IN New Jersey Economic Development Authority will open pre-registrations for the Phase 2 Small Business Emergency Loan Program at 9am on Tuesday.
This loan program provides up to $ 100,000 in funding at 0% to eligible New Jersey small businesses and non-profit organizations. All organizations must pre-register by 17:00 on July 30 to be eligible to apply for a loan.
All businesses and nonprofits must pre-register during this period to be eligible to apply for a loan, but pre-registration is not the first thing, according to EDA officials.
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CEO Tim Sullivan said EDA hopes the program will be of great benefit to the small business community.
“Our goal is not only to recover from the COVID-19 pandemic, but also to support the resilience and long-term resilience of New Jersey’s small businesses,” he said. “To that end, it is important that we continue to provide business owners with the resources they need to start and thrive.”
In March 2020, NJEDA established the Small Business Emergency Loan Program to provide funding to small businesses affected by the COVID-19 pandemic. To date, NJEDA has approved 145 loans totaling over $ 10 million.
Funded by the CARES Act, the Phase 2 Small Business Emergency Loan Program provides additional funding for New Jersey businesses and nonprofits with a particular focus on organizations that opened new areas in 2021. Companies with annual revenues of less than US $ 10 million. Income that entered into a new lease, leased additional space, or purchased a commercial space of at least 500 square feet on or after January 1, will have priority as ‘Stage 1’ applicants and will have exclusive early access to the application.
Organizations that meet all other eligibility criteria but do not meet the criteria for a new lease, additional leases or purchased commercial space occupied by the owner will be eligible to apply as candidates for Phase 2.