Former Gov. Chris Christie and his wife Mary Pat on Friday launched a short-term loan program for small business affected by COVID-19. 

The NJ 30-Day Fund, modeled after a non-profit in Virginia, should be running as early as this week and providing loans to businesses, said Mary Pat Christie in a statement. It will start with $100,000 from the Christie family, according to the announcement. 

“Our hope is to quickly provide some financial relief to help those businesses who need it most,” Chris Christie said in the announcement, and “that this will be one more example of New Jersey residents helping New Jersey residents.” 

Christie, a Republican who left office in 2018, has kept a relatively low profile since reaching his two-term limit and turning over control of the state to Democratic Gov. Phil Murphy. He’s been a regular presence as a political analyst on ABC’s “This Week With George Stephanopoulos,” started a consulting firm, a law firm and, most recently, registered as a federal lobbyist.

Christie also started a civic institute partnered with his alma mater Seton Hall University, which had planned to donate money for law students, but the the NJ 30-Day Fund is the first known major contribution his family has personally made to benefit the general public. 

The loans will be forgivable up to $3,000 for businesses owned and operated by a New Jersey resident. They must have between three and 30 employees. The application process was described as “simple and quick,” with an answer on applications within three days.

The fund was modeled after, and partnered with, the non-profit VA 30-Day Fund started in April by marketing executive Pete Snyder and his wife, Burson. Mary Pat Christie said that in speaking with the Snyders, “it was apparent that the quick turnaround was a life-saver for small businesses which were waiting to reopen.” 

New Jersey is in the second phase of its reopening, with retail, nail salons and outdoor dining starting back up with limited capacity. But many other businesses are shuttered and, after three months of lockdown measures, anxious to reopen and running out of money to survive. 

If businesses that receive the loans can re-pay them, the repayments would go back into the fund for loans to other businesses, the Christies said in the announcement. 

The fund has gotten assistance from Seton Hall business, law, undergraduate and other college students who will review grant applications and help businesses through the process, the announcement said. And several unnamed New Jersey companies are offering volunteer services, it said. 

The fund can accept contributions from businesses and individuals. To contribute, or for more information, visit nj30dayfund.com.

Dustin Racioppi is a reporter in the New Jersey Statehouse. For unlimited access to his work covering New Jersey’s governor and political power structure, please subscribe or activate your digital account today.

Email: [email protected] Twitter: @dracioppi 

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