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NJEDA Board Approves Updated Phase 2 of Small Business Emergency Assistance Loan Program
On June 9, the New Jersey Economic Development Authority (NJEDA) approved an update to Phase 2 of the Small Business Emergency Assistance Loan Program. The program will provide up to $100,000 in low-cost financing to New Jersey small businesses and nonprofits with priority given to entities that have taken on new space, transitioned from a home-based business or smaller space into a larger space, or acquired an owner-occupied commercial space.
Businesses with $10 million or less in annual revenue that have executed a new lease, leased additional space, or acquired an owner-occupied commercial space of at least 500 square feet on or after January 1, 2021 will be prioritized as “Stage 1” applicants and will have an exclusive application window, after which all eligible businesses may apply.
To ensure timely processing of applications, the NJEDA is implementing a two-step application process for Phase 2 of the Small Business Emergency Assistance Loan Program. Businesses and nonprofits interested in applying for loans must first pre-register for the program. Following the pre-registration period, applications will open for “Stage 1” applicants for a ten-day period, after which the Authority will open applications to all other qualified entities based on the availability of funding.
The NJEDA anticipates opening the pre-registration period beginning in July 2021, and specific dates and timing will be posted at https://business.nj.gov/covid/emergency-assistance-loan-program. All businesses must pre-register during the pre-registration period in order to be eligible to apply during Phase 2 of the Loan Program.
Please reach out to Hilary Chebra, Manager, Government Affairs at hchebra@chambersnj.com if you have any questions.
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