CNBNews

Businesses with ten or fewer full-time employees and no more than $1.5 million in annual revenue can soon apply to receive low-cost financing of up to $50,000 through 

PROGRAM DETAILS

Main Street Micro Business Loan will provide low-cost financing of up to $50,000 to eligible micro businesses in New Jersey with ten or fewer full-time employees and no greater than $1.5 million in annual revenues.  The Program is the successor to the Micro Business Loan Program established by the NJEDA in 2019.

With $20 million in funds allocated from the Main Street Recovery Fund, financing from the Main Street Micro Business Loan will cover future operating expenses such as inventory, equipment (that does not require installation or construction work totaling more than $1,999.99), and working capital to fund business operating expenses.

Loans will have a standard 10-year term with an interest rate of two percent. No payments will be due and no interest will be charged for the first year of the loan period. Applications open on October 6th, 2022.

To help ensure all Opportunity Zone eligible tracts in New Jersey receive opportunities for investment that are equitable and inclusive, $8 million will be set aside to support eligible businesses and nonprofits with a primary business location within the 715 census tracts designated as eligible to be selected as an Opportunity Zone.

Main Street Micro Business Loan.