New Jersey businesses in need of financing and committed to job creation/retention may be eligible for direct loans through EDA when financing is not available under other EDA financing programs.
Up to $2 million for fixed assets*, or up to $750,000 for working capital to be used for fixed assets or working capital
Direct Loans offer companies lower interest rates, longer terms, and the flexibility in choosing a variable or fixed rate.
EDA direct loans provide terms of up to 10 years. Amortization can be up to 5 years for working capital, 10 years for equipment transactions, and 20 years for real estate transactions.
The base rate is the 5-Year United States Treasury or 2%, whichever is higher. The base rate will be adjusted based upon the applicant’s creditworthiness.
* Pursuant to P.L.2017, c.261, direct loans of up to $3 million may be available to qualified businesses in targeted urban centers, regional centers, and metropolitan planning areas.