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Corner Office: Small Business Emergency Assistance Loan Program

by Chuck Romanoli, CCM and Rich St. Maur

The New Jersey Economic Development Authority (NJEDA) has received a $10 million grant from the U.S. Economic Development Administration’s CARES Act.
What does that mean for businesses?
NJEDA will be able to expand its Small Business Emergency Assistance Loan Program in a second phase and offer up to $100,000 in low-cost financing to eligible small businesses in the state. This second phase is expected to be available in the fall.

Chuck Romanoli, CCM
Principal, New Road Construction Management
New Road was fortunate to continue working on ‘essential’ construction projects throughout the pandemic, while adhering to CDC guidelines. We utilized the services of Zoom and Microsoft Teams to communicate with our clients and construction teams effectively, and successfully completed dozens of projects despite the obstacles and supply chain delays. Non-essential construction activity that was halted for the pandemic has come back quickly and there is a strong demand for residential construction.”

Rich St. Maur
Managing Member, Coordinated Project Solutions
“We have been very fortunate in that there were certain sections of our industry, which were deemed ‘essential.’ That segment of our business allowed us to keep our doors open with no layoffs. Not too long after that, all of construction reopened in South Jersey. Most recently, we are experiencing a boom of sorts in the multifamily segment, as there has been a quiet exodus from major cities.”

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Published (and copyrighted) in South Jersey Biz, Volume 10, Issue 9 (September 2020).

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