New Jersey Community Capital’s THRIVE South Jersey Honored for Support of Small Businesses and Communities
EDA-Supported Program Recognized for Progress Toward Driving Investment and Job Growth
TRENTON, N.J. (November 3, 2017) – New Jersey Community Capital (NJCC) was honored last week by the Southern New Jersey Development Council (SNJDC) for progress made under its THRIVE South Jersey intiative, which deploys flexible, affordable capital and technical assistance to generate quality jobs and improve economic opportunities across a four-county area in South Jersey.
A $1 million loan from the New Jersey Economic Development Authority (EDA) was used to boost the loan fund, supporting small businesses and workforce development programs in Cumberland, Gloucester, Salem, and Western Atlantic counties.
At its Annual Achievement Awards Reception, the SNJDC presented NJCC with its Investment in South Jersey Award, recognizing an investment in the Cumberland County College Arts and Innovation Center in downtown Millville through the THRIVE initiative.
To date, NJCC has closed 21 loans through THRIVE, totaling over $17 million of investment. These projects are expected to create or retain more than 360 full time equivalent positions and 170 construction jobs, and support the development of 72,000 square feet of commercial and community space, 112 housing units, and the creation or retention of 1,000 primary and higher education seats. THRIVE also has supported 50 small businesses and funded 12 community grants to further leverage economic activity and local capacity in southern New Jersey.
“The THRIVE initiative is exceeding all expectations in terms of its impact on economic activity in the southern region of the state,” said EDA Chief Executive Officer Melissa Orsen. “The EDA is proud to be a part of the THRIVE initiative and are certain the ripple effect of this activity will positively affect job creation and further arts, education, and the small business community.”
THRIVE is part of the Pascal Sykes Foundation’s (PSF) South Jersey Economic Initiative, through which NJCC received $4.1 million in seed money to develop traditional and non-traditional financing within the four-county target area. NJCC leveraged this initial PSF grant by obtaining another $9 million for THRIVE from partnering lenders including TD Bank, Wells Fargo, Fulton Bank of New Jersey, and the EDA.
“We are thankful for the recognition of the Southern New Jersey Development Council as we begin to see investments made under the THRIVE SJ initiative impacting families and communities,” said Wayne T. Meyer, President of NJCC. “We appreciate the support and shared commitment of the EDA and our other partners to creating economic development opportunities throughout these four counties.”