1st Bergen FCU to Provide Low-Cost Loans to Small Businesses and Nonprofits
1ST Bergen Federal Credit Union is one of six New Jersey-based Community Development Financial Institutions (CDFIs) that have partnered with the New Jersey Economic Development Authority (NJEDA) to provide low-cost financing to small businesses and nonprofits impacted by COVID-19. The Hackensack-based federal credit union, which is a subsidiary of Bergen County’s designated anti-poverty agency, Greater Bergen Community Action, has a mission to empower and strengthen businesses and individuals that may not otherwise have reasonable access to banking and financial resources.
For 1st Bergen Federal Credit Union, the partnership brings natural synergy and more resources to support its mission to provide access to capital for the under-banked and most economically vulnerable – especially those who do not qualify for financial help from commercial banks. As a result of the Coronavirus Pandemic, local small businesses and nonprofits that help keep our economy afloat have been negatively impacted and are in need of assistance to reopen and continue operating as usual. Access to capital at fair rates is one of the most significant factors to help local small businesses and nonprofits bounce back. 1st Bergen is proud to be the only CDFI in Bergen County to be selected by the NJEDA to serve these important members of the local economy.
1st Bergen Board Chair, Allan DeGiulio, says of the partnership, “1st Bergen was founded during the Great Recession to ensure that the under-banked did not fall out of the economy. Being chosen as a partner by the NJEDA for this important program demonstrates that 1st Bergen is as relevant, if not more so, in today’s difficult times.”
To apply for a 1st Bergen FCU low-interest loan and for more information, visit http://www.1stbergensbl.com/.