Treasury sending $80M to N.J. lenders to assist companies and residents in low-income areas – NJ.com

Two New Jersey lenders will obtain greater than $80 million below a federal program to assist companies and residents in underserved communities arduous hit economically by the coronavirus pandemic.

The U.S. Treasury Division stated the funds would assist native monetary establishments present loans, grants and different help to residents, small companies and minority-owned companies. This system was designed to assist these in low-income and underserved communities disproportionately damage economically by the pandemic.

“These important funds present alternative to underserved communities throughout the nation, serving to them to regain their footing following the pandemic and strengthening their resilience in opposition to future shocks,” Treasury Secretary Janet Yellen stated.

Virtually all the cash earmarked for New Jersey, $79.1 million, will go to the NMB Monetary Corp. in Fort Lee, which does enterprise because the New Millennium Financial institution, whereas the first Bergen Federal Credit score Union in Hackensack will get $1.3 million.

“We all know that our small and minority-owned companies had been among the most severely impacted from the consequences of the COVID-19 pandemic,” stated U.S. Sen. Robert Menendez, a member of the Senate Banking Committee.

“These investments will assist people and communities all through our state of New Jersey to construct again stronger by offering capital for important reasonably priced housing and neighborhood improvement initiatives.”

The funds got here out of the Emergency Capital Funding Program, which was created within the 2021 spending invoice to assist communities that lack monetary providers.

“It’s critical that we help small and minority-owned companies as they rebuild from the financial downturn attributable to the general public well being disaster,” U.S. Sen. Cory Booker stated. “These investments will support the efforts of community-based monetary establishments to make sure companies, particularly in low-income and financially underserved communities, thrive.”

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Jonathan D. Salant could also be reached at [email protected]. Observe him at @JDSalant.