NJCAEF’s NJ State Development Bank Policy Brief

New Jersey State Development Bank Policy Brief
By New Jersey Citizen Action Education Fund
October 4, 2018

Why We Need a New Jersey State Development Bank (NJSDB): The primary mission of the NJSDB would be to expand access to capital at competitive rates for credit worthy projects that fall within socially beneficial categories and are currently not funded, nor adequately financed. The NJSDB would manage risks wisely by adhering to best practices and lending standards. Initially, the NJSDB would be organized to address the most pressing unmet financial service needs experienced by many New Jerseyans and market segments in the state today. These financial service needs fall into the following categories:

– Public infrastructure related to transportation, environment/ climate change, renewable energy & energy efficiency, and more generally with respect to the still unfolding “smart cities” concept;

– Affordable housing & neighborhood revitalization with emphasis on development by non-profit organizations;

– Economic development & micro-lending with a special emphasis on underserved small business financial needs;

– Student loans and debt obligations, to be financed and managed ways that are more affordable and manageable to borrowers; and

– Retirement savings accounts available to workers who cannot currently save through employers

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