TRENTON, N.J. (December 20, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that the State of New Jersey is poised to receive more than $255 million in funding through the federal State Small Business Credit Initiative (SSBCI). Following the U.S. Department of Treasury’s approval yesterday of New Jersey’s SSBCI application, the NJEDA will utilize this funding to develop six programs that will provide financial and technical assistance to small and micro businesses, and early-stage, innovation-focused companies located in New Jersey.
Administered by the U.S. Department of the Treasury, 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. In line with Governor Phil Murphy’s vision for a stronger and fairer New Jersey economy, SSBCI supports the expansion of businesses owned by Socially and Economically Disadvantaged Individuals (SEDI), by allocating at least $27.5 million to benefit SEDI-owned businesses statewide.
“The COVID-19 pandemic simultaneously showed both the resilience and tenacity of New Jersey’s small business community and the vital importance of getting capital into the hands of small business owners and entrepreneurs who need it most,” Governor Murphy said. “The infusion of federal funding announced today presents our state with a tremendous opportunity to develop innovative programs to propel our economy forward.” Read more from the NJEDA.