Financing & Incentives - Partners

As a banker, attorney, or CPA, you know that building and maintaining strong client relationships is an essential part of your business. The New Jersey Economic Development Authority (EDA) can assist you with offering the best service to your clients through ready access to the best financial programs available to companies located in New Jersey. Programs like low interest loans, gap loans, grants, tax incentives, and even business and technical training, all are available to help meet your clients’ financing and growth needs.

In addition, through our Premier Lender program, we partner with banks to further assist in providing creative loan solutions. Click here for a list of EDA's current Premier Lenders.

 

Depending on the needs of your clients, the EDA may have a financial solution that can work for them.
What’s Your Client’s Financing Goal? Here’s What the EDA Can Offer*:
To purchase fixed assets, such as real estate or new equipment
  • Loans up to $1.25 million; loan guarantees up to $1.5 million for a total EDA exposure of $2.75 million
  • Grants and loans for brownfields investigation and cleanup
  • Short-term loans for pre-development site preparation costs (non-contamination related), such as land assemblage, demolition, removal of materials and debris, and engineering costs
  • Capital and loan guarantees of up to $750,000 for the development of community facilities and other real estate based economic development projects, including environmental remediation costs
  • Up to $50,000 for feasibility studies and other pre-development costs to determine the viability of a real estate project
  • Tax-exempt bond financing, starting at $500,000
To obtain working capital
  • Loans up to $750,000; loan guarantees up to $1.5 million for a total EDA exposure of $2.25 million
To grow a business located in an urban municipality
  • Loans of up to $2 million for fixed assets to businesses in one of New Jersey’s urban areas
To refinance a current loan to expand a business and create jobs in New Jersey
  • Loans for refinancing, in limited circumstances
To relocate and grow a business in New Jersey
  • Tax-incentives for creating at least 25 new jobs in New Jersey (10 jobs if in the technology or biotechnology industries)
To learn about tools that will help grow a business or get a better understanding of how to run a business more efficiently
  • Access to entrepreneurial and technical training for new and aspiring business owners

*All EDA offerings are subject to change, carry restrictions and require certain qualifications.

 

Product Fees and Interest Rate Pricing:

 

The EDA charges application and processing fees for its products, details of which are captured in the individual product information pages found on our website.

For its loan products, the EDA also charges a fixed or variable interest rate that has an interest rate floor for the specific product, and which is determined for individual loans at the time of closing using various other criteria. Interest rate floors utilize nationally recognized financial indices such as the 5 Year United States Treasury or the Prime Rate as published in the Wall Street Journal. For fixed and variable rates loans, adjustments will be made to the base rate and are calculated based on factors that involve the applicant's creditworthiness, project public policy criteria, including number of jobs to be created and the leveraging of total project costs to public dollars, and amortization. Please refer to product information pages for current interest rate floors. 

 

 

To learn more on partnering with the EDA, click here.