The New Jersey Pandemic Relief Fund has awarded four grants totaling $4.5 million to organizations serving women- and minority-owned businesses, ROI-NJ reports.

Selected based on their capacity, knowledge of New Jersey, and ability to address the needs of a spectrum of small businesses and entrepreneurs, grant recipients include Grameen America, which was awarded $2.5 million to create a new branch that will provide the Trenton and Camden communities with microloans, credit- and asset-building assistance, and financial education, training, and counseling. Additional recipients include New Jersey Community Capital, which was awarded $1 million in support of its Black Business Enterprise Capital Program, a statewide revolving loan program that provides capital and individualized technical assistance to minority-owned businesses; Greater Newark Enterprises Corp., which was awarded $500,000 in support of its efforts to assist micro/small businesses in disadvantaged communities in Essex, Hudson, Passaic, Bergen, Union, Middlesex, and Monmouth counties; and Rising Tide Capital, which will receive $500,000 to provide capital and technical assistance to entrepreneurs from historically marginalized populations and communities.

"Many small businesses face challenges accessing financial capital, and these challenges are amplified for women and minority-owned businesses," said NJPRF chief executive Josh Weinreich. "These four organizations will be critical partners to help get these small businesses back on their feet and stronger than before the pandemic."