Christies to launch N.J. Fund, which will give forgivable loans to small businesses in N.J.
N.J. 30-Day Fund, which will start with $100K donation from ex-governor, aims to get money to business owners quickly
Former Gov. Chris Christie and his wife, Mary Pat Christie, have launched the New Jersey 30-Day Fund to help businesses in New Jersey affected by the COVID-19 crisis.
The N.J. Fund, modeled after a successful program that just opened in Virginia, will provide $3,000 forgivable loans to businesses that have between three and 30 employees and are owned and operated by a New Jersey resident.
A formal announcement will be made this morning.
N.J. Fund officials said the application process will be simple and quick, and businesses will get an answer on their application in three days. The fund will begin accepting applications immediately, and intends to give out grants as the applications are processed.
The Christies, who personally contributed $100,000 to start the fund, said they intend to solicit donations. They said the fund is their way of giving back to the state in its time of need.
“Mary Pat and I have heard so many stories of hardworking New Jersey residents who have been financially devastated by this horrible disease,” Chris Christie said. “Our hope is to quickly provide some financial relief to help those businesses who need it most.”
The Fund has been established as a partner of the VA 30-Day Fund started by Pete and Burson Snyder, which is a qualified 501(c)(3) nonprofit. Mary Pat Christie said working with the Snyders and the Virginia fund will enable them to get grants out faster.
“In speaking with the Snyder family, it was apparent that the quick turnaround was a life-saver for small businesses, which were waiting to reopen,” Mary Pat Christie said. “By establishing the N.J. 30-Day Fund as a subsidiary of the Virginia program, we can be up and running and providing loans this week.”
If businesses that receive the loans can repay those loans, the Christies said those repayments would go back into the fund to provide additional loans to other worthy businesses.
The Fund also can accept contributions from businesses and individuals who seek to support their local New Jersey neighbors. To contribute or for more information, please visit: www.nj30dayfund.com.
The Virginia 30-Day Fund was launched by Disruptor Capital CEO Pete Snyder and his wife, Burson.
“We started the 30-Day Fund in Virginia to help small businesses survive the cash crunch caused by the COVID-19 pandemic,” he said. “In five short weeks, we have funded over 300 struggling small businesses from all across the commonwealth.
“Given the solid and resourceful leadership they provided for New Jersey in the wake of Superstorm Sandy and the millions they raised from the private sector to offer immediate relief to their citizens, we could think of no two better partners and leaders than Mary Pat and Gov. Chris Christie to help save jobs and struggling small businesses in the Garden State.”