NJEDA to Open Application Window
for $100K Small Business Loans on
Monday, April 13

The New Jersey Economic Development Authority (NJEDA) is providing up to $100,000 loans for small businesses impacted by COVID-19 through the Small Business Emergency Assistance Loan Program. The NJESA will begin accepting applications for the program on Monday, April 13, 2020 at 9:00 am. The application window closes on Monday, April 20th at 9:00am.

Applications will be available at https://cv.business.nj.gov.

To allow business owners with the opportunity to prepare to apply, a pdf version of the application is available now at: https://www.njeda.com/pdfs/NJEDA_COVID-19_Loan_App_Walkthrough

The Small Business Emergency Assistance Loan Program is a $10 million program that will 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.

Businesses and nonprofits can use the NJEDA’s Eligibility Wizard to identify which emergency assistance programs they may want to consider: https://assistance.business.nj.gov/.

The Board of Commissioners would also like to remind residents to please support our local businesses during this difficult time.