The New Jersey Economic Development Authority (EDA) wants to ensure that New Jersey businesses have the resources necessary to expand and that our communities have a healthy climate for growth. That's why we partner with banks to overcome the financial obstacles that can stall the growth and expansion of New Jersey-based businesses.
Our enhanced Premier Lender Program creates new, low-cost lending opportunities with faster turnaround.
Click here for a list of EDA Premier Lenders.
AMOUNT OF ASSISTANCE:
- Up to 50% of the bank loan amount for fixed asset loans; maximum EDA participation of $1,250,000; maximum EDA guarantee of $1,500,000
- Up to 50% of the bank loan amount for working capital loans; maximum EDA participation of $750,000; maximum EDA guarantee of $1,500,000
FUNDS MAY BE USED FOR: Fixed assets, working capital to meet operating needs, and the refinancing of other bank debt.
BENEFITS: The Premier Lender Program creates new opportunities for the EDA's lending partners by providing new, low-cost financing opportunities with faster turnaround.
EDA designated Premier Lenders may submit credit assistance requests and the EDA will make a decision on the applications in as early as three to five business days. A written commitment letter is issued within two days of approval, and upon notice, closing may occur within three business days.
Business applicants looking to qualify for a loan from a Premier Lender must:
- Be in operation for at least two full years
- Commit to creating one new job per $50,000 in EDA commitment (except for manufacturers, which must commit to maintain and/or create one job per $50,000)
*Other credit criteria apply.
- Application fee: $1,000
- Commitment fee: $750, payable at acceptance of term sheet
- 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.)
To learn more about the Premier Lender program or other products and services, contact us today at 866-534-7789 or email us at CustomerCare@njeda.com.
*All fees are non-refundable.