Dear Friends,
If you had asked us last year where we would be in December 2020, we would not have predicted our current circumstances. The impact of COVID-19 and the racial reckoning we have experienced in this country has affected the way we live, work and play as communities, shining a spotlight on the unjust social and economic fabric of our nation. We’ve learned that we must show up for our nonprofits and small businesses more than ever before. Through these shared experiences we've learned that building an inclusive society is a dynamic process of promoting shared values that enable everyone to have opportunities that promote economic mobility and foster communities that are stable, healthy and just.
When NJCC closed our offices on March 13, we thought we'd be back in just a couple of weeks. But, something more was on the horizon. We took a moment to assess then immediately went into problem-solving mode. Within weeks and with the help of our dedicated partners, we launched the Garden State Relief Fund (GSRF) to provide quick yet equitable and inclusive opportunities for relief and stability for small businesses and nonprofits across the state. Through GSRF we are helping borrowers meet the immediate and longer-term needs of vulnerable populations affected most by the global pandemic. We have disbursed 132 loans totaling more than $6 million in financing for local stores, community employers, mission-driven organizations and many other vital businesses and service providers. One fact stands true: Community development financial institutions are here to fill the gaps.
So what is the lesson we've learned and what do we continue to learn? That although our work is rooted in advancing economic, social and racial justice, we still have a lot more that we can and should do.
This pandemic has not only exacerbated economic disparities but health and racial disparities. As we look to 2021, we will be doubling down on lending to Black and Brown businesses and developing an ecosystem to provide the necessary resources for these critical enterprises to thrive, helping to build better pathways toward equity. We have begun to work with key partners to seed capital to small, Black-owned business enterprises and offer high-touch technical assistance and capacity-building activities for sustainable growth. We also know that the pandemic has deepened housing security. Where we live, learn, work and play profoundly influences physical and mental well-being, economic mobility and quality of life. We remain committed to keeping individuals and families in their homes and expanding affordable homes for all.
But, we are just one small part of the response. We are grateful for our partners, staff, collaborators and supporters —like you— who aid us in our mission and join our vision of achieving a more equitable and just society.
Kind Regards,
Wayne Meyer, NJCC President
