The New Jersey Economic Development Authority will open preregistration for Phase 2 of the Small Business Emergency Assistance Loan Program at 9 a.m. Tuesday.
This loan program provides financing of up to $100,000 at 0% interest to eligible New Jersey small businesses and nonprofits. All entities must preregister before 5 p.m. July 30 to be eligible to apply for the loan.
All businesses and nonprofits must preregister during this window to be eligible to apply for loans — but preregistration is not first come, first served, EDA officials said.
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CEO Tim Sullivan said the EDA hopes the program will be of big benefit to the small business community.
“Our goal is to not only recover from the COVID-19 pandemic, but to also support the resiliency and long-term sustainability of New Jersey’s small businesses,” he said. “To this end, it is essential that we continue to provide the resources business owners need to reopen and thrive.”
The NJEDA created the Small Business Emergency Assistance Loan Program in March 2020 to make financing available to small businesses impacted by the COVID-19 pandemic. To date, the NJEDA has approved 145 loans for a combined total of more than $10 million.
Funded by the CARES Act, Phase 2 of the Small Business Emergency Assistance Loan Program makes additional financing available to New Jersey businesses and nonprofits, with a particular focus on entities that have taken on new space in 2021. 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 will be prioritized as “Stage 1” applicants and have exclusive, early access to the application.
Entities that meet all other eligibility criteria but do not meet the new lease, additional leased space or acquired owner-occupied commercial space criteria will be eligible to apply as “Stage 2” applicants.