, comprised 13.5 percent and 19 percent of the state’s population, but only 1.7 percent and 5.6 percent of its employers. Further, while white employers averaged 10.8 employees, minority-owned business enterprise employers averaged just 6.7. Similarly, woman-owned business enterprise employers comprised only 18.7 percent of New Jersey’s employers and averaged 7.8 employees, compared to 10.9 for male employers.