January 06 2020 0Comment

NJEDA Begins Expands its Micro Business Loan Program

On June 9, 2020, the NJEDA Board approved an expansion of the Micro Business Loan Program to provide support to a wider range of New Jersey micro businesses. The application for the expanded program is currently in development, and expected to be available in July 2020. NJEDA has suspended accepting applications for this program until the new application is ready.

The Micro Business Loan Program makes financing of up to $50,000 available to businesses with annual revenues in the most current fiscal year of no greater than $1,500,000, and 10 full-time employees or less at time of application. Financing can be used for inventory, the purchase of equipment, or working capital. Ten percent of the approved loan amount may be forgiven if the business is still open and in operation 12 months from date of loan closing.

Startup businesses (defined as being in operation 6-12 months) are eligible for financing but must provide the Authority a business plan and five-year projections at time of application.

For more information visit: https://www.njeda.com/financing_incentives/small_midsize_business/Microbusiness-Loan-Program

To learn more about NJEDA resources, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitter, and LinkedIn.