Greater Trenton is working collaboratively with the City of Trenton, Trenton Downtown Association and others to assist with the evolving COVID-19 crisis.
“We’re working closely with Mayor Reed Gusciora, in concert with our Board and a number of other organizations, to identify resources and relief during these trying times,” said Greater Trenton CEO George Sowa. “It’s a tough time for many residents and businesses across the city so we’re all working together to get through this.”
Mayor Gusciora announced the creation of the Small Business Fiscal Relief Program; a new City initiative to support local small businesses during this time of economic hardship. Going before City Council is a resolution which would allow the City to provide loans to Trenton-based businesses. If approved, the City will begin fielding applications within the next week with the funds dispersed very shortly thereafter.
The City of Trenton, Division of Economic Development is urging everyone to support local Trenton restaurants by ordering from their favorite New Jersey Capital City food destination. In an effort to spur activity in the midst of this global pandemic, the City of Trenton has modified its Trenton Eat Local Club program to focus on take-out and delivery orders. As part of this initiative, new eateries will continue to be highlighted in TrentonDaily.
“Leveraging TrentonDaily as a broad outreach tool and working with the City of Trenton, Trenton Downtown Association and others, we hope to encourage widespread support for local businesses across the city that offer takeout or delivery,” said Greater Trenton Vice President Bryan Evans, who serves on the Trenton Downtown Association Board. “We’re also exploring potential marketing ads in parking lots and public spaces to encourage local patronage from state workers and others.”
A number of state, local and federal resources are available for relief including:
City of Trenton:
https://www.trentonnj.org/542/Coronavirus-Disease-2019-COVID-19
State of New Jersey:
https://covid19.nj.gov
Small Business Administration:
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
NJEDA:
https://www.njeda.com/about/Public-Information/Coronavirus-Information
Small Business Emergency Assistance Grant Program – A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs.
Small Business Emergency Assistance Loan Program – A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have 10-year terms with 0% interest for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3%) for the remaining five years.
Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund – A $10 million capital reserve fund to take first loss position on CDFI loans that provide low interest working capital to microbusinesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak.
NJ Entrepreneur Support Program – A $5 million program that will encourage continued capital flows to innovation economy companies and temporarily support a cautious investor market by providing 80% loan guarantees for working capital loans to startup entrepreneurs.
Small Business Emergency Assistance Guarantee Program – A $10 million program that will provide 50% guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or CDFI programs.
In response to the economic challenges being faced by New Jersey Small and Medium sized businesses and non-profits (collectively “SMEs”), the New Jersey Economic Development Authority (NJEDA) has created the Small Business Emergency Assistance Grant Program.
The grant program will provide funding as efficiently and quickly as possible to SMEs that are in need. The focus of this round of funding is on the smallest enterprises in industries that are among the most adversely impacted by the COVID-19 containment measures.
