The program is designed to help those hard hit by the coronavirus.
The U.S. Treasury Department said the funds would help local financial institutions provide loans, grants and other assistance to residents, small businesses and minority-owned businesses. The program was designed to help those in low-income and underserved communities disproportionately hurt economically by the pandemic.
Almost all of the money earmarked for New Jersey, $79.1 million, will go to the NMB Financial Corp. in Fort Lee, which does business as the New Millennium Bank, while the 1st Bergen Federal Credit Union in Hackensack will get $1.3 million. “These investments will help individuals and communities throughout our state of New Jersey to build back stronger by providing capital for vital affordable housing and community development projects.”
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