EDA AND CITI LAUNCH NJ GLOBAL GROWTH FINANCING PROGRAM
Program Supports Christie Administration’s Focus on Helping NJ Businesses Expand Globally
TRENTON, N.J. (May 1, 2012) – In support of the Christie Administration’s focus on helping small and mid-size companies expand their global reach, the New Jersey Economic Development Authority (EDA) and Citi’s Commercial Banking group have launched the New Jersey Global Growth Financing Program, a new program that will provide low-interest loans to New Jersey companies currently engaged or looking to engage in international trade.
“Through our proactive outreach to the business community, we discovered a real need for competitively priced financing to help New Jersey companies expand globally,” said Lt. Governor Kim Guadagno. “The New Jersey Global Growth Financing Program will provide access to capital and international market expertise, helping New Jersey businesses remain competitive, expand their operations, and create new jobs.”
Through the New Jersey Global Growth Financing Program, Citi will provide up to $50 million in term loans and lines of credit to New Jersey companies over the next three years. EDA will offer guarantees on individual transactions of up to 50 percent of the Citi financing, not to exceed $1.5 million for term loans and $500,000 for lines of credit. To be eligible, businesses must have been in business for at least two years and have annual sales of $5 million to $50 million.
Lt. Governor Guadagno noted that, as a result of EDA’s guarantee, companies will benefit from interest rates that are typically lower than conventional pricing, as well as from more flexible loan terms. As a global banking firm with a comprehensive international market presence, New Jersey businesses will also benefit from the global expertise that Citi offers.
“Through the New Jersey Global Growth Financing Program, Citi will capitalize on the combination of its local market experience and international expertise to help local companies grow and create jobs,” said Robert Koar, President of Citi’s Eastern Regional Commercial Banking Group. “We are thrilled to join New Jersey on this effort and look forward to utilizing our mutual and respective strengths to help businesses better access the global market.”
Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
The EDA serves as New Jersey’s “bank for business” as one component of the Christie Administration’s Partnership for Action, a three-pronged public-private approach to economic development. Through the Partnership for Action, EDA works in conjunction with Choose New Jersey, an independently funded and operated 501(c)(3) not-for-profit corporation created to encourage and nurture economic growth throughout the state, and the Business Action Center. Reporting directly to the Lt. Governor, the Business Action Center serves as a “one-stop” shop for business and works to support the global competitiveness of New Jersey companies and promote the state as a business investment location nationally and internationally. The Business Action Center offers assistance to businesses looking to do business globally through trade consulting and inward foreign direct investment services.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.