The New Jersey Economic Development Authority board approved an update to Phase 2 of the Small Business Emergency Assistance Loan Program on Wednesday — one that will give priority to businesses that have taken on new space, transitioned from a home-based business or smaller space into a larger space, or acquired an owner-occupied commercial space.
The program will provide up to $100,000 in low-cost financing to small businesses and nonprofits who fit that description. (See more information here.)
EDA CEO Tim Sullivan said the program is intended to help those who may not have been eligible for previous programs.
“As we move into recovery from the COVID-19 pandemic, it is essential that we continue to provide the resources business owners need to reopen and thrive,” he said. “The improvements to Phase 2 of the Small Business Emergency Assistance Loan Program approved today will make much-needed financing available to New Jersey businesses, with a focus on growing businesses that have been left out of previous COVID-19 relief programs.”
Businesses with $10 million or less in annual revenue that have executed a new lease, leased additional space or acquired an owner-occupied commercial space of at least 500 square feet on or after Jan. 1, 2021, will be prioritized as “Stage 1” applicants and will have an exclusive application window, after which all eligible businesses may apply.
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To ensure timely processing of applications, the NJEDA is implementing a two-step application process for Phase 2 of the Small Business Emergency Assistance Loan Program. Businesses and nonprofits interested in applying for loans must first preregister for the program. Following the preregistration period, applications will open for “Stage 1” applicants for a 10-day period, after which the authority will open applications to all other qualified entities based on the availability of funding.
The NJEDA anticipates opening the pre-registration period beginning in July 2021, and specific dates and timing will be posted here.