NEW JERSEY—Brick City Development Corporation (BCDC) has announced a new small business loan fund for Newark-based businesses. Capitalized with a $4 million dollar loan by the social investment group at Prudential Financial Inc., the BCDC Newark Fund is a loan fund created and managed by New Jersey Community Capital in partnership with BCDC.
The mission of the fund is to retain, grow and attract businesses, enhance small and minority business capacity and stimulate real estate development by providing loans up to $400,000.
“Small businesses are drivers of economic growth and job creation in America and in Newark,” said Lyneir Richardson, CEO, BCDC. “This fund will provide many Newark-based businesses access to capital to finance growth, equipment and inventory purchases and leasehold improvements.”
Certified as a Community Development Financial Institution in the first quarter of 2012, BCDC currently oversees $22 million of lending capital for Newark businesses.
BCDC intends to grow its small business lending pool to at least $30 million. The loan fund is targeted to for-profit, Newark-based businesses. Eligible uses include real estate acquisitions, equipment, leasehold improvements, inventory and working capital.
Brick City Development Corporation was founded in 2007 under the Booker Administration and aims to retain, attract and grow businesses, enhance small and minority business capacity and spur real estate development within the City of Newark.