Capital One Bank will provide $150,000 to The Intersect Fund, a nonprofit that offers low-interest microloans to small businesses, Lt. Gov. Kim Guadagno announced today.
These loans are designed to be especially helpful to those affected by Hurricane Sandy. With an average loan amount of $2,400, The Intersect Fund can distribute the funds to more than 62 businesses, according to an announcement.
“The Intersect Fund is an important component of a statewide network of organizations that provide critical resources for small business,” Guadagno said in prepared remarks. “This type of financial assistance can be a real catalyst to put a business on a pathway to recovery and success.”
Since its beginnings in 2008, The Intersect Fund, which was founded and is run by Rutgers students, has offered loans, business training and long-term support services to more than 500 low-income entrepreneurs.
During that time, it has disbursed more than $500,000 in microloans and distributed more than $170,000 in disaster relief funding to small businesses affected by the storm.
“When small businesses do well, local economies do well and communities are strengthened,” said Daniel Delehanty, senior director for community development banking at Capital One. “We are proud to work with The Intersect Fund and the New Jersey governor’s office to help local businesses that have shown tremendous resilience recover and rebuild.”
Juan Marin, owner of La Casa del Mariachi in Perth Amboy, said Sandy destroyed all of his bakery’s equipment.
“The Intersect Fund provided me with the financing I needed when I needed it most,” he said. “We’re up and running again. With the help of The Intersect Fund, Sandy could not shut us down.”