In addition to grants, NJEDA offers loans on competitive terms. We couldn’t get an answer from them on whether or not the wildly popular Microbusiness Loan program would be scheduled again. This is definitely one to watch for, since you can qualify for up to $50,000 loaned at 2% interest with no payments for the first year and the remainder of the debt forgivable after five years. Non-profits can qualify for zero interest on debt service coverage., while commercial businesses pay 1.1 for their debt service coverage ratio.

Homebased businesses are ineligible.

General Details:

Businesses must commit to the retention and/or creation of one new full-time job for every $65,000 of NJEDA exposure within 2 years.

1.1x debt service coverage ratio; 1.0x debt service coverage for non-profits.

Must be able to provide fixed assets (e.g. real property and machinery/equipment).