New Jersey Micro-Lender Commemorates Anniversary of Hurricane Sandy with New Funding for Disaster Relief
The Intersect Fund Receives New Support From Capital One Bank
October 30, 2013 /3BL Media/ - On the eve of the anniversary of Superstorm Sandy, staff of The Intersect Fund were joined by Plainfield Mayor Sharon Robinson-Briggs and representatives of Capital One Bank to announce a grant of $50,000 for The Fund’s Disaster Relief Loan Program and an additional $400,000 in low-interest loans for Sandy relief and other lending.
According to the recently released quarterly Capital One Market Pulse survey, which gauged the economic outlook among local businesses, more than half (53%) of New Jersey small businesses said they were affected by the destruction of Superstorm Sandy in some way. The survey found that of those impacted, 55 percent have recovered from the storm, 36 percent have partially recovered, and 9 percent have not at all recovered. Thirteen percent of small businesses in New Jersey said Superstorm Sandy impeded their ability to hire in the ten months following the storm.
“While hard-working small business owners across the state continue to recover from Sandy, we recognize that many entrepreneurs in the state have yet to return to pre-Sandy conditions,” said Daniel Delehanty, Senior Vice President, Community Development Banking, Capital One Bank. “We know there is more work to be done, and that is why we’re continuing our support of The Intersect Fund’s Disaster Relief Loan Program to help local small businesses -- which are the backbone of our economy -- continue to recover and rebuild.”
As part of its overall effort to support Sandy recovery, Capital One previously provided $60,000 in grants and $150,000 low-interest loan to support the Fund’s Disaster Relief Loan Program.
“One year later many of New Jersey small businesses are still suffering the effects of Superstorm Sandy said Rohan Mathew, The Fund’s President and CEO. “Our loan officers have crisscrossed the State meeting with farmers and fisherman, realtors and bodega owners, all trying to recover after this devastating storm. We have provided more than 60 loans totaling more than $500,000 to date. With the continued support of Capital One Bank and our other partners including the Hurricane Sandy New Jersey Relief Fund, The Robin Hood Foundation and The Catholic Campaign for Human Development The Intersect Fund will be able to provide financial support and technical assistance to New Jersey’s smallest businesses for months to come.”
Under the program, qualifying New Jersey businesses that sustained physical or economic damage during the storm or its aftermath are eligible for loans. The maximum loan is $15,000 at an interest rate of 5 percent for up to 36 months. There are no application fees or prepayment penalties. Most loans will be approved within three days of completion of the application. Applications are available online at http://intersectfund.org/content/disaster-loans/ or by phone at 800-840-1900.
The press conference took place at It’s A Wrap Cafe, one of The Fund’s Disaster Relief Loan recipients. David Holmes, III “Chef D”, Proprietor of It’s a Wrap was on hand to thank The Intersect Fund. "One of the most challenging things in my professional life was having the courage to start my own business,” said Chef D. “The second most challenging thing was finding the courage and resources to bounce back from Hurricane Sandy. As a small business it was difficult finding a program to provide the capital needed to reopen as well as supplement the loss from the insurance company. I had funding from The Intersect Fund in ONE WEEK! They are a network of professionals that I can rely on for questions, concerns and advice. I truly thank God for The Intersect Fund staff, they truly care about the little guys in small businesses. One year later, my business has grown, I have hired more employees, I’m expanding and I have plans in motion for a second location.”
In its brief history, The Intersect Fund has positioned itself as the premier nonprofit microlender in New Jersey by providing more small business loans than any other lender in the state and is one of the fastest growing microlenders in the country. The Fund has disbursed more than $1,300,000 in microloans with a repayment rate of 98 percent. The Fund also provides business coaching and technical assistance to individuals interested in starting a business as well seasoned business owners. These activities have already created more than 100 new jobs statewide.
Contact: Nancy Finn nancy.finn@intersectfund.org
