The program was developed to provide financial assistance of up to $50,000 to early-stage and micro businesses in New Jersey for working capital or to buy equipment.
To qualify, businesses must have annual revenues of less than $1. million in the most recent fiscal year and cannot have more than 10 full-time employees at the time of the application. Startups are also eligible, but must demonstrate they have completed an entrepreneurship training program or Small Business Development Center counseling sessions.
“The new Micro Business Loan Program will help to fill a gap in the NJEDA’s suite of resources by enabling us to offer low-cost financing to very small, often early-stage companies,” NJEDA CEO Tim Sullivan said. “Improving access to capital and supporting micro businesses as they grow, create jobs, and invest in our communities is critical to building a stronger, fairer New Jersey economy.”
The MBL program will operate as a pilot program for up to three years or until the $1 million total funding pool is exhausted, the NJEDA said.