Mayors expand investment program for Black and Latinx business owners

Briana Vannozzi, Anchor | February 18, 2021 | Business, Social

Mayors from eight major New Jersey cities on Wednesday announced the creation of a fund to assist Black and Latinx business owners. The NJ FAM Fund expands on the Newark FAM Fund, which was created in September 2020 to help minority-owned businesses that were being left out of federal aid like PPP loans.

The NJ FAM Fund is an attempt to close the gap on access to finance created by systemic racism, put money directly in the hands of minority business owners and in turn benefit their communities. As well as Newark, resources from the fund will reach Orange, East Orange, Paterson, Camden, Trenton, Irvington and Atlantic City.

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