By: Najla Alexander
Mercer County officials announced the launch of Mercer County's new Small Business Investment Program to help small businesses raise funding directly through retail investors in their communities and nationwide.
Mercer County Executive Brian M. Hughes said through a competitive bid process, the County selected SMBX, the online marketplace connecting small businesses and everyday investors, to run the program.
According to officials, Mercer County has set aside $500,000 in American Rescue Plan Act (ARPA) funding to manage the program and drive retail investment to at least 30 Mercer County small businesses on the SMBX marketplace.
The funds will keep the program free for small businesses.
"Mercer County continues to invest in our small-business community," said County Executive Hughes.
"On the heels of the Mercer County Small Business Grant program, this SMBX initiative will allow start-ups and established businesses alike to grow and expand through the infusion of much-needed capital."
"Small-business owners nationwide are choosing to raise funds through everyday investors in their communities, giving people a chance to earn money by investing in the businesses they love," said Ben Lozano, co-founder and CEO of SMBX.
"We're excited to partner with Mercer County to help businesses raise funds without fees for owners or investors."
Officials say small-business owners can apply to raise funds through the Mercer County Office of Economic Development, SMBX, and the African American Chamber of Commerce of New Jersey (AACCNJ).
SMBX and the Mercer County Office of Economic Development will work closely with business organizations and chambers of commerce.
Officials said, including the Princeton Mercer Regional Chamber, the AACCNJ, the Capital Region Minority Chamber of Commerce, and the Latino Merchants Association, to market the program and provide technical assistance to small businesses to prepare them to raise capital through SMBX.
"We are pleased with the decision of the Hughes Administration to support our efforts to expand capital access to the members of the African American Chamber of Commerce and businesses throughout Mercer County," said John E. Harmon, Sr., IOM, Founder, President & CEO, AACCNJ.
"It is through the efforts of forward-thinking leaders that we can collectively collaborate to advance best practices that can lead to transformational outcomes; the resulting benefit will be a more competitive Mercer County."
The Mercer County Small Business Investment Program will run through September 2024.
