IF YOU ARE: A credit-worthy business operating in New Jersey that needs additional security to obtain financing. Preference is given to businesses that are job intensive, will create or maintain tax ratables, are located in an economically distressed area, represent an important economic sector of the state and/or will contribute to its growth and diversity.

YOU CAN APPLY FOR: Guaranteed funding under the EDA Loan Guarantee Program.

IN THE AMOUNT OF: Up to $1.5 million.

TO BE USED FOR: Fixed assets and working capital to meet operating needs, with term financing for a maximum guarantee term of 5 years.

PROGRAM DETAILS: Loan guarantees up to 50% of the loan amount. To be eligible, companies must create one job for every $50,000  of EDA assistance.   

FEES*:

• Application fee: $1,000  
• Commitment fee: 0.875% of guarantee amount 
• Guarantee fee: 0.875% of guarantee amount multiplied by the number of years of the guarantee
• Closing fee: 0.875% of guarantee amount
  
• Division of Taxation Tax Clearance Certificate Application Processing Fee: $75 for standard processing; $200 for expedited processing (response within three business days)