On March 10, the New Jersey Economic Development Authority (NJEDA) Board of Directors approved the creation of the Micro Lender Support Grant Program. This $2 million pilot program will make grant funding available to organizations that lend to New Jersey small and micro businesses.

The NJEDA anticipates launching the application for the Micro Lender Support Grant Program on April 19, 2021. Organizations interested in learning more about the program are encouraged to contact smallbusinessservices@njeda.com.  

The Micro Lender Support Grant Program will make an additional $2 million available to provide grants of up to $200,000 to CDFIs, Minority Depository Institutions (MDIs), and other eligible lenders as identified in the Economic Recovery Act. This pilot program is meant to identify and assist eligible partners. Grant funds received through the program can be used to fund operating expenses associated with servicing micro businesses and the buying down of interest rates of loans offered to micro businesses. CDFIs and MDIs based outside New Jersey that service New Jersey businesses will be eligible to receive funds, which will reduce the financial burden on New Jersey-based CDFIs and create new financing opportunities for New Jersey businesses.  

To read the NJEDA press release, click here.

Please reach out to Hilary Chebra, Manager, Government Affairs at hchebra@chambersnj.com if you have any questions.