ENGLEWOOD, NJ – Today, U.S Representative Bill Pascrell, Jr. (D-NJ-09) held a walk-through in bustling Englewood in recognition of Small Business Week in May. Rep. Pascrell was joined by U.S. Small Business Administration (SBA) New Jersey District Director Alfred Titone as they visited several businesses to highlight their work and promote SBA resources like loan and grant assistance. Also in attendance were Englewood Mayor Frank Huttle, Councilwoman Katharine Glynn, and City Manager Ed Hynes.

“I love visiting Englewood. Englewood has one of the most beautiful downtowns in New Jersey, and I was delighted to see that so many businesses are thriving here. It is important that small business owners like the ones I met at Buckley’s Drug Store be recognized for their hard work, entrepreneurial spirit, and job creation that are the foundation of our communities,” said Rep. Pascrell. “Our walk helped us thank business owners and let them know more about the lifelines available to them through the SBA. The SBA remains a fundamental resource for small businesses to start, build, and grow.”

Since its founding in 1953, the SBA has delivered millions of loans, loan guarantees, contracts, counseling sessions, and other forms of assistance to small businesses. SBA does not make direct loans to small businesses but sets the guidelines and provides guarantees for loans, which are then made by its partners; including lenders, community development organizations, and microlending institutions. The SBA reduces the risk to lenders by guaranteeing that these loans will be repaid. So when a business applies for an SBA loan, it is actually applying for a commercial loan structured according to SBA requirements with an SBA guaranty.

In New Jersey, state small business owners are on pace to receive $900 million in SBA-backed loans in 2018. In the first six months of FY2018, Bergen County has received 181 loans totaling more than $48 million, up from the 138 total loans that the county received in FY2017.  In Englewood, 31 businesses have received SBA-backed loans totaling $10.9 million since October 2017.

Federally-funded Small Business Development Centers (SBDCs) across the state provide face-to-face business counseling, low-cost training, and management and technical assistance to small business owners and aspiring entrepreneurs. Bergen County’s SBDC has provided services for New Jersey small businesses to help them write business plans, manage expansion, obtain financing, conduct accounting, and other positive growth practices for nearly 40 years. The SBDC is located at Ramapo College campus in Mahwah, NJ and may be contacted at: (201) 684-7135 or online at https://www.sbdcbergen.com/

Every year since 1963, the President of the United States has issued a proclamation announcing National Small Business Week, which recognizes the critical contributions of America’s entrepreneurs and small business owners.