Just a week after hosting a ribbon-cutting ceremony at its new $11 million Greater Nexus coworking space, the Greater Jamaica Development Corporation (GJDC) announced a new alliance with the Queens Chamber of Commerce to give Southeast Queens-based businesses greater access to capital and financing.
The launch of the new partnership will allow Queens Chamber members and others to access GJDC’s Community Development Financial Institutions revolving loan fund.
“It’s said that a rising tide raises all ships,” GJDC President and CEO Justin Rodgers said. “Jamaica’s continued revitalization is bolstered by the growth and success of businesses in surrounding communities. Partnering with the Queens Chamber to extend our loan fund to more businesses will create opportunities to do just that.”
The Revolving Loan Fund invests in community businesses and has been in existence for 40 years, helping to create or save over 1,300 jobs in Southeast Queens. Loans range anywhere from $5,000 to $300,000, with the average being $74,000. Businesses are eligible for financing if they have sales of less than $10,000 and fewer than 500 employees. Prior to the new partnership, the Revolving Loan Fund had only been available to businesses in Southeast Queens.
“Our two organizations share many of the same traits and characteristics of advancing economic development in Queens. We must do everything in our power to ensure small businesses have the tools they need to grow and thrive,” Queens Chamber of Commerce President and CEO Tom Grech said. “This alliance with GJDC will allow more businesses to access the wildly successful Revolving Loan Fund and help them contribute to Queens’ vibrant community long into the future.”
Businesses approved for a loan will be able to use the money for expansions, facade improvements, new equipment, working capital, gap loans and other things. GJDC, the largest economic development entity in Southeast Queens, offers businesses one-to-one assistance with preparing loan applications and flexible packages that can be tailored to meet special needs. Products vary depending on the application and include term loans, line of credit, contract financing, mobilization loans, and bridge loans.
For information on applying for a loan, visit GJDC’s website here.
“We look forward to great things to come in our continued partnership with Tom and the Queens Chamber of Commerce,” Rodgers said.
On July 13, Governor Kathy Hochul joined Queens elected officials in helping Ridgers cut the ribbon on the new Greater Nexus state-of-the-art facility, located at 89-14 Parsons Blvd. featuring 10,000 square feet of affordable and flexible workspace that can accommodate 75 to 100 individuals. Amenities include a collaborative open workspace, conference rooms, soundproof phone booths, and a podcast room for content creators.
Greater Nexus also offers a large modular training space to host events, educational programming, networking and mentoring opportunities. The new space will be available to the greater Jamaica community as well as to the coworking members. The new space provides access to better equipment and services to help foster innovation and business growth in Downtown Jamaica.
“Prior to the pandemic, we recognized the need for affordable, flexible space by young entrepreneurs, and now the post-COVID work environment makes Greater Nexus more vital,” Rodgers said. “We know this project will attract additional innovation, investment and opportunity to our area ultimately improving quality of life.”