The New Jersey Casino Reinvestment Development Authority (CRDA) today announced the launch of its new Microloan Program, designed to provide critical funding support for small-scale economic development projects throughout Atlantic City. The program will make available $2 million in initial funding for the period of July 1, 2025, through December 31, 2025.

The CRDA Microloan Program will offer loans up to $500,000 per application, covering up to 50% of total project costs. The initiative is specifically designed to support small businesses and economic development projects that may face challenges securing conventional financing.

The program features flexible five-to-ten-year loan terms with competitive interest rates set by the Authority. The CRDA will begin accepting applications on July 1, 2025, and will continue to accept applications until program funds are exhausted. Costs eligible for financing include construction, equipment purchases, permits, and other qualifying economic development costs.

Applicants must provide evidence of attempting to secure conventional funding, contribute at least 20% equity to their projects, and provide personal guarantees for loans. All construction work funded through this program must comply with prevailing wage requirements.

CRDA will evaluate the program's performance after an initial six-month period to determine whether to continue and potentially expand the initiative.

For more information about the CRDA Microloan Program and application procedures, visit www.njcrda.com or contact the Planning and Development Division at (609) 347-0500.

About the Casino Reinvestment Development Authority

The only agency of its kind nationwide, the CRDA has used Atlantic City casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents since 1984. Under the 2011 Tourism District Act, the Authority's mission evolved from statewide projects to becoming the state's key economic development agency for Atlantic City. CRDA's expanded responsibilities now include land use regulation, tourism marketing and clean and safe initiatives. The CRDA also oversees Historic Boardwalk Hall (the leading entertainment venue of its size in the country) and the Atlantic City Convention Center. In total, CRDA has invested nearly $2 billion in more than 400 projects statewide, of which $1.8 billion has been invested in Atlantic City, spurring business investments and expansions, and creating permanent jobs in the process. For more information about CRDA and our projects, visit www.njcrda.com, and follow us on LinkedIn, Facebook and X.