World Business Lenders, a Jersey City-based alternative business lender, has announced a partnership with the Statewide Hispanic Chamber of Commerce of New Jersey to help communities of color secure access to capital needed to launch and expand small businesses.
The chamber will run a loan program to make low-cost capital to their members, with World Business Lenders providing star-up financing and business advice as part of a program they hope will become a national template for other Hispanic chamber across the country.
World Business Lenders will contribute its existing infrastructure at cost.
“I commend the Statewide Hispanic Chamber of Commerce of New Jersey and World Business Lenders for taking the lead and providing access to capital to Latino-owned small businesses,” said U.S. Senator Bob Menendez, who serves on the Senate Banking and Finance committees. “Latino-owned small businesses have grown an astonishing 31.6 percent since 2012, despite facing obstacles in obtaining affordable credit. Latino-owned small businesses are incubators of innovation and embody the entrepreneurial spirit, and I applaud Statewide Hispanic Chamber of Commerce of New Jersey and World Business Lenders for investing in Latino economic growth.”
Carlos Medina, the SHCCNJ chairman, says that 120,000 Latino-owned New Jersey businesses contribute $20 bullion to the state economy but still find access to capital as their greatest challenge.
“Latino entrepreneurs often believe that financing at acceptable terms is unavailable to them,” Medina said. “This innovative program is a meaningful step in providing Latino entrepreneurs with the capital they need to grow or expand their businesses.”
As New Jersey looks to invigorate the small business sector – and as the state’s growing Latino population seeks to develop new businesses – World Business Lenders says it is committed to ensuring that “communities of color are not left behind.”
“For far too long, Latinos across the nation and here in New Jersey have had the will but not the means to access capital to start and grow their businesses. Providing them with the opportunity to realize their dreams helps them, our communities and our state’s economy to thrive,” said World Business Lenders CEO Doug Naidus. “We will continue using our firm’s self-imposed best practices approach to ensure that loans under the program are fair and transparent and that we enable more and more people to realize the American dream.”
The chamber group will also join World Business Lenders in urging lawmakers to strengthen regulations in the alternative lending industry to provide business owners of color with protection from predatory lenders.
“Providing credit to underserved communities is a key component to expanding economic opportunities for those who need them most,” said Rep. Albio Sires (D-West New York). “I applaud World Business Lenders and the SHCCNJ for working together on this innovative approach that ensures more minority-owned businesses across New Jersey have the opportunity to grow and prosper.”
The new partnership also won the praise of New Jersey Senate Commerce Committee chair Nellie Pou (D-Paterson) and Hudson County Clerk Junior Maldonado.
“The decision by World Business Lenders to focus on closing the disparity in lending to communities of color is a huge step towards ensuring that minority-owned businesses are able to grow,” said Pou.
Maldonado said the alliance between the World Business Lenders and the Statewide Hispanic Chamber of Commerce of New Jersey is a logical step in a bid to address the needs of the Hispanic business community.