The New Jersey Economic Development Authority announced it has selected six firms to help manage and deploy capital for three unique investment strategies funded through the federal State Small Business Credit Initiative: the Blended Capital Fund, Life Science/Health Care Fund and Socially & Economically Disadvantaged Individuals Seed Fund.
The fund managers will be responsible for raising, or contribute to the raising of, private capital, managing the fund’s day-to-day operations and developing and maintaining a pipeline of prospective, New Jersey-based small businesses that can benefit from the fund.
In December, the U.S. Department of Treasury approved New Jersey’s SSBCI application and awarded the EDA $255 million to create programs that will provide financial and technical assistance to small and microbusinesses, and early-stage, innovation-focused companies located across the state. SSBCI is a federal program designed to catalyze lending and investment of private capital into small businesses, particularly those that would not otherwise have access to funding. Read more from ROI-NJ.