$900,000 in Small Business Loans Available Through Pascale Sykes Foundation’s Grant to New Jersey Community Capital’s THRIVE South Jersey Program
(VINELAND, NJ – March 14, 2017) – Do you own a small business in South Jersey? Are you in need of a small business loan to upgrade or expand your facilities, purchase much-needed equipment or make other capital improvements?
New Jersey Community Capital (NJCC), through a grant made by the Pascale Sykes Foundation and its President Frances P. Sykes, has $900,000 in small business loans available through its THRIVE South Jersey program.
The agreement that governs the loans directs that the grants only be used for small business loans. It designates the funds be equally utilized across three categories of loans; loans up to $100,000, loans between $100,000 and $150,000, and loans between $150,000 and $200,000.
The Pascale Sykes Foundation partnered with NJCC to create THRIVE South Jersey, a dedicated financing and capacity building initiative designed to address poverty and unemployment by fueling local economic/business development in the targeted, four-county region of Atlantic, Cumberland, Gloucester and Salem Counties.
There are a variety of success stories that THRIVE South Jersey and the Pascale Sykes Foundation have written since the program’s inception, including a $30,000 loan issued to Andrea Covino, co-owner and chef of Andrea Trattoria Italiana in Downtown Millville, NJ. Since then, THRIVE has awarded $20,000 for the refurbishment of 13 storefront facades in the downtown Millville Arts District, as well as another $10,000 in funding for entrepreneurial training for 18 local, small business owners. Dreams of a facelift in the heart of Uptown Pitman, NJ, have become a reality thanks to a $15,000 THRIVE grant that will go towards the conversion of Theatre Avenue to Theatre Plaza, a new public space in the center of the downtown.
For more information on NJCC’s THRIVE South Jersey program, contact Laura Wallick at 267.397.1605 or email [email protected].
For information on The Pascale Sykes Foundation, its mission, grantees and programs, visit PascaleSykesFoundation.com.
About the Pascale Sykes Foundation
The Pascale Sykes Foundation was founded in 1992 on the belief that strong families are basic to adult and child well-being. Individuals live within families; what happens to each family member affects the family; and what happens to the family affects each individual within the family. Families succeed when all family members work together to address issues before they become problems and work toward common goals.
The Foundation’s direct investment in Salem, Cumberland, Gloucester, and Western Atlantic Counties through its South Jersey Strengthening Families Initiative will have surpassed $50 million when the Foundation closes its doors in 2022-23.
In 2017-18, the Foundation will provide grants in support of 11 social service Strengthening Families Collaborations and four comprehensive transportation initiatives, as well as the funding for the Foundation’s South Jersey Economic Initiative, which includes the New Jersey’s Heartland destination marketing campaign. Seed funding for the South Jersey Economic Initiative has been leveraged by New Jersey Community Capital, the Foundation’s community investment partner, to secure economic development and business lending commitments totaling more than $26 million in available funding.
The Pascale Sykes Foundation’s South Jersey social service Strengthening Families Collaborations include:
Child Connection Center
Connecting Families to Communities
Families In Motion
Families to College
Family Enrichment Network
Family Strengthening Network
Heart of South Jersey
Stronger Families
South Jersey First Star Collaborative
Unidos para la Familia (United for the Family)
The Transportation Plus initiatives include:
English Creek Tilton Road Community Shuttle – Atlantic County
Routes 54-40 Community Shuttle – Atlantic County
Greater Bridgeton Area Transit – Cumberland County
Pureland East-West Community Shuttle – Gloucester County
The Foundation’s South Jersey office is located at 80 South Main Road, Suite 114, Vineland, NJ 08360. The Foundation may be reached at 856-213-5068 (p), 856-457-7098 (f), or at www.pascalesykesfoundation.com.
About New Jersey Community Capital (NJCC)
NJCC is a nonprofit community development financial institution (CDFI) that transforms at-risk communities through strategic investments of capital and knowledge. NJCC invests in affordable housing, community facilities, and economic development ventures that strengthen neighborhoods, improve education, and increase jobs, ultimately providing greater opportunities for low-income populations. Since inception, NJCC has facilitated the investment of over $500 million into 800 high-impact projects across the state, supporting the creation and preservation of 12,900 education seats, 8,200 housing units, 6,100 early care slots, and 6,100 jobs. For more information, please visit newjerseycommunitycapital.org.
