By Art Gallagher
Middletown Mayor Tony Fiore, fresh off his reelection to his second term on the Middletown Township Committee, says he will not be a candidate to fill Freeholder Director Rob Clifton’s seat early next year.
Earlier this week, Politickernj reported that there was a “major push” to get Fiore to enter the race. Fiore said he has been receiving overtures from various county leaders to run for months, that he has a great deal of respect for the current Republican Freeholders and that it would be an honor to serve with them. However, running in a county-wide campaign for two consecutive years after just having completed a campaign in Middletown is not in the cards given his family and career obligations. The Fiore’s have a 4 year old and a one year old. Tony was recently promoted in his job at Prudential Financial Services.
Clifton was elected to the State Assembly two weeks ago. He will take office in Trenton at noon on the second Tuesday in January and must resign as Freeholder before he joins the Assembly. Clifton’s replacement will be elected at a convention of the entire Monmouth County Republican Committee. The winner of the convention will take office immediately and be expected to defend the seat in the November 2012 general election and again in 2013 at the scheduled expiration of the term.
The current contenders are Howell Mayor Bob Walsh, Holmdel Deputy Mayor Serena DiMaso and Manalapan Deputy Mayor Ryan Green.
Posted: November 18th, 2011 | Author: Art Gallagher | Filed under: Freeholder, Monmouth County, Monmouth County Republican Committee, Monmouth GOP | Tags: Bob Walsh, Rob Clifton, Ryan Green, Serena DiMaso, Tony Fiore | 4 Comments »
Gopal and LaRocca Set to Battle For The Seat
By Art Gallagher
Monmouth County Democratic Chairman Vic Scudiery will announce his retirement next week. He will complete his current term, which ends in June. Scudiery will have served for 23 years.
Scudiery’s protoge, Vin Gopal, spent most of this week working the crowd at the League of Municipalities Convention in Atlantic City for support to take over for his mentor.
According to Blue Jersey’s Jeff Gardner, Gopal is in for a fight.
MMM has learned that the fight will be with Marlboro Councilman Frank LaRocca.
Gopal is a business owner and Scudiery’s partner in Community Publications, the publisher of four monthly newspapers and a magazine serving Aberdeen, Atlantic Highlands, Colts Neck, Fair Haven, Hazlet, Highlands, Holmdel, Keansburg, Keyport, Matawan, Middletown, Red Bank, Rumson, Sea Bright, and Union Beach. He was an Assembly candidate in the 11th legislative district this year.
LaRocca, along with his running mates, Mayor Jon Hornick and Council President Randi Marder were reelected in Marlboro earlier this month. LaRocca, Hornick and Marlboro Deputy Mayor Larry Rosen are law partners.
With the chairman’s election not until June, there is plenty of time for other players to enter the race.
There has not been a contest for the Monmouth County Democratic chairmanship since 2000 when then Red Bank Mayor Ed McKenna unsuccessfully challenged Scudiery for the post.
Posted: November 18th, 2011 | Author: Art Gallagher | Filed under: Monmouth Democrats | Tags: Blue Jersey, Ed McKenna, Frank LaRocca, Jeff Gardner, Jon Hornick, Monmouth County Democrats, Randi Marder, Vic Scudiery, Vin Gopal | 9 Comments »
By Art Gallagher
Is New Jersey the next Delaware? That’s the question Politickernj raised earlier this week regarding the 2012 U.S. Senate race in NJ. Politckernj is wondering if the 2012 U.S. Senate race in New Jersey will be similar to the 2010 U.S. Senate race in Delaware.
The short answer to that question is no. An incumbent was not running in Delaware in 2010. 2012 is a presidential year. 2012 will not be a repeat of 2010. New Jersey is not Delaware. More on that later.
As you might imagine, I have a unique perspective about the differences between New Jersey and Delaware, which is not related to electoral politics. If you’re a reader of this site or The Asbury Park Press, you’re probably aware that I was arrested in my home in Highlands after 10PM on Friday October 14 on a fugitive warrant out of Delaware. I’ve been charged with two felony counts of theft over $100,000 and two misdemeanor counts of forgery. The charges will not be further discussed on this site, other than to say that I am confident of a favorable outcome.
The real reason I was arrested on a fugitive warrant is that the Delaware attorney I had engaged to arrange my surrender in Delaware failed to communicate with the investigating detective in a timely manner. I have a different attorney now.
3 hours vs. 3 weeks
So far the biggest difference between my experiences in New Jersey and Delaware is time. I arrived, as scheduled, to surrender in Delaware this Wednesday at 11am and was on my way home by 2PM. As in Monmouth County, most of that time was spent waiting.
I wasn’t handcuffed, patted down or locked up in Delaware. The actual processing, (being photographed, finger printed and signing some papers) took about 10 minutes. Then my attorney and I hung out until the fugitive warrant was removed from the system. We waited for a Justice of the Peace to finish his lunch and to appear via video for my bail hearing. The video bail hearing took less than five minutes. My bail was set at $12,000.
Technically, I was detained until my family members posted my bail. But I wasn’t really detained. My attorney and I waited in the lobby of the police station for the bail to be posted. I was even allowed to step outside of the building for a smoke, twice.
After about 40 minutes, I signed the bail receipt and was released from my detention in the lobby. It took about a ½ hour to meet up with my family members who had posted my bail. The clock in the car read 1:46 and we were on our way home.
That entire experience is very different than what I experienced in New Jersey.
At about 10PM on Friday October 14 I was arrested at my home in Highlands. I was frisked and handcuffed.
At the Highlands police station I asked to call an attorney. “We’re not questioning you. We’ll let you call your attorney when we know what you can tell him,” was the reply. I was photographed by the arresting officer twice. My belt, shoes, cash, wallet and blackberry were confiscated and I was put into a cell.
A few hours later a sergeant came into the holding area to tell me what was going on. A Monmouth County judge had set my bail at $250,000 with no 10% option. “But there’s really no bail,” he said, “even if you post the $250,000 the fugitive warrant is still in place and you’ll be arrested again.” “Your wife called, we’ll let you call her back in the morning before we transfer you to the county jail.” “What are the charges?” I asked. “Some kind of theft,” was his answer.
I managed to get some sleep on the thin plastic mattress and with the lights on. In the morning an officer sat with me while I called my wife from a police station line that was being recorded. I was given access to my blackberry to read her phone numbers for my attorney, family members and friends that she should call. I sent a text to my attorney.
Then I was transferred to the Monmouth County Correctional Institution where I spent the next three weeks.
$12,000 vs. $250,000 or $150,000
Why my bail was set so high in Monmouth County compared to the bail required in Delaware (where I am not a resident and have no ties to the community) remains a mystery to me.
At my bail reduction hearing in Monmouth County, which occurred after I had already been incarcerated for almost two weeks, the judge who reduced my bail to $150,000 with no 10% option said that such bail would be appropriate for like charges levied in New Jersey.
The Asbury Park Press reported this morning that a former attorney was arrested for stealing over $200,000 from a client. Those charges are somewhat similar to those levied against me. The former attorney’s bail was set at $35,000.
On November 1, The Asbury Park Press reported that a Wall Township attorney and her paralegal were indicted after a three year long investigation for stealing $800,000 from wards whose interests they were assigned to protect. The attorney and the paralegal were each released on $75,000 bail.
In comparison, my bail in Monmouth County seems like an injustice and I realize that I sound like I am complaining. That is not my intention. It is a mystery.
This experience has been incredibly difficult for me, perhaps more so for those who love me. It has been life altering, yet I have faith that in the long run it will be for the good.
Over the next few days or weeks I’ll be writing more about my experience and some of the other differences I have noticed between New Jersey and Delaware.
I’ll get back to writing about the political happenings in Monmouth, the State and the Nation. I’ll be writing about some of the things I missed while was away. I may write about topics other than politics too.
I won’t be writing about the charges against me. Comments about the charges will be removed and those commenters blocked. There are other sites that will accommodate my naysayers.
I am happy to be back.
I am extremely grateful to the many, many people who have supported me throughout this ordeal and to those who have been supportive since my release two weeks ago. In times of crisis like the one I have faced, you quickly learn who your friends are.
I am grateful to, and for, my friends and family.
Posted: November 18th, 2011 | Author: Art Gallagher | Filed under: 2012 U.S. Senate Race, Art Gallagher, blogger, Delaware, Monmouth County, New Jersey | Tags: 2012 U.S. Senate Race, APP.com, Art Gallagher, Art Gallagher's arrest, Asbury Park Press, blogger, Delaware, New Jersey, NJ, Politckernj | 16 Comments »
As I am sure all my readers are now
aware I was arrested late Friday evening on a warrant issued out of the State
of Delaware. On the advice of my attorney I can not
discuss the charges against me at this time other then to say that they are
vigorously contested and that I did not commit theft. Right now I am concentrating on securing my
release from jail so that I can properly address these charges through my
attorneys.
When I am released I intend to
write about my experiences of the last few days.
I thank all of you who have
expressed concern for me and my family and I assure you that we are doing fine
given these difficult circumstances.
Posted: October 17th, 2011 | Author: Art Gallagher | Filed under: Uncategorized | Tags: Art Gallagher | 65 Comments »
Submitted by the always irreverent TR
There has been a lot of hullabaloo recently about whether Romney’s religion is relevant to this election. Most recently because some preacher caused a stir by calling Mormonism a cult.
Funny how Republicans all thought the church Obama attended was relevant. The Democrats have no problem raising Perry’s religious beliefs about creation. Let’s sweep away the hypocrisy and rank political correctness and ask a general question, “Are a persons religious beliefs fair game in an election”?
Of course they are and anyone who says otherwise is a damn liar. If someone is a Muslim of the Wahhabi sect or Salafi( http://en.wikipedia.org/wiki/Wahhabi) sect that is not going to play into whether you vote for them? What about if they belong to the Fundamentalist Church of Later day Saints that practices polygamy and child bride marriage or if they are scientologists a group that has been accused of being a cult and of engaging in criminal enterprises, does that matter? Then there are Santeria voodoo worshipping chicken sarificers and pot smoking Rastafarians and white supremacy churches, what about them?
Look me in the eye and say none of that matters.
Of course it matters. It matters because nothing tells you more about a person then their religious belief system.
Of course we don’t have religious tests for office and we have freedom of religion but it is a false dichotomy to suggest that this means we cannot as individuals question a person who will represent us about their belief system and use it to make an individual choice as to who to vote for.
For those who vilify anyone who questions Romney’s religious beliefs I ask this. Do you know anything about Mormonism, its tenets, its history? No well maybe you should before you make a decision. Don’t get me wrong I am not saying his religion disqualifies him. I am saying that questions about his religion and his beliefs and those of every single candidate are fair game. This is not a call for sectarianism. This is recognition that what we believe is important. I am claiming there is nothing wrong with saying I am not voting for John Candidate because I do not like his religious beliefs. I say that because those beliefs are integral to who that candidate is and how he think or she thinks. If you don’t like who they are you should not vote for them.
Let’s stop playing” the religion is not fair game” card and “it is a private matter” card. If you want to be a candidate defend your belief system. Tell us why it makes you a better person, a better leader or maybe you say I am a nominal whatever and it does not play a large part in my life. That says something about you too. Some voters will hate it and some will love it but at least we will all have a better idea of who you really are.
Posted: October 14th, 2011 | Author: Art Gallagher | Filed under: 2012 Presidential Politics, Mitt Romney | Tags: Mitt Romney, Mormonism, TR | 17 Comments »
By Art Gallagher
Well, suddenly election season is not so boring.
Earlier this week the Middletown Democratic Executive Committee reported to the New Jersey Election Law Enforcement Commission that they received a $2600 contribution from Bookazine Inc, a Bayone based book wholesaler.
Bookazine specializes in the wholesale distribution of homo-erotica. Their catolog includes such titles and Handjobs Anthology, Volune 22, Tug Harder 2, and Bustin’ a Nut. I’m not going to write the sub-titles.
Reached for comment, Middletown Democratic Chairman Joe Caliendo said, “What’s your problem?” Asked if knows what Bookazine sells, Caliendo said, “No comment on anything,” and hung up.
Democratic Township Committee Candidate Carol Fowler said, “I wouldn’t know about that,” when informed that Bookazine had contributed to the campaign. When informed about what Bookazine sells, Fowler said, “That’s too shocking to even process.”
Fowler’s running mate, Jim Grenefage, could not be reached for comment.
Mayor Tony Fiore, who is being challenged by Grenafege and Fowler said, “The Middletown Democrats should return that donation. If they have any sense of decency and what is right, they will return the money.”
Fiore’s running mate, Stephanie Murray, a book seller herself, said “The Democrats should know where their money is coming from. This contribution shows a lack of judgement and insight.”
Posted: October 14th, 2011 | Author: Art Gallagher | Filed under: Middletown | Tags: Carol Fowler, Jim Grenefage, Joe Caliendo, Middletown Democrats, Stephanie Murray, Tony Fiore | 65 Comments »
By Art Gallagher
The Asbury Park Board of Education is planning on spending over $1 million on a new astro-turf football field because they have a problem with Canada geese at the existing field. Wednesday night the board awarded a $145,000 contract to an engineering firm to get the bidding documents ready and to supervise the project, according to a report in The Asbury Park Press.
That money would be much better spent using the geese as an educational resource. The Asbury Park Board of Education should to invest in a life skills curriculum. They should teach hunting and cleaning the geese. A culinary program with internships for students at area restaurants would be ideal. Business classes that teach production, packaging, distribution, marketing and sales of fresh and cooked goose would be a real benefit to Asbury Park students.
Such educational programs could produce revenue and lead to additonal educational opportunities for students, like accounting and administration.
There might be health and hygene risks, but they could become educational opportunities too. The risks would be
less than the long term orthopedic damage young football players will suffer from playing football on concrete covered with plastic.
Posted: October 14th, 2011 | Author: Art Gallagher | Filed under: Abbott Ruling, Education | Tags: Asbury Park, Astro-turf, Goose poo | 6 Comments »
Two credible, independent polls released this week indicate that New Jersey voters strongly approve of Governor Chris Christie. The Monmouth University Poll gives Christie a 55%-37% rating. Quinnipiac respondents approve by 58% to 38%. Both polls show women and Independent voters swinging strongly to approve of the Governor.
The narratives of both polls indicate that Christie’s growing popularity is the result of the national attention he has received due to his dalliance with the GOP presidential nomination race. Neither poll ask respondents about Christie’s handling of Hurricane Irene.
While Irene might be a distant memory for pollsters and pundits, many many New Jerseyans are still dealing with the aftermath.
The Star Ledger’s Kathleen O’Brien says that women are warming to Christie because of how he handled Irene. She says Christies’s “Get the hell off of the beach” rebuke won women over because he was protecting the people rather than berating an opponent.
Women and Independents are approving of Christie because of the job he is doing. The results of his work over the last 20 months are beginning to be felt. His performance before, during and after Irene was immediate and tangible. The impact of the reforms he’s fought and cajoled for are gradually paying dividends.
Christie has been traveling the state this week promoting the property tax relief that is resulting from the pension and benefits reform he negotiated in June. That will help his numbers further.
Christie’s reforms are being appreciated in places where there are no press conferences as well.
Wednesday evening at the Henry Hudson Regional High School in Highlands there was a public hearing concerning the proposed tri-district shared services agreement for one Superintendent of Schools for the Atlantic Highlands Elementary, Highlands Elementary and Henry Hudson Regional school districts. These three districts each have one school. For decades there have been three superintendents. Merging the administration of these schools is a no brainer. Yet prior to the Christie administration, no brainer solutions couldn’t happen.
The vast majority of the speakers at the public hearing in Highlands spoke of how they have been wanting such a no brainer solution for years. One women said she’s been advocating such since the 1970’s.
Similar reforms are taking place throughout New Jersey. Common sense solutions that have been talked about for decades to no avail are now beginning to happen. New Jersey is noticing.
That is why we approve of Chris Christie. The national attention he has been getting is nice. We enjoy it because we know him and he is one of us. But we approve of the job he is doing in New Jersey, not because of the national media and the national GOP loves him. We approve of him because he is doing what he said he would do.
Posted: October 14th, 2011 | Author: Art Gallagher | Filed under: Chris Christie, NJ Media | Tags: Chris Christie, Kathleen O'Brien, Monmouth Poll, Quinnipiac poll, Star Ledger | 1 Comment »
By Dan Jacobson, also published in the October 13th edition of the triCityNews
So I’m running as an Independent for the state Assembly. And there’s been one campaign appearance I’ve been anticipating above all others.
The interview with the Asbury Park Press editorial board for their endorsement!
Yup, for almost 13 years I’ve been trashing that paper for their hypocrisy, moving out of Asbury Park…you name it. So fireworks were expected.
The interview took place earlier this week. All the candidates for both state Assembly and Senate in the 11th District were there.
I don’t know who threw the first projectile. Maybe it was me. Maybe it wasn’t.
But I can swear to this: It wasn’t me who threw the chair. Fortunately, Senator Jennifer Beck is one hell of an athlete. She dove out of her seat like a third baseman snagging a line-drive to deflect the thing before it went crashing through the floor-to-ceiling window on one side of the conference room.
OK, OK. None of that happened. Dammit! You bet I’m disappointed it didn’t go down that way. I always envisioned the flying chair, the shouting. Denying I threw the first projectile. It would have been great.
But it was not to be. Actually, it was quite a sedate affair. The seven candidates for Senate and Assembly only faced Press Editorial Page Editor Randy Bergmann and editorial writer Michael Riley. That’s it. Veteran reporter Larry Higgs was there to report on the discussions.
Bergmann is a surprisingly low-key guy, given how his paper’s editorials regularly infuriate me for their hypocrisy. Yeah, he was gracious. Big deal. I wanted fireworks.
As for Michael Riley, I know I blasted the shit out of him about ten years ago for some column he wrote. I’m sure he forgot about it – hell, I can’t even remember it at this point. So he was quite friendly. Screw him!
In addition, former Press food critic Andrea Clurfeld is now an editorial writer and board member. I’d been brutal with her in the past – for justifiable reason – about her food reviews. Never met her. Would have loved it. But she wasn’t there! I should have walked out right then.
Adding to the sedation is that the other candidates themselves are all very gracious and intelligent people. In fact, I like my opponents. It’s the whole Goddamn system that’s pissing me off. That’s what I’m running against.
(I face Republican Assembly incumbents Mary Pat Angelini and Caroline Casagrande, as well as Democrats Vin Gopal and Kathy Horgan. There are two Assembly seats. Beck is running in a separate race for Senate against Democrat Ray Santiago.)
I did have one interesting observation at the editorial board, however. Way back in 1986, I worked as a reporter for about a year at the now defunct Daily Register in Shrewsbury. And I’ve always loved old newspapers and newsrooms – like the one in the old Asbury Park Press building in downtown Asbury.
Journalists have always been characters. The old newsrooms and buildings matched them perfectly. So I mean this as a compliment: Looking across the table at journalistic veterans Bergmann, Riley and Higgs reminded me of those old-time newspaper characters. There aren’t enough around like them anymore. Hypocritical editorials or not.
And as much as I welcome the demise of the Asbury Park Press – because they’ve been such a destructive force in our region – there was something poignant about seeing these three guys in that quiet and sullen building. It’s a metaphor for the whole newspaper industry.
That Asbury Park Press newsroom was opened back in 1985 when they moved out to Neptune. That was the advent of a long-ago era, just as newspapers were transitioning into soulless corporate cultures at full gale. The ensuing corporate conformity, and of course the internet, would decimate journalism as we know it – and the excitement and character that came with it.
I thought back to the first editorial board meeting I attended in that same conference room. It was 26 years ago – when the building had just opened. It was my first run for the Assembly at the age of 23. (I lost that one, but won the seat four years later and served a term.)
Back then, the paper was locally owned by Don Lass and Jules Plangere, who both ran the place. Present at that long ago meeting in 1985 were the four candidates for the two Assembly seats, as well as a room full of editors. Must have been about seven other people there, including several senior editors. Plus the reporter specifically assigned to the race. (That practice of assigning a reporter to each legislative race went by the wayside years ago.)
I remember tons of energy in that brand new state-of-the-art newsroom. And a brisk and confident manner of all the editors in the editorial board meeting. They knew they were a force in the community, and they didn’t have to answer to anyone else. The future was exceptionally bright in their gleaming new suburban headquarters 26 years ago – they had moved far beyond their beautiful little building in downtown Asbury Park, the then struggling city of their birth they had just abandoned.
Of course, the Plangere and Lass families sold the paper to the Gannett corporation at the right time well over a decade ago. Today, Gannett papers are sucking wind, collapsing as advertising revenue and circulation plummet. The Asbury Park Press is no exception. It’s a joke.
And those at the Press – including the three journalistic vets sitting across from me earlier this week – answer to much higher, and much more remote, authority. Specifically, Gannett corporate headquarters down in Virginia. Who in turn answer to Wall Street analysts and the stock market.
That’s a big difference from answering to the two owners who had their offices down the hall. When slow economic times came, those owners could hold off on cutting people. They had no fear of Wall Street analysts and earnings reports. They owned the place. And they could invest in the journalism however they wished. It was their money.
In the end, I still hate the Asbury Park Press. But I’m more than ever convinced that it’s the corporate takeover of journalism that’s responsible. Gannett doesn’t give a shit about those three guys who sat across from me in the editorial board meeting – they’d lay them off in an instant if that’s what it took to satisfy Wall Street. That’s the system, man.
At this point, working for the Press is like working for a pharmaceutical or insurance company. And Bergmann, Riley and Higgs are definitely not corporate cogs by nature. They’re clearly journalists. Caught in the wrong place at the wrong time. I don’t know how they do it. I couldn’t.
In the end, I’ve got to say that Press writer Larry Higgs was more than fair with the story. I actually saw the words “triCityNews” on the front page of the Asbury Park Press for the first time ever. They had to say what I did. That was fun.
Now if they’d just endorse me. Not that it makes that much difference with the voters. Who cares what the Press says?
It only makes a difference to me – I’d have a ball with the headline in this paper! And I could have a field day mocking myself in the process. Hey, I’m not exempt from taking hits in this paper – even from myself.
Don’t expect an endorsement though. That’s asking way too much of these hypocrites.
(The 11th District where I’m running includes: Asbury Park, Long Branch, Red Bank, Ocean Township, Neptune, Neptune City, Interlaken, Deal, Allenhurst, Loch Arbour, West Long Branch, Eatontown, Shrewsbury Borough, Shrewsbury Township, Tinton Falls, Colts Neck, Freehold Township and Freehold Borough.)
Posted: October 13th, 2011 | Author: Art Gallagher | Filed under: Asbury Park Press | Tags: Asbury Park Press, Caroline Casagrande, Dan Jacobson, Jennifer Beck, Kathy Horgan, LD 11, Mary Pat Angelini, Ray Santiago, Vin Gopal | 22 Comments »
Trenton, NJ – Governor Chris Christie today announced that the State of New Jersey has been approved by the U.S. Department of Treasury for $33.8 million in funding through the State Small Business Credit Initiative (SSBCI), part of the federal Small Business Jobs Act of 2010, to encourage small business lending and job creation in the state. The intent of the SSBCI, which is to create jobs and strengthen state lending programs, mirrors New Jersey’s recent efforts to enhance its support of the state’s small business community.”Small businesses are the job creating engines of New Jersey’s economy and we’ve made support for small business a top priority through targeted tax cuts, regulatory relief and lending programs,” said Governor Christie. “This funding being made available through the State Small Business Credit Initiative will strengthen our ongoing efforts to help small businesses succeed and grow in our state and create good paying, lasting jobs for New Jersey families.”
Governor Christie has made economic development a top priority by ensuring that New Jersey becomes a business-friendly state. Through the New Jersey Partnership for Action, under the direction of Lt. Governor Guadagno, the Christie Administration has implemented an aggressive economic development agenda, including overhauling state government’s regulatory system and reducing the red tape that stifles economic growth and imposes costs on businesses and citizens. The Governor’s Fiscal Year 2012 Budget provided for $185 million in targeted, job creating business tax relief and incentives to spur growth. When fully phased in over 5 years, the Governor’s tax policy changes will provide $2.35 billion in job creating tax relief. By implementing these policies, Governor Christie has ensured that New Jersey will once again be “Open for Business.”
The funds from SSBCI will be received by the New Jersey Department of Treasury in three tranches over two years, based upon at least an 80-percent commitment of the first and then second distributions. Through a Memorandum of Understanding, the New Jersey Economic Development Authority (EDA) will use the funds to deploy loans, credit guarantees and loan participations through its existing small business lending programs, and to make a venture capital investment. Funds will be targeted to small businesses, small manufacturers, and women and minority-owned enterprises, with a particular focus on businesses that are located in underserved communities throughout New Jersey.
As part of this effort, the EDA Board today took action to enhance its portfolio by expanding access to capital for small businesses. The Board approved an increase in the funding available through the EDA’s Fund for Community Economic Development (FCED) to support micro lenders, Community Development Financial Institutions and Urban Enterprise Zones that have a successful lending track record in their local communities. Under the “Loan to Lenders” component of the FCED, organizations with a successful EDA history will now be able to qualify for up to $750,000, an increase of $250,000 from what was previously available; new customers may qualify for up to $500,000. The loan term has been extended to up to 15 years, with interest-only payments for up to five years. Previously, terms were available for up to ten years, with interest-only payments for up to three years. Additionally, the use of funds has been expanded to also include lines of credit.
“As the state’s ‘bank for business,’ the EDA has a successful history of partnering with financial institutions to leverage its resources and ensure small businesses have access to the capital they need to remain and grow in New Jersey,” said Lt. Governor Guadagno. “By utilizing EDA’s existing partnerships within the lending community, New Jersey will be able to strengthen its current portfolio of assistance and help our small businesses secure the funds they need to expand and create jobs.”
For information on EDA’s small business programs, visit http://businesslending.njeda.com. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.
Posted: October 12th, 2011 | Author: Art Gallagher | Filed under: Chris Christie, Economy, EDA, Kim Guadagno | Tags: Chris Christie, Kim Guadagno, NJEDA, Press Release | 6 Comments »