NJEDA to Receive Federal Funds to Support New Jersey’s Small Business Community
The New Jersey Economic Development Authority (NJEDA) announced that the State of New Jersey is poised to receive more than $255 million in funding through the federal State Small Business Credit Initiative (SSBCI). The NJEDA will utilize this funding to develop six programs that will provide financial and technical assistance to small and micro businesses, and early-stage, innovation-focused companies located in New Jersey.
The NJEDA plans to create and launch the following six programs with the SSBCI funding:
An $80 million Clean Energy Business Financing Program will offer loan participations or companion loans to eligible small businesses seeking to finance qualifying clean energy projects that create jobs in New Jersey.
A $60 million Life Science Investment program will invest funds into one or more venture funds to support early-stage New Jersey life science businesses.
A $50 million Blended Capital Fund program will co-invest SSBCI funds in an investment vehicle that supports the purchase of eligible loans from Community Development Financial Institutions (CDFIs) serving New Jersey, allowing them to do more lending.
A $25 million Recovery Loan Loss Reserve will provide CDFIs and Minority Depository Institutions (MDIs) the ability to leverage their resources to support more small businesses.
A $20 million SEDI Seed Fund will invest funds into one or more venture funds to support seed and early-stage startups with SEDI owners.
A $20 million Angel Match Program will match direct investment in early-stage, product-based technology companies on a one-to-one basis.
For more information on the programs, click here.