SBA

NJEDA Small Business Emergency Assistance Loan Program

Businesses and residents throughout New Jersey are feeling the economic impact of the Coronavirus pandemic. The New Jersey Economic Development Authority (NJEDA) is offering support with a series of initiatives to aid businesses and workers during this time.

NJEDA will launch the application for its $10 million Small Business Emergency Assistance Loan Program on Monday, April 13, 2020 at 9:00 am.1

To provide business owners the opportunity to prepare to apply for the loan, a PDF version of the application will become available today.

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.

We will keep you updated with new information. In the meantime, please feel free to contact Cg with questions.

Sources:
1. “How Do I Apply to the NJEDA Small Business Emergency Assistance Loan? (Application Open April 13, 2020, at 9:00 A.m.).” Business.NJ.gov FAQ. Business.NJ.gov, April 3, 2020. https://faq.business.nj.gov/en/articles/3835238-how-do-i-apply-to-the-njeda-small-business-emergency-assistance-loan-application-open-april-13-2020-at-9-00-a-m.
2.“NJEDA Announces Application Launch Date for Loan Program for Small Businesses Impacted by COVID-19.” NJEDA, April 3, 2020. https://www.njeda.com/Press-Room/News-Articles/Press-Releases/NJEDA-Announces-Application-Launch.