We sent information yesterday on the New Jersey Economic Development Authority’s (NJEDA) Small Business Emergency Assistance Loan Program. The applications open on Monday, April 13 at 9:00 am, but NJEDA has provided a copy of the loan application to help businesses prepare their submission.1 Click here to access the loan application copy.
Per NJEDA’s website, the Small Business Emergency Assistance Loan program is designed to provide working capital loans of up to $100,000 to small and mid-size businesses with a physical commercial location in New Jersey. To qualify, businesses must have less than $5 million in annual revenues and be able to show a negative impact resulting from the COVID-19 outbreak. Loans made through the program will have ten-year terms with zero percent interest for the first five years, then resetting to the NJEDA’s prevailing floor rate for the remaining five years, with a three percent cap.2 Completed applications will be considered on a first come, first serve rolling basis.
Please click here to read all the details including qualifications from the State’s COVID-19 Business Information Hub. You can also click here for the NJ COVID-19 Business Support Eligibility Wizard.
Please contact Cg with questions.