Sterling National Bank Approved as EDA Premier Lender Partner
TRENTON, N.J. (March 11, 2016) – As part of its continued efforts to support small businesses, the Board of the New Jersey Economic Development Authority (EDA) today approved the designation of Sterling National Bank as a Premier Lender.
The EDA’s Premier Lender Program was created to be more responsive to the needs of businesses and bank partners. The program offers low-cost financing with quick turnaround time from approval to closing, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk. Businesses can use this financing for fixed assets, working capital to meet operating needs, and/or the refinancing of other bank debt.
Sterling National Bank specializes in the delivery of services and solutions to business owners, their families, and consumers within the communities it serves through its teams of dedicated and experienced relationship managers. Sterling National Bank, the principal subsidiary of Sterling Bancorp, has a long history of helping New Jersey businesses grow and offers a complete line of commercial, business, and consumer banking products and services.
“Sterling National Bank exemplifies the level of service and customer focus the Premier Lender Program was created to provide,” said EDA Chief Executive Officer Melissa Orsen. “This partnership will advance our mutual goal of helping businesses access financing to meet their unique needs.”
The EDA regularly partners with financial institutions, local organizations and other State agencies to help borrowers bridge financing gaps and increase their access to capital. This includes offering low-interest loans, bond financing, and support for micro-lenders to increase their lending capacity and the technical assistance and training services they offer.
“Partnering with the EDA will extend our reach to small businesses throughout the State, many of which may face challenges in securing financial assistance through more traditional channels,” said Vincent DeLucia, President, New Jersey Market, Sterling National Bank. “The EDA shares our longstanding philosophy of working closely and strategically with business owners to find solutions that work best for their particular circumstances.”
The announcement follows the recent launch of the EDA’s new small and mid-sized business-focused marketing campaign. Featuring the theme “EDA Was Here,” the campaign uses a testimonial approach to showcase how organizations have used the EDA’s programs and services to overcome challenges, meet financing gaps, and grow. The campaign includes print ads in various New Jersey business publications, as well as digital display ads on various business websites and search engine marketing.
The EDA is part of the State’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
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.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.com. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.