At its monthly meeting today, the NJEDA Board approved enhancements to its Premier Lender Program, a partnership with more than two-dozen banks throughout New Jersey that is designed to help small businesses overcome financial obstacles that can stall growth and expansion through EDA loan participations and guarantees. Changes include extending the EDA’s loan term and amortization from 10 years to 30 years. This enhancement also applies to the EDA’s direct loan programs, which can offer up to $3 million for fixed assets and up to $750,000 for working capital. In addition, the EDA will now be able to fix interest rates for up to 30 years across its small business lending programs.
Applications for the new Access program are now available via www.njeda.com/access. NJEDA will initially be making a total of $15 million available for small businesses through Access. Basic eligibility requirements include: the business has been in operation for at least two full years; the average historical and global debt service over the past two years is at least 1.25x; and, the FICO score for 50 percent of the personal guarantors must be at least 700.
To read Governor Murphy's full economic plan, please visit: https://www.njeda.com/pdfs/StrongerAndFairerNewJerseyEconomyReport.aspx
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.