New Jersey Lending for Equity, Access, and Financing Program (nj leaf)

Open in new Tab New Jersey Lending for Financing Program (nj leaf) Checking your eligibility or exploring your financing options? START HERE: Submit Financing Interest Form The NJEDA is currently accepting applications for this program . APPLY HERE The NJ LEAF pilot loan provides flexible lending options for both fixed assets and working capital, helping licensed recreational cannabis testing laboratories grow and stabilize their operations in New Jersey. For fixed assets, including owner occupied real machinery, loan amounts range from a minimum of $100,000 to a maximum of $1,500,000. Eligible cannabis businesses seeking working capital support may access loans starting at $100,000, with a maximum of $500,000. These funding options offer valuable resources for businesses to invest in property, upgrade equipment, and cover day-to-day operational expenses. AMOUNT Fixed Assets (Owner Occupied Commercial Real Estate or Equipment) $100,000 – $1.5 million ………. Working Capital $100,000 – $500,000 BENEFITS Access up to $1.5 million in financing for owner-occupied commercial real estate or equipment and up to $500,000 for working capital needs. ………. Favorable Loan Terms: Terms up to 30 years for real estate, 10 years for equipment, 7 years for working capital. ………. NJEDA fixed interest rates based equivalent term US Treasury rate or a floor of 1%, whichever is higher. Additional basis points are applied for credit risk and loan term at the time of closing. ELIGIBILITY Eligible applicants must meet the following requirements to be eligible for the NJ LEAF program: ………. Possess a valid and current recreational annual license digital card as per the final recommendation issued by NJCRC Office of Licensing in one of the following categories: Class 1 Cannabis Cultivator, Class 2 Cannabis Manufacturer, or recreational cannabis Testing Laboratory. ………. (Medical Only ATC’s and Medical Only Testing Labs are not eligible) ………. Must be based in New Jersey and employ fewer than 250 full-time employees. (Includes total individuals employed at all locations on a full-time time basis in and outside of New Jersey.) ………. Be operating, generating revenue, and incurring expenses for at least one full calendar year prior to the date of application. ………. Have annual gross revenues of $5 million or less, as reported on the applicant’s most recent federal business tax return required to be filed. ………. Additional eligibility requirements are outlined in the NJ LEAF board memo and product specifications. application process ELIGIBLE APPLICANTS Eligible Use RATES & TERMS fees Questions APPLICATION PROCESS Applications for the NJ LEAF Pilot Program will be available online at njeda.gov and will be reviewed on a rolling basis, following a first-come, first-served approach as applications are completed. The program will be available for three years from the date applications are made available to the public, or until the total funding pool is exhausted (whichever is sooner). As part of the application process, NJEDA will request information from the applicant—including any real estate holding company, operating entity, and corporate guarantors, if applicable.  If  a real estate holding company is involved in the real estate financing transaction, the licensed cannabis-operating entity will remain the primary applicant, and the real estate holding company may be required to serve as a co-applicant. To be eligible for the NJ LEAF-Pilot Program, the applicant must be a for-profit entity holding a valid and current recreational annual license digital card as per the final recommendation issued by NJCRC in one of the following categories: Class 1 Cannabis Cultivator Class 2 Cannabis Manufacturer, or Cannabis Testing Laboratory Note: Medicinal-Only ATCs and Medicinal-Only Testing Labs are not eligible.