The application window for the Small Business Emergency Assistance Loan Program which was previously announced by the NJ Economic Development Authority (NJEDA) will open on Monday, April 13th at 9:00 AM. Although the application window will be open for one week, it is suggested that any applicants who wish to participate in the program submit their applications as early as possible, since completed applications are considered on a first-come, first-served basis.
The program will provide ten-year working capital loans up to $100,000 with a zero percent interest rate for the first five years and a maximum interest rate of 3% for the remaining five years. Eligible businesses are those that meet all of the following requirements:
- Have $5 million or less in annual revenue
- Had a minimum global debt service ratio of 1.0 during the calendar year 2019
- Have a physical commercial location in New Jersey
- Have been in existence for at least one year
- Are registered to do business in New Jersey
- Are in good standing with the New Jersey Departments of Labor and Taxation
- Have at least one guarantor with a minimum credit score of 600
- Are able to demonstrate that they have been negatively impacted by the COVID-19 outbreak
A draft of the Small Business Emergency Assistance Loan application can be found here.