ICYMI: Governor Murphy Announces Package of Support for NJ Entrepreneurs Affected by SVB Crisis

Statement

In response to Silicon Valley Bank's (SVB) collapse last week, Governor Phil Murphy announced that the New Jersey Economic Development Authority (NJEDA) will be opening, and launching, a series of programs designed to provide emergency assistance to New Jersey-based companies banked by SVB.

Specifically, this package of assistance includes the re-opening of the NJEDA's Entrepreneur Support Program, the launch of the NJEDA's Angel Match Program, and the scheduling of a special board meeting for consideration of an emergency liquidity facility. All programs will provide necessary financial support for companies experiencing liquidity challenges due to the SVB collapse and are designed to help companies meet payroll, pay rent, and continue their day-to-day operations. Both programs will open on the NJEDA's website early this week, with Angel Match launching on Monday, March 13th with pre-qualifications opening at 9:00am, and the Entrepreneur Support Program launching on Wednesday, March 15th.

"Ensuring the success of New Jersey's businesses is a vital component in building a stronger and fairer New Jersey economy," said Governor Murphy. "Now, more than ever, it is essential that our state supports companies that contribute to our economy, innovation ecosystem, and the dynamism of our cities. By offering a suite of programs for New Jersey entrepreneurs impacted by the SVB collapse, we will continue to keep residents employed and support companies that are vital to our innovation ecosystem."

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