Small Business Fund is sponsored by New Jersey Economic Development Authority (NJEDA). This fund can be used for fixed assets or working capital for New Jersey-based small businesses and not-for-profits. It offers a fixed interest rate with an expedited approval process.

Small Business Fund - NJEDA Checking your eligibility or exploring your financing options? START HERE: Submit Financing Interest Form Creditworthy small businesses in New Jersey may be eligible for assistance under the Small Business Fund. Minority-owned or women-owned businesses may qualify under criteria that support their unique circumstances.

Small businesses: Up to $500,000 Not-for-profits: Up to $500,000 with 1. 0X historical debt service coverage Can be used for fixed assets or working capital Fixed interest rate with expedited approval process New Jersey-based small businesses in operation for at least one full year with revenue less than or equal to 3 million; not-for-profits for at least 3 years. 1.

0x debt service coverage ratio for both non-profit and for-profit entities. Must be able to provide fixed assets (e.g. real property and machinery/equipment). Homebased businesses are ineligible.

Creditworthy small, minority-owned or women-owned businesses in New Jersey may be eligible for assistance under the Small Business Fund. Creditworthy small, minority-owned or women-owned business in New Jersey in operation for at least one full year who may not have the ability to get bank financing, or not-for-profit corporation in operation for at least three full years may be eligible for assistance under the Small Business Fund.

Financing can be used for fixed assets or working capital. Small Businesses: Up to $500,000. Nonprofits: Up to $500,000 with 1.

0X historical debt service coverage.

Business applicants looking to qualify for this program must*: be a New Jersey-based small business, in operation for at least one full year from date of application have no more than $3 million in total revenue be able to provide fixed assets (e.g. real property and machinery/equipment) New Jersey-based nonprofits must be in operation for at least three full years from date of application Homebased businesses are ineligible.

*Other credit criteria may apply Please be advised: New Jersey State law prohibits most cannabis license and certification holders from receiving or continuing to receive an economic incentive from the NJEDA.

If the applicant, or any person who controls the applicant or owns or controls more than one percent of the stock of the applicant, has applied for or received a license or a certification from the New Jersey Cannabis Regulatory Commission (NJ-CRC), the applicant is ineligible for this program and should not proceed with an application.

If an application is received from an applicant that meets this criteria, the application will be declined and the application fee will not be refunded. Based on the 5-year US Treasury or floor of 1%, whichever is higher, with basis point additions for credit risk Guarantee Fee: up to 0. 5% sized to percentage guarantee required, not to exceed 0.

5% (For example, 25% guarantee will require a 0. 25% fee, 50% guarantee will require a 0. 5% fee.)

Closing Fee: 0. 5% of the loan amount Commitment Fee: 0. 5% of the loan amount *All fees are non-refundable Division of Taxation Tax Clearance Certificate required.

Certificates may be requested through the State of New Jersey’s Premier Business Services (PBS) online portal . Under the Tax & Revenue Center, select Tax Services , then select Business Incentive Tax Clearance If the applicant’s account is in compliance with its tax obligations and no liabilities exist, the Business Incentive Tax Clearance can be printed directly through PBS.

Additional, instructions detailing how to secure your tax clearance certificate are available for download . Please be advised: It is the applicant/client’s responsibility to maintain a current and clear tax clearance certificate. If a current and clear certificate is not evidenced to NJEDA at time of closing, NJEDA will not proceed with closing.

Connect directly with your area’s NJEDA Business Banking Representative Select your county below to get started. Checking your eligibility or exploring your financing options?

START HERE: Submit Financing Interest Form Small Business Fund Brochure APPLICATION CHECKLIST SECTARIAN QUESTIONNAIRE NJEDA Legal Questionnaire Personal financial statement Form business debt schedule form OBTAINING YOUR TAX CLEARANCE CERTIFICATE Connect directly with your area’s NJEDA Business Banking Representative Select Your County Below to Get Started Additionally, for more information or to ask a specific question, please send an email to BusinessBanking@njeda.

gov and a team member will reach out to you.