The New Jersey Economic Development Authority (NJEDA) will host a virtual public information session on the New Jersey Clean Energy Loans (NJ CELs) Program on Monday, April 17 at 1:00 p.m. The session will provide information on program eligibility, loan terms, engagement with banking partners, and the application process.

NJ CELs is an $80 million co-lending program launched by the NJEDA for small businesses seeking to finance clean energy projects. The NJEDA will lend between $250,000 and $10 million for projects requesting a total loan amount of $500,000 to $20 million.

Potential applicants, banking partners, and other interested parties can register for the April 17 information session here. A recorded version of the webinar will be posted at https://www.njeda.com/njcels/ following the event.

Applications for the NJ CELs program open Wednesday, April 19, 2023, and will be available here. To be eligible, an entity must have fewer than 750 Full-Time Equivalent (FTE) employees and be seeking financing for a clean energy business or project located in New Jersey. Complete eligibility requirements can be found here.

Businesses certified as minority-, woman-, or veteran-owned, as well as businesses or projects located in an overburdened community, are eligible for an additional one percent rate reduction and ten percent loan forgiveness if the project results in at least one job being created per $100,000 of aggregate loan.