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Micro Business Loan Program

The Micro Business Loan Program makes financing of up to $50,000 available to for-profit businesses legally registered to do business in New Jersey, with a business location in New Jersey (home-based businesses are not eligible), who have annual revenues in the most current fiscal year of no more than $1,500,000, and 10 full-time employees or less at time of application.

Startup businesses are eligible for financing but must demonstrate to the Authority that they have completed an entrepreneurship training program or Small Business Development Center counseling sessions.


Para ver esta información en español, haga clic aquí
  • Dollar Amount

    Loan of up to $50,000

  • Uses

    Permanent working capital or purchase of equipment

  • Benefits

    Low-cost financing with flexible terms to microbusinesses and early stage businesses in New Jersey, including startups.

  • Eligibility

    For-profit business legally registered to do business in New Jersey, with a business location in New Jersey. (Home-based businesses are not eligible).


    See eligibility requirements below for more information.

Eligibility Requirements:

 
  • Must be a for-profit business legally registered to do business in New Jersey, with a business location in New Jersey. (Home-based businesses are not eligible).
 
  • Must have annual revenues in most recent fiscal year of less than $1,500,000.
 
  • Must have minimum credit score of 600.
 
  • At time of application, business cannot have more than 10 full-time employees in total. All employees must work in New Jersey.
 
  • If the business is a startup, they must demonstrate completion of an entrepreneurship training program or Small Business Development Center counseling sessions.
 

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 application, EDA will not proceed with approval.


Rates & Terms:

  • Up to 10-year term, with up to a 3-year moratorium of principal and interest payments. During this period, interest will accrue and capitalize.
  • Interest Rate: 2%, fixed for up to 10-years.
  • Amortization: Up to 15 years
 

Fees*:

  • Application fee: $300
  • Commitment fee: 0.5% of loan amount
  • Closing fee: 0.5% of loan amount

* All fees are non-refundable.
 

Application:


Please note: Potential applicants for the Micro Business Loan Program are required to speak with an NJEDA Small Business Services team member prior to applying, to ensure that your business is eligibile. The Small Business Services officer will guide you through the application process, and provide a verification code that will allow you to complete and submit your application.

Click here to apply for the Micro Business Loan Program.


NJEDA Small Business Services Team:

Please contact an NJEDA Small Business Services Team member below prior to applying for the Micro Business Loan Program.

For startups interested in a Micro Business Loan, the Small Business Services Officer can help connect you with an entrepreneurship training program or Small Business Development Center counseling session in your area.


To ask a specific question via email, please send an email to smallbusinessservices@njeda.com and a team member will reach out to you.

Micro Business Loan Program Brochure
En espanol
Applicant Checklist