Small business office issues first loan in Ward F

JERSEY CITY – A new forgivable loan program launched by the Fulop administration made its first award Wednesday, as Jersey City Mayor Fulop announced that The Store, on Monticello Avenue, will receive $10,000 from the Economic Development Corporation to help expand its operations.
“We established these loan programs because we saw that there was an unmet need for financing for small businesses, particularly in underserved neighborhoods,” said Mayor Fulop. “We felt it was important from both an economic and cultural standpoint that if we wanted to help our economy continue to grow while protecting our city’s texture and diversity, we had to do more to empower entrepreneurs with the tools they need to succeed.”
The first loan was issued by the Investors Fund, a location-based, forgivable loan program through the Jersey City Economic Development Corporation (EDC). The fund was started last year with a $50,000 grant from Investors Bank, and is specifically tailored to support businesses in underserved commercial districts. Small businesses anywhere outside of downtown are eligible to apply for Investors Fund from the JCEDC, and if the business makes regular payments and remains in business the loan principal will be reimbursed.
The Store is a fashion retail boutique housing designer and international brands, offering custom one-of-a-kind pieces, master tailoring and alterations.
The Investors Fund is one of three new small business financing tools launched by the Fulop administration over the last year, which together will deploy more than $10 million in mostly private capital to help support small businesses across all of Jersey City’s eight commercial corridors.
The loan programs themselves, however, are just part of a comprehensive strategy aimed at revitalizing Jersey City’s commercial corridors. Comprised of a series of new programs and initiatives, the effort to spur business growth in struggling neighborhoods will be overseen by the Small Business Development Coordinator, a newly-created position housed within the Jersey City Economic Development Corporation.