Monday, December 4, 2023

Resource Center

NJEDA Opens the NJ Capital Access Fund

The New Jersey Economic Development Authority (NJEDA) announced the opening of the NJ Capital Access Fund. The fund will leverage Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) to offer a working capital loan product that will better serve New Jersey-based small businesses.

The NJEDA-designated fund manager, Calvert Impact, will utilize and match NJEDA’s $50 million investment with State Small Business Credit Initiative (SSBCI) funding for a $100 million fund that supports a New Jersey loan participation program. The SSBCI funds, matched with raised private capital, will be used to purchase up to 80 percent of every eligible loan by participating community lenders.

Full details, including eligibility requirements and pre-applications, can be found here.

Expert Panel to Discuss How to Protect Your Data, Create Safe Payment Sites, and Avoid Cyberattacks

Congressman Kim along with Representatives Bonnie Watson Coleman and Frank Pallone are bringing cybersecurity experts together for a webinar to teach small businesses how to protect their computer hardware, software and data from unauthorized access and cyber-attacks.

Their guidance will be geared specifically to nonprofit agencies, houses of worship, and small businesses. There will be time for individual questions at the end.

Feel free to ask any questions you want answered ahead of time by emailing lynette.whiteman@mail.house.gov

USDA Rural Development is Now Accepting Loan & Grant Applications For Community Facilities Funding

USDA Rural Development New Jersey is calling for applications from public bodies and non-profits seeking financing to improve essential community facilities serving rural areas (less than 20k population).

The Community Facilities Loan and Grant Program helps rural communities build, expand, or improve facilities providing health care, education, public safety, and public services. Funds may also be used to purchase equipment for essential services.

USDA Rural Development provides loans & grants to expand economic opportunities & create jobs in rural areas. For more information, visit www.rd.usda.gov

Casino Smoking Ban Legislation Held 

On November 30, the Senate Health, Human Services and Senior Citizens Committee considered S-264 (Turner/Vitale), which would permanently ban smoking in all Atlantic City casinos.

CCSNJ president & CEO, Christina M. Renna testified in opposition to a full smoking ban during the hearing. In her comments, Ms. Renna stated that, as the leader of an organization whose mission is to promote the economic prosperity of the southern portion of the state, and therefore job creation and job sustainability for the region’s residents, the CCSNJ had no choice but to oppose a full smoking ban as some Pennsylvania casinos, including Live! Casino in South Philadelphia, allow for 50 percent smoking on its casino floor. She went on to say that although it is impossible to predict if there would be an economic impact should New Jersey’s casinos permanently ban smoking, given Live! Casino’s close proximity to South Jersey, as well as the unsuccessful history of Atlantic City’s only smoke-free casino, Revel, which shuttered operations in 2014, it is fair to be concerned about regional job loss due to a full smoking ban.