Pallone Announces Over $1.8 Million to Support Economic Recovery in New Jersey Communities
Long Branch, NJ – Congressman Frank Pallone, Jr. (NJ-06) today announced that New Jersey Community Capital in New Brunswick will receive $1,826,265 to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities. The funding will be made through the Department of Treasury’s Community Development Financial Institutions Rapid Response Program (CDFI RRP).
“I’m proud to announce that more help is on the way for communities in New Jersey that have been hit hard by the COVID-19 pandemic. One of the best ways we can rebuild our economy equitably is to make sure that underserved communities have access to funding that they can quickly invest in local businesses, hardworking families, and local facilities,” said Pallone. “This funding will help ensure that we rebuild our economy back so that all New Jerseyans have access to the opportunities they deserve.”
New Jersey Community Capital is a nonprofit community development financial institution headquartered in New Brunswick that provides access to funding in underserved communities to expand affordable housing, support small businesses, and strengthen communities.