Stronger NJ Neighborhood and Community Revitalization Program - Funding for CDFIs


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If you have questions regarding the Stronger NJ Neighborhood and Community Revitalization Program or application process, the NJEDA Office of Recovery is available to help! You can reach the NJEDA Office of Recovery at 1-855-SANDY-BZ. Business advisors are standing by and ready to assist you!

IF YOU ARE:

A New Jersey Community Development Financial Institution (CDFI)

YOU MAY BE ELIGIBLE FOR:

Up to $500,000 in Community Development Block Grant Disaster Recovery (CDBG-DR) funds to lend to businesses in the nine most impacted counties as determined by the U.S. Department of Housing and Urban Development (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, and Union). Loans made by the CDFIs are anticipated to be for working capital uses. Funding uses including furniture, fixtures, machinery and equipment

ELIGIBILITY CRITERIA:

  • CDFIs must demonstrate experience with administration of federal funding as well as organizational capacity, lending experience, servicing and portfolio management.
  • CDFIs also will need to satisfy the requirements of a Community Based Development Organization (CBDO), which include having a mission to serve communities and performs at least one of the following types of activities:
    • economic development
    • neighborhood development
    • energy efficiency

TERMS:

Loans CDFIs make with CDBG-DR funding will need to be extended for CDBG-DR eligible uses and must comply with the requirements of CDBG-DR funding including, but not limited to:

  • Satisfaction of a national objective
  • Duplication of benefits
  • Environmental and historic review
  • Disbursement timeframe of year-end 2015
  • Additional reporting requirements including but not limited to: national objectives, labor requirements, procurement requirements, and environmental requirements.