New Jersey Community Capital (“NJCC”) announced through its THRIVE South Jersey initiative, that it has closed on a $441,000 participation in a $900,000 loan from The First National Bank of Elmer (“FNBE”) to Front Street Plaza, LLC to restructure business loans and to finance improvements to the 15,000 square foot commercial facility located in the center of Elmer, New Jersey. FNBE and NJCC worked with Richard and Jeannette Schmidt, owners of the shopping plaza, to provide the needed capital to improve the operations of multi-tenanted facility, which is anchored by the Elmer IGA supermarket.
“Increasing access to investment capital is vital to strengthening local economies and essential to the growth of the business community in southern New Jersey,” said Jeannette Schmidt and Richard Schmidt, co-owners of Elmer IGA supermarket. “With support from NJCC and FNBE, we were able to implement the needed improvements and operational efficiencies to sustain the success of the business and retain our existing employees. As an independent supermarket operator, we value our employees and the relationship with have with the community. We pride ourselves in providing top quality food items and customer service for residents in and around Elmer.”
“Investing in community businesses means meeting the needs of local residents. IGA is an important anchor for Elmer and the surrounding communities,” said Wayne T. Meyer, President of New Jersey Community Capital. “We are thrilled to support the Front Street Plaza and generate greater economic and job opportunities while also serving the people and places that make up the fabric of Elmer.”
“We are extremely pleased to assist the only locally owned supermarket in the area; to ensure they remain a staple within our community. The First National Bank of Elmer has been working with small businesses in local communities in Salem County since 1903,” said Robert R. Bender, Sr. Vice President and Chief Lending Officer of The First National Bank of Elmer.
THRIVE South Jersey works to expand local and regional capacity to generate economic growth in the targeted region of Southern New Jersey that includes Cumberland, Gloucester, Salem, and western Atlantic counties. Through a combination of strategic funding and capacity building, THRIVE South Jersey seeks to support organizations fostering community revitalization activities that generate jobs and sustain low-income families in the four-county region.
About New Jersey Community Capital:
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that creates thriving communities through strategic investments and knowledge. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education, and strengthen neighborhoods. For more information, visit: www.newjerseycommunitycapital.org.