On June 9, the New Jersey Economic Development Authority (NJEDA) announced an expansion of its Micro Business Loan Program to assist New Jersey small businesses. The expanded program will provide financing up to $50,000 for micro businesses and nonprofits with ten or fewer employees and no greater than $1.5 million in annual revenues.

The application for the expanded Micro Business Loan Program is currently in development, and is expected to be available soon. The NJEDA will waive all fees for three months from the date the application is opened. More information about the enhanced program is available at www.njeda.com/microbusinessloan.

The expanded Micro Business Loan Program is open to for-profit businesses with a business location in New Jersey, as well as home-based businesses and not-for-profit organizations that have been in operation for at least two years. Startup businesses, defined under the program as business in operation between six months and one year, may also be eligible for the program, but will be required to provide a business plan and five-year projections at application.

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