IF YOU ARE: A community or economic development project, or a qualified New Jersey-based business located in an endorsed municipality.
YOU CAN APPLY FOR: Financing via loans under the Urban Plus program.
IN THE AMOUNT OF: Up to $3 million.
TO BE USED FOR: Fixed assets.
BENEFITS: Qualified companies can receive loans from the EDA with a below market interest rate.
PROGRAM DETAILS: Urban Plus provides financial support to community and economic development projects, manufacturers, redevelopers and not-for-profit organizations in the following endorsed New Jersey municipalities: Camden, Trenton, Newark, Jersey City, Paterson, Elizabeth, East Orange, New Brunswick, and Atlantic City. Eligible companies must have documented support of the municipality, and possess fixed-asset collateral such as real estate and/or equipment. Funding provided by the EDA must be used to create or maintain jobs, increase ratables, or leverage public financing by a ratio at least 1:1.
FEES*:
- Application fee: $1,000
- Commitment fee: 0.875% of loan amount
- Closing fee: 0.875% of loan amount
- 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.