New Community Development Loan Corp (NCDLC)

The New Community Development Loan Corporation (NCDLC) is a Business Loan Fund that assists small businesses and start-up ventures. Since 1996, it has provided an alternative lending resource for people who are in business who want to start a business in the Greater Newark area. The NCDLC provides an alternative to conventional bank lending. NCDLC loans can be used for a variety of purposes including:

• Business start up
• Business expansion
• Inventory acquisition
• Fixed asset acquisition
• Working capital

New Community Development Loan Corporation’s goal is to help create new businesses and strengthen existing ones in order to improve the quality of life in our communities, which are underserved by traditional financial institutions. More and stronger businesses lead to more job opportunities that help stabilize and fully develop neighborhoods and the broader community.

In 2001, NCDLC managed a portfolio of 12 loans totaling more than $500,000. Two new loans were approved, one of which was a participation lending agreement with another local alternative lender, City National Urban Development Corp.

A new program supported by NCDLC with an asset pledge is the Family Loan Program operated by the NCC Human Development Department. The Family Loan Program provides emergency loans for people in need of resources to help them stay employed by stabilizing their living situation with loans for things such as car repair or moving expenses. The Family Loan Program combines resources from the New Community Development Loan Corporation, the Department of Human Development and the New Community Federal Credit Union.

New Community Development Loan Corporation lending is made possible by investments from Chase Manhattan Bank, City National Bank, First Union, Fleet Bank, Hudson City Savings and Valley National Bank along with loans from the New Jersey Economic Development Authority and Hudson City Savings.

For more information about the New Community Development Loan Corporation, please contact Alvita Wright at aawright@newcommunity.org or (973) 639-7817.