On April 21, the New Jersey Economic Development Authority (NJEDA) board approved a new loan program designed to support the evolving needs of New Jersey businesses. The $30 million pilot program, known as the New Jersey Loan Expansion and Network Development (NJ LEND) program, will offer loans up to $5 million, more than double the amount offered through the Authority’s already existing loan products.
“New Jersey’s small businesses are the lifeblood of our economy, and they support our workforce and local communities,” said Gov. Phil Murphy. “The NJ LEND program offers an enhanced loan to help businesses grow and thrive. By creating access to capital, we are empowering entrepreneurs to build stronger, more resilient businesses across New Jersey.”
“Under Gov. Murphy’s leadership, the NJEDA has prioritized small-business support, giving them the tools they need to survive and thrive in an ever-changing business environment,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJ LEND program leverages the success of the NJEDA’s Premier Lender and Direct Loan programs by offering expanded and flexible financial resources. Injecting much-needed capital into small businesses across the state will help drive economic growth, job creation and increased business stability.”
NJ LEND is modeled after the NJEDA’s Premier Lender and Direct Loan programs, but it offers higher lending limits for financing to small businesses with no more than 750 employees. The new program will offer fixed asset loans of up to $5 million for the purchase or refinance of owner-occupied commercial real estate or new equipment. The program will also offer working capital loans of up to $1 million. Additionally, NJ LEND will offer flexible lending options in the form of loan participations and line of credit guarantees in partnership with NJEDA Premier Lender financial institutions.
“In today’s uncertain economy, programs Like NJ LEND are a lifeline for small businesses —empowering businesses to grow, innovate and create jobs when it’s needed most,” said Christina Renna, president & chief executive officer of the Chamber of Commerce Southern Jersey. “We appreciate the governor’s leadership in launching this program at such an uncertain time for businesses across the state.”
Through NJ LEND and the Authority’s current loan programs, the NJEDA is helping reduce barriers for businesses seeking capital for growth, job creation and long-term stability. Additionally, through the Main Street Recovery Finance Program, the NJEDA is bolstering the small-business community by ensuring business owners have the resources needed to expand, grow and thrive. Since 2021, nearly $170 million has been distributed through Main Street’s suite of programs, bringing the NJEDA’s total small-business support to nearly $1 billion.
In line with NJEDA’s existing traditional lending programs, the primary goal of NJ LEND is to drive economic activity through job creation. All businesses receiving funding through NJ LEND will be required to create and/or retain one full-time job for every $65,000 in NJEDA loan exposure, fostering individual business growth and strengthening workforce development throughout the state.
Eligible applicants under the NJ LEND program may be for-profit or nonprofit businesses in New Jersey with no more than 750 New Jersey employees. For more information and to apply, email businessbanking@njeda.gov.
