The NJEDA also seeks interest and ideas on solutions to address those obstacles, including but not limited to, existing programs that address the disparities in financing available for residential and commercial development. The NJEDA is seeking information and ideas from qualified entities (“Respondents”), including but not limited to minority and/or women-owned developers, Community Development Finance Institutions, community development lending units of medium and large banks, other mission-based lenders, community development organizations that work closely with MWDE developers, state and local government entities, and other stakeholders with perspectives on structural barriers and disparities encountered by real estate developers owned by minorities and/or women in terms of access to capital. The purpose of this Request for Information (“RFI”) is to inform the fund’s guidelines. Governor Murphy and the NJEDA are exploring a diverse developer fund to help grow existing MBWE developers by addressing barriers to capital. A report in Chicago noted that MBE developers face several hurdles, including poor access to and high cost of debt capital, and weak ties to sources of equity funding. Another study found almost 60% of women entrepreneurs say they do not have the same access to capital as their male counterparts. One study reported that 82% of entrepreneurs of color say they must work harder compared to their non-diverse peers. Recent studies have found that minority and women-owned businesses have greater difficulty gaining access to capital than other businesses. A lack of access to capital can impede the ability of business owners to maintain cash flow, cover operating costs, and/or start or expand a business.
Access to capital is critical for the success of any business owner. The New Jersey Economic Development Authority (“Authority”, “NJEDA”), is an independent Authority of the State of New Jersey and is seeking information to better understand the challenges faced by minority and women owned developers (“MWDE”) in New Jersey in accessing capital, especially businesses that are engaged in the development of residential and commercial real estate. is provided "AS-IS" with no warranties, express or implied, and its use confers no privileges or rights.įor additional language assistance, please click here to contact NJEDA to request assistance.īarriers Minority and/or Women Owned Real Estate Developers Face in Accessing Capital The State expressly and fully disavows and disclaims any responsibility or liability in respect to any cause, claim, or consequential or direct damage or loss, however described, arising from the use of Google™ Translate.
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