TD Equipment Finance Provides $12MM Loan to NJ School District

According to the Paterson Times, TD Equipment Finance provided the Paterson, NJ school district with a $12 million loan using textbooks as collateral.

The Times reported the the school district sought the loan in order to offset a severe cash crunch that may have resulted in the loss of 120 jobs.

The Times added the loan has been guaranteed by the Passaic County Improvement Authority at a 3.74% interest rate and must be repaid over the next five years.

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