In partnership with the New Jersey Economic Development Authority (NJEDA), TEC Capital and The Enterprise Center of New Jersey offer flexible loans for New Jersey business owners who need capital when other avenues have been blocked.

Loan terms:

- Up to 10-year term at 5% interest

- 12-month payment moratorium after closing

- No minimum credit score

- No prepayment penalty

- 1% origination fee

Who qualifies:

- Fewer than 10 full-time employees

- Less than $1.5 million in annual revenue, based on the most recent federal tax return

- For-profit business

- Commercial location in New Jersey (home-based businesses may qualify)

- Current New Jersey Business Tax Clearance Certificate

Eligible uses include equipment, inventory, and operating expenses such as payroll, marketing and rent. Funds cannot be used to refinance existing debt or for construction or repair work over $1,999.99. Businesses holding or applying for a New Jersey cannabis license are not eligible.

ADDITIONAL LOAN PRODUCTS

- Micro Loans: up to $50,000

- Small Business Loans: $50,000 to $500,000

- Own Your Door: up to $500,000 for Philadelphia-based businesses looking to purchase the commercial property they occupy, at up to 90% loan-to-value (the business must occupy at least 51% of the usable space)

Beyond financing, TEC offers business advisory services to help owners strengthen their financials, prepare their loan applications, and make well-informed decisions as they grow.

Interested members can submit an inquiry at https://www.cognitoforms.com/TheEnterpriseCenter/CCIBusinessIntakeInitialForm.