Tuesday, the Federal Reserve began meeting to talk about what’s next for the U.S. economy. Since the pandemic, the Fed has kept interest rates low and supported the economy in other ways. And it’s made a difference here in New Jersey, according to one executive. Frank Sorrentino, the chairman and CEO of Engelwood Cliffs-based ConnectOne Bank, says businesses are optimistic about the future even with rising cases of the delta variant. For example, Sorrentino says low interest rates have helped developers move forward with new projects in the state, such as the Pendry Hotels luxury development in Somerset Hills. Wednesday, the Fed is expected to say it will continue to keep rates low.
More organizations are coming forward to help New Jersey residents who suffered losses from Tropical Storm Ida. New Jersey Realtors is providing mortgage and rental assistance. It’s taking applications for grants of up to $2,000. The deadline to apply is the end of next month, but applications are being processed on a first-come, first-served basis. And Bridgewater-based Brother International says it’s donating $50,000 to the American Red Cross to help with rebuilding efforts in the hard-hit area near its offices.
Wednesday, the New Jersey Economic Development Authority board will meet to consider whether to award tax credits to the company Fiserv, which has applied for incentives under the state’s Emerge program. ROI-NJ is reporting that Fiserv, which is based in Wisconsin, is seeking to open an office in Berkeley Heights, bringing up to 3,000 jobs to the state. Fiserv, a financial services company with several offices located in New Jersey, declined to comment.
