LENDING BANKS A HELPING HAND
By Ken Tarbous/NJBIZ
March 5, 2012
For established small businesses having trouble getting financing because of credit deficiencies or collateral issues, the New Jersey Economic Development Authority has designed its Premier Lender Program that provides guarantees and funding for loans on fixed assets, working capital or to refinance existing bank debt, according to the head of the agency’s finance programs.
“Our goal in this arena is really to get the bank more comfortable with extending the credit,” said Timothy J. Lizura, senior vice president of finance and development at the EDA. “This is designed to trigger all of the deals on the margins. The most efficient way to do that is to work with our banking partners.”