EDA-ACCION PARTNERSHIP PROVIDES $500,000 TO SMALL, WOMEN- AND MINORITY-OWNED BUSINESSES
TRENTON, N.J. (September 10, 2007) – Seven months after receiving a $500,000 loan from the New Jersey Economic Development Authority (EDA) through the New Jersey Urban Fund, ACCION New Jersey has already disbursed the full amount to small businesses throughout the state. ACCION New Jersey is a nonprofit organization that contributes to the economic development of the region by providing loans and advisory services to individuals and small businesses that do not have access to traditional sources of credit.
In support of Governor Corzine’s commitment to the growth of small businesses, particularly women-owned and minority-owned enterprises, 80 percent of ACCION New Jersey’s borrowers are of Hispanic/Latino/African/African-American descent and 30 percent are women. To advance New Jersey’s commitment to revitalizing its urban areas – also a key priority under the Governor’s Economic Growth Strategy – 75 percent of the loans, totaling $354,749, were provided to business owners in urban aid cities.
“Investing in New Jersey’s small businesses, specifically in our cities, is an essential part of redevelopment efforts that will result in sustainable, vibrant communities and economic growth,” said Caren Franzini, EDA chief executive officer. “ACCION New Jersey is a great partner in our efforts to support women- and minority-owned enterprises, and the EDA looks forward to continuing this relationship as we advance the New Jersey Urban Fund.”
“The results of the loan disbursement show that we are truly reaching the women- and minority-owned business owners of New Jersey,” said Paul Quintero, ACCION New Jersey and New York chief financial officer and interim chief executive officer. “As an organization dedicated to helping entrepreneurs increase their incomes, provide for their families, and enter the financial mainstream, ACCION is proud to partner with EDA and the state to ensure individuals and small business owners have access to the tools they need to succeed.”
ACCION New Jersey was launched two years ago as a division of ACCION New York. Together they comprise the largest microfinance organization in the United States, having provided over $70 million in small business loans since inception. EDA approved the $500,000 loan to assist in ACCION’s expansion in the state.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.
For more information on the New Jersey’s support for business and economic growth, visit the state’s business portal at www.nj.gov/njbusiness. If you are interested in applying for a loan with ACCION, please call 1-866-5ACCION or visit ACCION’s website at www.accionnewyork.org.