Funding Portal SMBX Partners with Mercer County on Business Investments

SMBX, a FINRA-regulated funding portal, has partnered with Mercer County’s new Small Business Investment Program to help small businesses raise funding directly through retail investors in their communities as well as nationwide.

SMBX is best known for its bank-replacement product or the issuance of small business bonds to provide access to capital for smaller firms.

Mercer County is located in the state of New Jersey.

This is SMBX’s second such program, the first being established in Washington, DC.

Mercer has selected SMBX to connect small businesses and investors. As part of the funding ($500,000) established by the American Rescue Plan Act (ARPA), the county has helped to raise funds for at least 30 Mercer County small businesses on the SMBX marketplace.

Mercer County Executive Brian M. Hughes said they continue to invest in their small business community, adding that the partnership will allow startups and established businesses to access funding via the SMBX online platform.

“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 with no fees for owners or investors.”

SMBX and the Mercer County Office of Economic Development are expected to work closely with business organizations to market the program and provide technical assistance to small businesses to prepare them to raise capital through SMBX.

John E. Harmon, Sr., IOM, Founder, President & CEO, AACCNJ, said he is pleased with the Hughes administrations support of providing access to capital to members of the African American Chamber of Commerce and businesses throughout Mercer County.

“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.”

Effectively, small businesses will not need to apply for a loan from a bank but will issue small business bonds via SMBX. Investors will purchase the bonds providing the capital needed to operate the business. These bonds will pay a fixed interest rate. At the same time, the bonds do not require a personal loan guarantee.

By investing in Small Business Bonds for as little as $10, investors can earn a monthly return by lending money to their favorite local small businesses while gaining more control over their money. Businesses must be located in Mercer County.

The Mercer County Small Business Investment Program will run through September 2024.

 


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