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 (e.g. 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
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.