Sens. Menendez, Booker Announce $3.7M in CDFI Treasury Grants to NJ Institutions
(NEWARK, NJ) – U.S. Senators Robert Menendez and Cory Booker (both D-NJ) today announced federal grant awards totaling $3,740,712 through the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund to provide affordable small business and home loans to spur economic opportunity in New Jersey’s distressed communities.
“This essential federal funding will provide the necessary seed money for economic growth and development in New Jersey’s underserved communities, creating jobs and revitalizing our neighborhoods,” said Sen. Menendez. “The CDFI program expands access to affordable financial products and services to allow families to purchase their first home and entrepreneurs to start or expand local small businesses.”
“Through the small business forums I have hosted the last few months, I have seen firsthand how important financial resources are to small businesses,” said Sen. Booker. "Small businesses are our nation's economic engine and New Jersey has seen the benefit of new business growth. This federal funding is critical to support investment, spur growth and provide much needed technical assistance to our state’s entrepreneurs and families."
The specific CDFI grant awards follow:
- · $121,850 to Build With Purpose, Metuchen
Build with Purpose (BwP) is an emerging CDFI established in 2002. BwP helps to build strong, vibrant, and healthy communities by providing multi-family affordable housing and community facility development loans as well as technical assistance. BwP will use its FY 2014 Technical Assistance award to build its capacity to serve its target market.
- · $1,500,000 to Cooperative Business Assistance Corporation, Camden
Cooperative Business Assistance Corporation (CBAC) is a certified CDFI established in 1987. CBAC provides micro, small business, and commercial real estate loans. CBAC will use its FY 2014 Financial Assistance award to increase lending and leverage additional low cost capital.
Community Loan Fund of New Jersey, Inc. (CLF), known as New Jersey Community Capital, is a certified CDFI established in 1987. CLF offers a range of financial products including acquisition, development, and mini-permanent financing for single- and multi-family affordable housing, community facilities, commercial real estate, and small business development as well as technical assistance within its Target Market of the state of New Jersey. CLF will use its FY 2014 Financial Assistance award for lending capital.
- · $118,862 to Uplift Solutions, Westville
Uplift Solutions is an emerging CDFI established in 2009. UpLift Solutions provides expert technical support to supermarket operators and organizations seeking to increase food access and create jobs in low-income communities. UpLift Solutions will use its FY 2014 Technical Assistance award to build its capacity to serve its target market.
These grants are among $160.8 million in Financial Assistance and Technical Assistance awards announced today by Treasury to 152 organizations nationwide through the FY 2014 round of the CDFI program.