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Dollar Amount
Up to $2 million for fixed assets *
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
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 NJEDA 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 NJEDA at time of closing, NJEDA 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
Projects utilizing NJEDA financial assistance for construction related costs are subject to state prevailing wage requirements.
Effective April 1, 2020 all construction contracts in which prevailing wage applies must provide proof of valid NJ Department of Labor Construction Registration Certification. Please email PWCR@dol.nj.gov if you have any questions about this requirement. Please be advised that a valid Contractor Registration Certificate is required to perform construction on this NJEDA financially assisted project.