New Jersey Economic Development Authority

Loan for Small Businesses and Nonprofits

$500k

Amount

Cash

Rolling

Deadline

New Jersey

Geography

Regional

Grant

Type

Government

Economic Empowerment (Business)
Community Development & Housing

Share this grant:

About this grant

Provides financing for fixed assets or working capital to creditworthy small businesses and nonprofits that may not qualify for traditional bank financing. Funding can be applied toward real property, machinery, equipment, or working capital needs. Minority-owned and women-owned businesses may qualify under criteria that support their unique circumstances.

What you get

Up to $500,000 in financing for small businesses
Up to $500,000 in financing for nonprofits with 1.0X historical debt service coverage
Fixed interest rate
Expedited approval process
Financing usable for fixed assets or working capital

How to apply

Financing Interest Form
Application checklist documentation
Personal Financial Statement Form
Business Debt Schedule Form
Tax Clearance Certificate
NJEDA Legal Questionnaire
Sectarian Questionnaire (if applicable)

Eligibility

Must be a New Jersey-based small business or nonprofit
Small businesses must be in operation for at least one full year
Nonprofits must be in operation for at least three full years
Small business revenue must be less than or equal to $3 million
Must maintain a 1.0x debt service coverage ratio
Must be able to provide fixed assets (e.g., real property and machinery/equipment) as collateral
Homebased businesses are ineligible
Must be creditworthy and may not have the ability to obtain bank financing

The funder

A New Jersey state government agency that provides substantial funding to small businesses through the Small Business Fund program.

See the rest of this grant