SMALL BUSINESS FUND

Open in new Tab SMALL BUSINESS FUND Checking your eligibility or exploring your financing options? START HERE: Submit Financing Interest Form APPLY HERE Creditworthy small businesses in New Jersey may be eligible for assistance under the Small Business Fund. Minority-owned or women-owned businesses may qualify under criteria that support their unique circumstances. AMOUNT Small businesses: Up to $500,000 Not-for-profits: Up to $500,000 with 1.0X historical debt service coverage BENEFITS Can be used for fixed assets or working capital Fixed interest rate with expedited approval process ELIGIBILITY New Jersey-based small businesses in operation for at least one full year with revenue less than or equal to 3 million; not-for-profits for at least 3 years. 1.0x debt service coverage ratio for both non-profit and for-profit entities. Must be able to provide fixed assets ( real property and machinery/equipment). Homebased businesses are ineligible. Creditworthy small, minority-owned or women-owned businesses in New Jersey may be eligible for assistance under the Small Business Fund. Program Details ELIGIBILITY Interest RATES & Fees More Info Questions PROGRAM DETAILS Creditworthy small, minority-owned or women-owned business in New Jersey in operation for at least one full year who may not have the ability to get bank financing, or not-for-profit corporation in operation for at least three full years may be eligible for assistance under the Small Business Fund. Financing can be used for fixed assets or working capital. FINANCING AMOUNT Small Businesses: Up to $500,000. Nonprofits: Up to $500,000 with 1.0X historical debt service coverage. ELIGIBILTY Business applicants looking to qualify for this program must*: be a New Jersey-based small business, in operation for at least one full year from date of application have no more than $3 million in total revenue be able to provide fixed assets ( real property and machinery/equipment) New Jersey-based nonprofits must be in operation for at least three full years from date of application Homebased businesses are ineligible. *Other credit criteria may apply 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. INTEREST RATE Based on the 5-year US Treasury or floor of 1%, whichever is higher, with basis point additions for credit risk FEES Application Fee: $300 Guarantee Fee: up to 0.5% sized to percentage guarantee required, not to exceed 0.5% (For example, 25% guarantee will require a 0.25% fee, 50% guarantee will require a 0.5% fee.) Closing Fee: 0.5% of the loan amount Commitment Fee: 0.5% of the loan amount *All fees are non-refundable TAX CLEARANCE CERTIFICATE Division of Taxation Tax Clearance Certificate required.  Certificates may be requested through the  State of New Jersey’s Premier Business Services (PBS) online portal . Under the Tax & Revenue Center, select Tax Services then select Business Incentive Tax Clearance If the applicant’s account is in compliance with its tax obligations and no liabilities exist, the Business Incentive Tax Clearance can be printed directly through PBS. Additional, instructions detailing how to secure your tax clearance certificate are available for download.