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NJ EDA Small Biz Loans Applications Starting Monday
Release Date: April 11, 2020
The New Jersey Economic Development Authority (NJEDA) will begin accepting applications for Small Business Emergency Assistance Loans related to the COVID-19 crisis on Monday, April 13.
Applications are now available to allow business owners to prepare in advance for Monday’s submissions.
The Small Business Emergency Assistance Loan program is designed to provide direct loans of up to $100,000 to New Jersey based small businesses and nonprofit organizations that have been in existence for at least one year and have less than $5 million in annual revenue.
These businesses must have been negatively impacted by the COVID-19 pandemic, including but not limited to:
- Reductions of business hours;
- Complete closure of business;
- At least 20 percent decline in revenues;
- Employees unable to work;
- Required to close by government action;
- Disruption of supply chain.
You may access a copy of the loan application (scroll to page 4) to help you prepare your submission. Completed applications will be considered on a first-come, first-served basis, according to the NJEDA.
Too determine whether you might qualify for this program, use the NJ COVID-19 Business Support Eligibility Wizard.
For businesses impacte, EDA has set up a toll-free support number, 1-844-965-1125.