Menendez Announces $1.5 Million In Community Development Funding For Two Organizations In NJ

Menendez Announces $1.5 Million In Community Development Funding For Two Organizations In NJ

Funds awarded by the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund

Washington - Today, U.S. Senator Robert Menendez (D-NJ) announced that the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund has awarded City National Bancshares Corporation and Greater Newark Enterprises Corporation, two organizations based in New Jersey, a total of $1.5 million. The CDFI Fund is a program that strengthens the capacity of private, for-profit and nonprofit financial institutions that serve low-income people and underserved communities lacking adequate access to affordable financial products and services.

"This important investment for our communities will help us recover from the economic crisis, while laying the foundation for long term economic security," said Menendez. "The organizations that receive this funding will help ensure that the families that need it most can access critical financing, which in turn will allow them to better face these difficult times and access basic resources vital to their children's future. Small businesses owners will have an opportunity to increase their capital with financial institutions that can meet their needs. These funds will help promote the financial recovery and empowerment of our families and communities for generations to come."
Description of the corporations that will receive this funding:

City National Bancshares Corporation (awarded $1,000,000)

A for-profit bank holding company in operation since 1983 that provides commercial banking services to low-income target areas in the cities of Newark, Paterson, East Orange, and Irvington in New Jersey and Roosevelt, Hempstead, Brooklyn and Northern New York City in New York. The company's banking services include: deposit accounts, business/microloans, mortgages, and real estate loan products.

Greater Newark Enterprises Corporation (awarded $500,000)

A certified CDFI nonprofit loan fund established in 2005. GNEC provides microloans, real estate loans, and small business training to its community partners, entrepreneurs and businesses in low income areas in Northern New Jersey. The company will use this funding as lending capital and predevelopment capital for a neighborhood commercial building and operations.

For more information on the Community Development Financial Institutions (CDFI) Fund, click here: