EDA’s Entrepreneur Support Program awards $700K to 5 small businesses

The New Jersey Economic Development Authority announced on Friday it has supported 12 investments totaling $700,000 into five small businesses through the newly-established New Jersey Entrepreneur Support Program.

The $5 million program was designed to support small businesses in New Jersey that have been impacted by COVID-19 by encouraging portfolio reinvestment. It provides an EDA guarantee of up to 80% for an eligible new loan or convertible note by a qualified investor into a New Jersey qualified business.

To qualify, investors have to provide funding to a New Jersey company through a simple agreement for equity, convertible note or equity investment as of March 9 (The date of Gov. Phil Murphy’s Executive Order 103.)

“Continued investments into New Jersey’s emerging innovation companies is fundamental to their ability to survive, especially as they seek to weather the financial impacts of COVID-19,” NJEDA CEO Tim Sullivan said. “Under Governor Phil Murphy’s leadership, we’re committed to ensuring that investment dollars don’t stop flowing to all sectors of the innovation economy during this critical period. The New Jersey Entrepreneur Support Program is key to that strategy.”

Here are the companies that are the first to benefit from the program:

  • $50,000: Roselle Park-based 3D Custom Foods Corp. dba as Holi Chow, offers an online, customizable, subscription dog food service;
  • $200,000: Holmdel-based Hope Portal Services dba Hope Trust, is a technology-based trust company specializing in helping families and their loved ones with special needs;
  • $25,000: Manalapan-based iSport360, is a technology firm that has a virtual youth sports platform to help coaches, players and parents connect and train during COVID-19;
  • $200,000: Princeton-based Ricovr Healthcare Inc., a developer of biosensor technology platform for saliva-based Point-of-Care medical devices;
  • $230,000: Eatontown-based SunRay Scientific LLC, a global technology company that develops and manufactures conductive adhesive materials for miniaturized, flexible electronics.

“The Coronavirus pandemic has affected every single industry, including ones as specialized as ours,” Holi Chow CEO David Kovacs said. “Securing funding guaranteed through the New Jersey Entrepreneur Support Program has made a tremendous difference in our ability to offering our products to our customers around the world.”