EDA HOSTS ROUNDTABLE WITH PREFERRED LENDERS
PNC Bank, TD Bank Honored at Event
Trenton, N.J. (December 4, 2008) – The New Jersey Economic Development Authority (EDA) recently hosted a roundtable event for its preferred lenders to discuss the launch of new financing programs for New Jersey businesses and to recognize the lenders for their partnership with the EDA in serving the needs of companies throughout the state. The Preferred Lender Program, which supports Gov. Jon S. Corzine’s commitment to enhance New Jersey’s economy, enables certain banks to utilize a streamlined loan-approval process with the EDA, the result of which speeds the flow of capital to growing businesses in the state.
“The Preferred Lender Program helps to ensure that New Jersey businesses have the resources necessary to expand and that our communities have a healthy climate for growth,” said EDA Chief Executive Officer Caren S. Franzini. “That’s why, particularly during these tough economic times, our partnerships with banks are critical to overcoming the financial obstacles that can stall the growth and expansion of New Jersey-based businesses.”
At the event, each of the twelve bank participants in the program was recognized for its participation, with four of the banks (Roma, Peapack Gladstone, Cornerstone and Susquehanna) welcomed as new Preferred Lenders admitted in 2008. The remaining banks in the Preferred Lender group worked with the EDA on over 100 transactions totaling over $220 million this year. In particular, PNC Bank and TD Bank were honored for their strong commitments to lending in New Jersey under the Preferred Lender Program. PNC was honored for closing the greatest number of transactions with the EDA, which amounted to nearly 50 transactions that provided a total of approximately $25 million to New Jersey businesses. TD Bank was honored for closing the largest dollar volume of transactions with the EDA on behalf of New Jersey companies, with a total of over $92 million in financing to companies through it partnership with the EDA.
“PNC’s leadership position in the EDA’s Preferred Lender Program reflects the commitment of our banking teams in the central, northern and southern regions of the state to supporting the small business community,” said Kevin Tylus, regional president for central New Jersey, PNC Financial Services Group. “The program serves as a key funding resource for small businesses and we will continue to actively participate and help foster the state’s economic growth in this challenging environment.”
“TD Bank is proud of its partnership with the EDA and happy that we have always offered, and will continue to offer, sound and beneficial lending programs to New Jersey businesses,” said D Nicholas Miceli, Central Market President, TD Bank.
The program features a three-day turnaround time for loan approval and applies to transactions in which the EDA buys a participation in bank financing and/or guarantees a portion of a bank loan. It is designed to help New Jersey businesses grow by providing funds at below-market interest rates with flexible terms. Funds can be used for fixed assets, working capital to meet operating needs, and the refinancing of other debt. Quick turnaround time from approval to closing provides a strong incentive for borrowers, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk.
The EDA’s current Preferred Lenders include: Bank of America, Capital One Bank, TD Bank, Cornerstone Bank, Columbia Bank, PNC Bank, Sovereign Bank, Sun National Bank, Peapack-Gladstone Bank, The Bank, Roma Bank and Susquehanna Bank. A bank can become a preferred lender by submitting credit policies, samples of underwriting and resumes of the senior executives of the bank for consideration.
To learn more about the Preferred Lender Program or other products and services of the EDA, contact EDA Customer Care at CustomerCare@njeda.com or (609) 777-4898. For more information about doing business in New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call (866) 534-7789.
The EDA is a 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 real estate development activities.