NJEDA Begins Accepting Applications for Expanded Micro Business Loan Program
On August 11,the New Jersey Economic Development Authority (NJEDA) announced that it has started accepting applications for its expanded Micro Business Loan Program to support New Jersey small businesses, many of which are facing business interruption as a result of COVID-19. The application can be found at www.njeda.com/microbusinessloan. Applications will be accepted on a rolling basis.
Under the expanded program, $10 million is available for financing of up to $50,000 for micro businesses and nonprofits with ten or fewer full-time employees and no greater than $1.5 million in annual revenues. Loans through this program will have a 10- to 15-year term, with interest rates at two percent and no principal or interest payments for the first three years. Under the Micro Business Loan Program, financing can be used for inventory, the purchase of equipment, or working capital.
Businesses that may be interested in the program should visit www.njeda.com/MicroBusinessLoan to review the program eligibility and access the loan application. Once the loan application is submitted, if the NJEDA determines the business may be eligible, the business will be asked to provide additional financial information the NJEDA will need to make a final decision on the loan application. Applicants that wish to start gathering any financial information needed can review the application checklist located on the program webpage for further guidance.
Please reach out to Hilary Chebra, Manager, Government Affairs at firstname.lastname@example.org if you have any questions.