Source: NJ Business
NJSBDC Network Launches Program Focused on Helping Small Businesses Gain Funding
The New Jersey Small Business Development Centers (NJSBDC) Network, hosted statewide through Rutgers Business School, introduces its “Capital Team,” a pilot program launched in April 2021 to assist the small business community recover from the devastating effects of the pandemic. As a result, the men and women of this Team are dedicated to helping small businesses obtain financing for their projects.
Designed solely to enhance an entrepreneur’s access to funding, the NJSBDC’s Capital Team focuses on financial sources, understanding the newest guidelines regarding the business community, and increasing efficiency during the application process. This allows local SBDCs to reallocate their resources to efforts that improve the many sections of a business’s plan for growth.
“The creation of the Capital Team stemmed purely from listening to the small businesses on their needs. We at NJSBDC want to be part of the solution assisting entrepreneurs with the much sought-after capital to sustain and grow their business in NJ,” said Kelly Brozyna, NJSBDC network chief executive officer and state director. “The Capital Team has amazing talent/knowledge that will make the difference for owners between success and failure. Failure is not an option, and we are here to help.”
The Capital Team is composed of NJSBDC’s top eight consultants who bring their own diverse experience and vast knowledge of collective private sectors to help secure much-needed funding for small business owners in the pandemic. In addition to informing NJSBDC clients about the opportunities available to their businesses, the experts also guide them through different application processes and organize one-on-one meetings between clients and a network of institutional and private/accredited investors.
The program has been received positively by the business community. One recent client had this to say: “I didn’t know anything, in terms of financials, for my business. But, if it weren’t for the Capital Team Consultant who helped me with my application, business plan, and projections, I definitely would have run into many challenges going forward,” said Jeffrey Paredes, owner of JAP & MF Trucking. “My experience with the Capital Team was very eye-opening and humbling. They went above and beyond what I expected of them.”
With only three months of providing its services, the NJSBDC’s Capital Team has served over 200+ businesses and has closed on $3.4 million of funding opportunities with an additional $5.2 million currently in the application process.
To request counseling, clients can register at NJSBDC Statewide Specialty Programs. As for Center generated clients, each Center administers a basic needs assessment before sending a request to the Capital Team administrator. Next, the Capital Team consultants provide assistance based on available opportunities/resources and skill set.
The NJSBDC’s Capital Team is in part funded by the State of New Jersey Business Action Center (BAC).