The New Jersey Economic Development Authority board has approved NJ LEND.

The $30 million New Jersey Loan Expansion and Network Development pilot program aims to drive economic activity through job creation. It provides loans of up to $5 million to support New Jersey small businesses.

Other key details include:

• All businesses that receive funding through NJ LEND must create and/or retain one full-time job for every $65,000 in NJEDA loan exposure
• Modeled after NJEDA’s Premier Lender and Direct Loan programs, but with higher lending limits
• Offers fixed asset loans of up to $5 million for the purchase or refinance of owner occupied commercial real estate or new equipment, in addition to working capital loans of up to $1 million
• Will offer flexible lending options in the form of loan participations as well as line of credit guarantees in partnership with NJEDA Premier Lender financial institutions
• For-profit or nonprofit businesses in the state with no more than 750 Jersey employees are eligible to apply
• For more information, email businessbanking@njeda.gov

The NJEDA says the new program – which offers more than double the amount available through its already existing loan products – builds on the agency’s goals of reducing barriers for businesses seeking capital for growth, job creation and long-term stability. The agency also noted efforts such as the Main Street Recovery Finance Program — and that since 2021, nearly $170 million has been distributed through its suite of programs, bringing NJEDA’s total small business support to nearly $1 billion.

‘Empowering entrepreneurs’

In a press release, Gov. Phil Murphy said New Jersey small businesses are the lifeblood of our economy.

“And they support our workforce and local communities,” said Murphy. “The NJ LEND program offers an enhanced loan to help businesses grow and thrive. By creating access to capital, we are empowering entrepreneurs to build stronger, more resilient businesses across New Jersey.”

NJEDA Chief Executive Officer Tim Sullivan said the Murphy administration has prioritized small business support – to give these organizations the tools they need to survive and thrive in an ever-changing business environment.

“The NJ LEND program leverages the success of the NJEDA’s Premier Lender and Direct Loan programs by offering expanded and flexible financial resources,” said Sullivan. “Injecting much-needed capital into small businesses across the state will help drive economic growth, job creation, and increased business stability.”

Christina Renna, president and CEO of the Chamber of Commerce Southern New Jersey, said her organization appreciates the governor’s leadership in launching this program “at such an uncertain time for businesses across New Jersey.

“In today’s uncertain economy, programs Like NJ Lend are a lifeline for small businesses—empowering businesses to grow, innovate, and create jobs when it’s needed most,” said Renna.