Helpful Application Tips for NJ Small Business Grants
A small business is defined as having less than 500 employees, and New Jersey has about 192,244. Are you one of them?
If so, you may be looking into financial assistance for your company. The New Jersey Economic Development Authority (NJEDA) offers several programs to help small businesses succeed, including low-cost financing and direct loans. But which one is right for you?
Here is a short breakdown of the best NJ small business grants to consider:
1. Micro Business Loan Program
Loan Amount: Provides up to $50,000 to for-profit businesses
Requirements:
- Legally registered in New Jersey
- A business location in New Jersey
- An annual revenue of no more than $1,500,000 in the most current fiscal year
- 10 full-time employees or less at time of application
- Startup businesses are eligible but must have been operating between 6-12 months and provide the
- Authority with a business plan and five-year projections
Application Process:
- Complete and submit an application to NJEDA with information about your business and how you intend to use the loan
- If your business meets the eligibility requirements, the NJEDA will contact you by email to upload additional financial documentation
2. Premier Lender Program
Loan Amount:
- Up to $2 million loan participation or $1.5 million loan guarantee for fixed assets
- Up to $750,000 loan participation or $1.5 million loan guarantee for term working capital
- Up to $750,000 line of credit guarantee
Requirements:
- In operation for at least two years
- Must create or retain one new full-time job for every $65,000 in EDA exposure within two years
- Have a 1.1x debt service coverage ratio
Application Process: Submit your application online at the NJEDA’s website
3. Small Business Fund
Loan Amount: Provides up to $500,000 to for-profit businesses
Requirements:
- Creditworthy small, minority-owned, or women-owned
- In operation for at least one full year
- May not have the ability to get bank financing
Application Process: Submit your application online at the NJEDA’s website
Application Assistance for NJ Small Business Loans
Are you trying to apply for a small business loan in Morris County, New Jersey? Connect with the Morris County EDC—we can help! We partner with organizations to provide loans, resources, and training to help grow their business. Speak with a team member today to learn how MCEDC membership can benefit your business. Call (973) 539-8270 or book an appointment online today.