Privately Funded Loan Program Will Supplement the City of Trenton’s $2 Million Revolving Loan Program to Support All Trenton Businesses
TRENTON, NJ (May 26, 2020) – Trenton Mayor W. Reed Gusciora, Trenton City Council President Kathy McBride and Greater Trenton CEO George Sowa announced that on May 21, 2020 Trenton City Council unanimously approved, with the endorsement of Mayor Reed Gusciora, Greater Trenton’s Businesses Helping Businesses initiative. This initiative will provide private funds to supplement the City of Trenton’s existing $2 million Urban Enterprise Zone (“UEZ”) revolving loan program. These additional dollars will be used to make loans to businesses of all sizes located outside of the city’s UEZ area enabling resources to span the entirety of Trenton’s 7.5-square-mile area.
“We commend Greater Trenton on creating this important Businesses Helping Businesses initiative to supplement the City’s existing loan program and offering a true public-private partnership to assist businesses of all sizes and locations within the city,” said Mayor Reed Gusciora. “During these critical times, and from day one, Greater Trenton has been an invaluable partner helping to move the city forward.”
Thanks to early funding commitments from Greater Trenton Board Member organizations including Bristol Myers Squibb Foundation, NJM Insurance Group, Princeton University and Investors Bank, private funds will be used to make loans to businesses outside the UEZ area. In addition to these initial commitments, supplemental funding will come from organizations of all sizes throughout the region, particularly those with a location or interest in Trenton.
“We appreciate the partnership with Greater Trenton and the additional funding to support even more businesses and maintain jobs, retail goods and services and vibrancy in Trenton,” said Trenton City Council President Kathy McBride. “By expanding funding opportunities to cover entities within Trenton’s broader footprint, we can help to ensure that every business has a chance to survive and succeed.”
“We are very pleased and thank the Mayor and Council for coming together to unanimously approve our Businesses Helping Businesses initiative in support of jobs and businesses across the city. Greater Trenton’s role is to work using private funding and a network of collaborative relationships to promote and create economic development initiatives that retain and create jobs and support businesses of all sizes throughout the city,” said Greater Trenton CEO George Sowa. “Economic development is key to maintaining vibrancy, vitality and opportunities for all Trenton residents. We also would like to acknowledge and thank the efforts of other non-profit entities providing meals and other critical services to residents in the city during these very difficult and uncertain times.”
Greater Trenton’s Businesses Helping Businesses effort complements the City’s UEZ Emergency Business Loan program by using private dollars and comes at no cost to City.
Loan applications will be received, reviewed and approved by the City of Trenton and the program will be administered by an affiliate of New Jersey Community Capital, a Community Development Financial Institution (“CDFI”) approved by the U.S. Department of Treasury.
Businesses interested in providing financial support to supplement the Businesses Helping Businesses program’s funding should contact George Sowa at firstname.lastname@example.org and Trenton businesses interested in obtaining a loan should contact Eric Maywar at email@example.com.
About Greater Trenton
Greater Trenton is an independent 501(c)(3) nonprofit that uses private funding and a network of collaborative relationships to advance economic revitalization efforts in the state’s capital city. Greater Trenton facilitates the development and revitalization of downtown Trenton by serving as an expert resource to businesses, developers, and community partners. Formed in the fall of 2015, Greater Trenton’s key objectives include coordinating downtown economic development projects; providing one-stop support and information for investors interested in taking on new projects; reaching out to potential residential, commercial and/or retail investors and tenants; supporting and promoting existing downtown initiatives; engaging downtown stakeholders in a strategic economic development plan; and developing investment marketing strategies.