The Murphy administration is touting its commitment to small businesses during this National Small Business Week. The state announced on Thursday that it will begin taking applications next month for its Micro Business Loan program — a way to get more funding to those who need it. The New Jersey Economic Development Authority says it has provided nearly $5.5 million in grants to more than 230 of New Jersey’s small businesses since last fall, through its Main Street Recovery program. The governor’s proposed budget includes another $50 million for that program.
Meantime, the New Jersey Business and Industry Association says the state can do even more to support small businesses, especially given the overall size of the budget. The association’s CEO Michele Siekerka says small businesses haven’t fully recovered from the pandemic and they need more help.
On Thursday, regulators proposed new rules for bank lending in lower-income communities. The changes to the Community Reinvestment Act, which was designed to prevent redlining, seek to address a lack of access to capital in those communities.
It’s been a week of extreme volatility in financial markets. While benchmark interest rates shot up to their highest level on Thursday since 2018, investors are wondering if the Federal Reserve, by raising interest rates, will be able to cool off the economy while not slowing it down too much. We’ll get the latest indication of how the economy is doing Friday when the government releases its monthly jobs report. Strong job growth is expected — that’s one area of the economy that has been holding up well.
