More financing available for small businesses in NJ

The New Jersey Economic Development Authority has opened pre-registration for Phase 2 of its Small Business Emergency Assistance Loan program as part of Governor Phil Murphy’s ongoing COVID-19 relief effort.

NJEDA Director of Business Banking Derrick Benns said the loan program provides funding of up to $ 100,000 at 0% interest to small businesses and qualifying nonprofits in New Brunswick. Jersey.

NJEDA established this small business loan program in March 2020. To date, it has approved 145 loans for a combined total of over $ 10 million.

In this phase, Benns said funding will be available for entities that have been excluded from previous COVID-19 relief programs and will focus on those that have taken up new space in 2021.

Businesses with annual sales of $ 10 million or less that have signed a new lease, leased additional space, or acquired at least 500 square feet of owner-occupied commercial space on or after January 1, 2021 will be considered candidates for Stage 1, Benns said.

Small businesses that meet all other eligibility criteria will be able to apply as “Stage 2” applicants.

Initially, Phase 2 was approved in July 2020, Benns said. Then last June, a change was added because NJEDA wanted to target a different group of businesses excluded from the previous aid. Now the focus is on resilience. Uses of funds will be used to help companies move forward to achieve long-term sustainability.

In keeping with Murphy’s commitment to building a stronger, fairer New Jersey, Benns said $ 3.5 million of the $ 10 million program has been earmarked for qualifying businesses and nonprofits in the area of ​​opportunity.

There are 715 census tracts in New Jersey that are considered areas of opportunity. Benns said that if a company is located in one of these industries, it is more likely to be successful in securing the financing because there is a reserve for these companies in the opportunity area.

Interested companies can pre-register on the portal at https://business.nj.gov/covid/emergency-assistance-loan-program.

Benns said on the portal that interested entities can view frequently asked questions, a checklist, pre-registration slides as well as a Powerpoint on the program. There will also be an overview of the program and see slide by slide what the actual pre-registration application looks like.

All entities must pre-register before 5:00 p.m. on Friday July 30 to be able to apply for the loan. Pre-registration is NOT first come, first served, Benns said.

Once pre-registration is complete, applications will be open for Stage 1 candidates at 9:00 am on Tuesday August 3, 2021. Applications will remain open for 10 days. If NJEDA has not received enough applications from Stage 1 applicants, it will open applications to all other qualified Stage 2 entities on Friday August 13th.

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