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  Dollar Amount

  Up to $2 million for fixed assets *

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  Up to $750,000 for working capital

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  Uses

  Fixed assets or working capital

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  Benefits

  Lower interest rates

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  Longer terms

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  Eligibility

  Businesses must commit to the creation or retention of one full-time job for every $65,000 of EDA exposure within two years

Terms:
Based on the 5-year US Treasury or floor of 2%, whichever is higher, with basis point additions for credit risk.

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 required.  Certificates may be requested through the State of New Jersey’s Premier Business Services (PBS) portal online.

• Under the Tax & Revenue Center, select Tax Services, then select Business Incentive Tax Clearance.
• If the applicant’s account is in compliance with its tax obligations and no liabilities exist, the Business Incentive Tax Clearance can be printed directly through PBS.

Please note:  It is the applicant/client’s responsibility to maintain a current and clear tax clearance certificate.  If a current and clear certificate is not evidenced to EDA at time of closing, EDA will not proceed with closing.

* 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. 

** All fees are non-refundable