Pre-registration for EDA’s emergency loan program (the interest-free one) opens this morning
The New Jersey Economic Development Authority will open pre-registration for Phase 2 of the Small Business Emergency Assistance Loan program at 9 a.m. on Tuesday.
This loan program provides funding of up to $ 100,000 at 0% interest to qualifying New Jersey small businesses and nonprofits. All entities must pre-register by 5:00 p.m. on July 30 in order to apply for the loan.
All businesses and nonprofits must pre-register during this window to be able to apply for loans – but pre-registration is not first-come, first-served, EDA officials said.
Click here for more information.
CEO Tim Sullivan said EDA hopes the program will be of great benefit to the small business community.
“Our goal is not only to recover from the COVID-19 pandemic, but also to support the resilience and long-term sustainability of small businesses in New Jersey,” he said. “To that end, it’s critical that we continue to provide the resources business owners need to reopen and thrive. “
NJEDA established the Small Business Emergency Assistance Loan program in March 2020 to make financing available to small businesses affected by the COVID-19 pandemic. To date, NJEDA has approved 145 loans for a combined total of over $ 10 million.
Funded by the CARES Act, Phase 2 of the Small Business Emergency Assistance Loan program makes additional funding available to New Jersey businesses and nonprofits, with a particular focus on businesses and nonprofits in New Jersey. entities that have moved into new premises in 2021. Businesses with $ 10 million or less per year have revenues that have signed a new lease, leased additional space, or acquired owner-occupied commercial space of at least 500 feet squares as of January 1 will be given priority as “stage 1” applicants and will have exclusive and early access on demand.
Entities that meet all other eligibility criteria but do not meet the criteria of the new lease, additional rented space, or acquired commercial space occupied by the owner will be eligible to apply as’ milestone applicants. 2 ”.