Serving The New Wave Of Entrepreneurs
The Community Lending and Investment of Corporation of Jersey City

An Irish-American opens a communications firm in downtown Jersey City. An individual from Southeast Asia starts his own business — a professional tax service office at West Side Avenue. Next, a Jersey City resident originally from New Delhi, India walks into the office of Mr. Olmeda, Project Manager of the Community Lending & Investment Corporation (CLIC), to inquire about business plans and loan availability for his future restaurant.

These are the faces of Jersey City’s new wave of entrepreneurs: individuals from diverse ethnic backgrounds with one objective — to open a business in one of Jersey City's "Golden Neighborhoods." Since 1995, the demand for the Jersey City Economic Development Corporation’s (JCEDC) services has expanded as fast as the lease signing of waterfront office towers.

And the JCEDC has responded. CLIC, a subsidiary of JCEDC and a successor of the Business Loan Program division, was incorporated in 1998 to provide business loans for aspiring entrepreneurs.

Just recently, CLIC worked with Independence Community Bank for a loan. The joint venture allowed the borrower to expand his business in downtown and paid Jersey City $800,000 in back taxes. Thus, the collaborative effort retained more than 100 jobs in the community.

“It was a win-win-win situation — the ideal use of public and private funds,” says John Rogers, Executive Director of CLIC. CLIC has persistently developed financing packages with local banks and various State and Federal Agencies. It has loaned more than $8 million to Jersey City businesses. Moreover it has created and retained more than 2,500 jobs for low-to-moderate income individuals.

“The increasing demand of our residents to start their own businesses indicates one very positive note,” says Gene Nelson, President of the Jersey City Economic Development Corporation (JCEDC). “Big corporations are not the only ones that have benefited from Jersey City’s economic and political stability. Our residents have discovered that they can profit as well.”