Preregistration Open For NJEDA Small Business Emergency Assistance Loan Program
Today at 9 a.m. EDT, the New Jersey Economic Development Authority (NJEDA) opened pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program as part of Governor Phil Murphy’s ongoing COVID-19 relief and recovery efforts. This loan program provides financing of up to $100,000 at 0-percent interest to eligible New Jersey small businesses and nonprofits. All entities must pre-register before 5 p.m. EDT on Friday, July 30, 2021, to be eligible to apply for the loan. Pre-registration is not first come, first served.
More information is available at business.nj.gov/covid/emergency-assistance-loan-program.
“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. To this end, it is essential that we continue to provide the resources business owners need to reopen and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “Thanks to Governor Murphy’s leadership and advocacy by New Jersey’s Congressional delegation, we have received federal funds to support Phase 2 of the Small Business Emergency Assistance Loan Program, which will make much-needed financing available to New Jersey businesses with a focus on supporting businesses that have been left out of previous COVID-19 relief programs.”
The NJEDA created the Small Business Emergency Assistance Loan Program in March of 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 a United States Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation, 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 January 1, 2021, 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.
Pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program will be open from 9 a.m. EDT today, Tuesday, July 20, 2021, to 5 p.m. EDT on Friday, July 30, 2021. All businesses and nonprofits must pre-register during this window to be eligible to apply for loans. Pre-registration is not first-come, first-served.
Following the pre-registration period, applications will open for “Stage 1” applicants at 9 a.m. EDT on Tuesday, August 3, 2021. Applications will remain open for Stage 1 applicants only for 10 days. If the NJEDA does not receive sufficient applications from Stage 1 applicants during this time period to exhaust the available funding, the Authority will open applications to all other qualified “Stage 2” entities at 3 p.m. EDT on Friday, August 13, 2021.
More information about Phase 2 of the Small Business Emergency Assistance Loan Program is available at business.nj.gov/covid/emergency-assistance-loan-program.
The Small Business Emergency Assistance Loan Program is part of New Jersey’s suite of COVID-19 relief programs. Comprehensive information about New Jersey’s coronavirus response is available at business.nj.gov/covid.