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Applications & Forms; Contact EDA. Please email if you have any questions about this requirement.
Loans made through the program will have 10-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years.A $10 million Community Development Finance Institution Emergency Loan Loss Reserve Fund to take a first loss position on CDFI loans that provide low interest working capital to micro businesses. You can reach the NJEDA Office of Recovery at 1-855-SANDY-BZ or StrongerNJBusiness@njeda.com. For businesses impacted by COVID-19, please dial toll free 1-844-965-1125 for information on available resources.Businesses must commit to the creation or retention of one full-time job for every $65,000 of NJEDA exposure within two yearsDivision of Taxation Tax Clearance Certificate required. The programs provide a suite of compatible offerings that address these businesses’ varied needs and include mechanisms to provide funding and assistance as quickly as possible.Many of the resources are designed to be scalable with the addition of federal and philanthropic resources if they become available. Submitting an application will ensure that the applicant would be eligible if additional funds became available for this round of grant funding.The program provides grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services—such as repair, maintenance, personal, and laundry services—to stabilize their operations and reduce the need for layoffs or furloughs.The NJEDA board approved the grants and other new programs March 26 with the intention of supporting businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.The initiatives include a zero-interest loan program for midsize companies, support for private-sector lenders and Community Development Financial Institutions, funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak.A $1.25 million CDFI Emergency Assistance Grant Program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak.A $5 million NJ Entrepreneur Support Program that will encourage continued capital flows to new companies, often in the innovation economy, and temporarily support a shaky market by providing 80 percent loan guarantees for working capital loans to entrepreneurs.A $10 million Small Business Emergency Assistance Guarantee Program that will provide 50 percent guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or Premier CDFI programs.A $150,000 Emergency Technical Assistance Program that will support technical assistance to New Jersey-based companies applying for assistance through the U.S. Small Business Administration. Submitting an application will ensure that the applicant would be eligible if additional funds became available for this round of grant funding.The program provides grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services—such as repair, maintenance, personal, and laundry services—to stabilize their operations and reduce the need for layoffs or furloughs.The application for a $10 million small business loan program will go live Monday, April 13.The NJEDA board approved the grants and other new programs March 26 with the intention of supporting businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.The initiatives include a zero-interest loan program for midsize companies, support for private-sector lenders and Community Development Financial Institutions, funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. Firms would be encouraged to maintain payroll, and operating costs could be forgiven if participating companies met specific requirements.The New Jersey Economic Development Authority (NJEDA) Board today approved a suite of new programs designed to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.The package of initiatives includes a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Financial Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. This Executive Order will generally cover:Exceptions to this shut-down include: projects at our hospitals and schools, in our transportation and utility sector, the building of affordable housing, other individual housing sites that can adhere to strict limits on the number of workers on-site at any given time, emergency repairs, and work needed to safely secure a construction site, and other limited instances.The COVID-19 outbreak is causing extraordinary disruption for companies and non-profits across the Garden State. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide.For more information about NJEDA resources, call (609) 858-6767.For full details on eligibility about NJEDA programs, go online to Rob Anthes is managing editor at Community News Service, and also serves as the editor of the Hamilton Post. The application remains open until Friday, April 10, though, and NJEDA encourages businesses who have not applied to still do so.
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