Now Available: Stronger NJ Business Loan Program
The New Jersey Economic Development Authority (NJEDA) will now begin accepting applications for the Stronger NJ Business Loan Program. The Stronger NJ Business Loan Program is available to help small businesses and non-profits that were impacted by Superstorm Sandy, as well as businesses looking to expand within storm-impacted communities. Eligible small businesses and non-profits may apply for loans up to $5 million per eligible location, with 0% interest for the first 24 months. Loans can be used for renovation, new construction, equipment, and working capital. The maximum working capital loan amount is $500,000, exclusive of equipment.
To be eligible for the Stronger NJ Business Loan Program, businesses located within the nine most impacted counties in the State as determined by HUD (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union counties) must: 1) positively impact the economy of their community through either capital investment or the creation or retention of jobs; and/or 2) evidence a minimum of $5,000 in physical damage to real property and/or loss or damage of non-perishable and non-consumable inventory. Businesses located outside of the nine counties must meet the $5,000 damage/loss requirement.
For more information regarding the Stronger NJ Business Loan program, please visit http://application.njeda.com/strongernjbusinessloan.
Interested businesses and non-profits can also call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929) to speak with a representative to start the Stronger NJ Business Loan application process. The call center is open Monday-Friday, 8:00 a.m. to 6:00 p.m., excluding holidays.
Para español marque 1-855-SANDY-BZ.
The New Jersey Economic Development Authority (EDA) is an independent State agency that finances small and mid-sized businesses, administers tax incentives to retain and grow jobs, revitalizes communities through redevelopment initiatives, and supports entrepreneurial development by providing access to training and mentoring programs. For more information on EDA's products and services, please visit www.njeda.com.
