NEW JERSEY CLEAN ENERGY LOANS (NJ CELs)  

Open in new Tab NEW JERSEY CLEAN ENERGY LOANS (NJ CELs) The NJ CELS application is currently open. Please complete the Eligibility Self-Assessment to determine your preliminary eligibility for this program before using the Apply Here button to apply. Please be advised that NJ CELs funding may become oversubscribed. While additional funding is anticipated, the timing remains uncertain. Applications to the program will continue to be accepted; however, there is a possibility of delays or no further investments being made. APPLY HERE NJ CELs is an $80 million co-lending program launched by the New Jersey Economic Development Authority (NJEDA) for small businesses seeking to finance clean energy projects. The program’s funds come from the Treasury’s State Small Business Credit Initiative (SSBCI). The NJEDA will lend between $250,000 and $10 million for projects requesting a total loan amount of $500,000 to $20 million. NJ CELs will unlock capital for small businesses and start-ups, catalyze the deployment of clean energy in New Jersey, and support veteran-owned businesses to participate in the State’s energy transition. Eligibility Self-Assessment The Eligibility Self-Assessment can walk you through the basic eligibility criteria for NJ CELs. ELIGIBILITY REQUIREMENTS SCORING CRITERIA LOAN TERMS SSBCI FEES Eligibility Requirements Borrowers: To be eligible, an applicant must: Have fewer than 750 employees, including employees of its affiliates Be in good standing with the New Jersey Department of Labor and Workforce Development (LWD) and NJ Department of Environmental Protection (DEP) Have a valid tax clearance certificate no older than 180 days at time of approval for financing Be located in New Jersey (see Key Definitions tab below) Be seeking to finance a clean energy project (see Key Definitions tab below) Use a clean energy technology that has already been demonstrated in the US or internationally Be economically feasible Be requesting a loan of $500,000 to $20 million for the project in total (NJEDA and private financing) Be requesting 50% or less of the total loan amount from the NJEDA ($250,000-$10 million) Not be enrolled in any other state SSBCI program; and Have a term sheet, letter of intent, draft agreement, commitment letter, or similar document from an eligible financial institution. If an applicant meets all of the eligibility criteria, they must also score a minimum of 50 out of 100 points in order to qualify for NJ CELs (see Scoring Criteria Tab). Financial institutions are eligible if they: Are included in the NJEDA Premier Lender list or NJEDA’s CDFI Premier Lender list; or Are a private equity fund, insurance company, hedge fund, mezzanine fund, original equipment manufacturer (OEM), developer, family office, specialty finance company, or such other entity that has serviced more than $5 million in clean energy loans over a three-year period. Please be advised: New Jersey State law prohibits most cannabis license and certification holders from receiving or continuing to receive an economic incentive from the NJEDA. If the applicant, or any person who controls the applicant or owns or controls more than one percent of the stock of the applicant, has applied for or received a license or a certification from the New Jersey Cannabis Regulatory Commission (NJ-CRC), the applicant is ineligible for this program and should not proceed with an application. If an application is received from an applicant that meets this criteria, the application will be declined and the application fee will not be refunded. Scoring Criteria If an applicant meets the eligibility criteria, they must also score 50 points or above (out of 100) based on the scoring criteria below.