Financing Programs - New Jersey Business Growth Fund


IF YOU ARE: A creditworthy small or mid-sized company that is creating or retaining jobs in New Jersey

YOU CAN APPLY FOR: Financing through the New Jersey Business Growth Fund, a joint program of the EDA and PNC Bank.

IN THE AMOUNT OF: Up to a $3 million bank loan with a 25% or 50% EDA guarantee.  The maximum EDA guarantee is $1.5 million. 

TO BE USED FOR: The funding of real estate or equipment.

PROGRAM DETAILS: The loan approval process involves both PNC Bank and the EDA, and both organizations will work together in making a credit decision on each loan application.  Applicants under this program must meet specific eligibility requirements: 

  • Commit to create or maintain one full-time job in New Jersey for every $50,000 of guarantee provided by the EDA.
  • Demonstrate creditworthiness that meets PNC Bank's and the EDA's existing standards for business loans.
  • The primary business checking account must be maintained at PNC Bank.
  • 1.1X Debt Service Coverage Ratio.
  • 100% loan-to-value for real estate and 90% for equipment.


  • Interest rate either fixed at the five-year U.S. Treasury Note Rate plus 2.5%, or variable at Prime minus .5%. 
  • Loan terms of up to five years for machinery and equipment (with up to 10-year amortization) and up to five years for owner–occupied real estate purchases (up to 20-year amortization).
  • Preference is given to borrowers located in targeted geographies throughout the State of New Jersey, and in targeted industries such as manufacturing, business/personal services, technology drivers, transportation and wholesale trade.


  • Application fee: $1,000
  • Commitment Fee: $750
  • Extension:  $750             
  • Guarantee: 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.)

Division of Taxation Tax Clearance Certificate Application Processing Fee: $75 for standard processing; $200 for expedited processing (response within three business days)    

*All fees are non-refundable.