JERSEY CITY, N.J., July 20, 2016 /PRNewswire/ -- World Business Lenders, a fast-growing small business lender, today hosted a ribbon-cutting ceremony to celebrate the relocation of its corporate headquarters to 101 Hudson Street, Jersey City, NJ. Jersey City Mayor Steven M. Fulop delivered a proclamation to the company, and U.S. Congressman Donald M. Payne, Jr. (NJ-10) and former U.S. Congressman Edolphus Towns (NY-10 & 11) offered congratulatory remarks.
"World Business Lenders is committed to enhancing the vitality and sustainability of small businesses across the country, and we are thrilled to contribute to the growth of Jersey City as a haven for commerce," said Doug Naidus, Founder and CEO of World Business Lenders. "By continuing to increase jobs, we are enthusiastic about growing our company while adding to the momentum of this tremendous city. We are delighted to call Jersey City our new home."
World Business Lenders' move will bring 225 jobs to Jersey City by the end of 2016, contributing to the expansion of the local economy and infrastructure of the city as it continues to develop into a thriving center for business. As part of its relocation, World Business Lenders is working with the Office of the Jersey City Mayor to support the local small business community.
"Helping small businesses thrive has been one of the guiding priorities of my administration, which makes World Business Lenders' relocation to Jersey City even more rewarding," said Mayor Steven Fulop. "Not only will this mean 225 new jobs for Jersey City, but we are also welcoming a company whose mission fits so well with what we're trying to accomplish. This is a great addition to our Jersey City business community."
World Business Lenders' decision to relocate to New Jersey was supported by a Grow New Jersey (Grow NJ) award approved by the New Jersey Economic Development Authority (EDA) this past February, which will offer performance-based tax credits to the company of up to $16.8 million over ten years. The project is expected to have a net benefit to the State of New Jersey of more than $85 million over 20 years.
"The Grow NJ program was designed to help New Jersey compete with other locations that are attractive for businesses looking to expand or relocate," said Melissa Orsen, Chief Executive Officer of EDA. "We are delighted to see World Business Lenders joining the ranks of companies that recognize all New Jersey has to offer in terms of location and financial industry talent."
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About World Business Lenders Newly headquartered in Jersey City pursuant to an agreement with the EDA to create jobs in New Jersey, World Business Lenders specializes in providing collateralized business-purpose loans and access to capital to support the growth and development of underserved small-to-medium sized businesses that lack access to traditional bank funding. Since commencing operations in 2011 (originally in New York City), the company has built a nationwide network of branches to better serve this vital sector of the U.S. economy. World Business Lenders is led by a management team with extensive experience in the financial industry and employs a disciplined approach to credit analysis and risk management.