TECHNICAL ASSISTANCE GRANT
Recognizing that micro businesses not only need financing, but assistance with applying and
qualifying for such financing, the Authority is also making a technical assistance grant available to support costs associated with providing technical assistance to micro businesses to best prepare and position these micro businesses to qualify for micro business loans.
A lender can apply for a technical assistance grant for up to 50% of the requested lending grant amount, not to exceed $500,000.
Technical assistance services may only be provided by the lender to micro businesses that meet the eligibility requirements for the loan products funded through the lending grant.
The technical assistance services provided by the lender to micro businesses may include, but are not limited to:
- Loan packaging assistance to applicants (for example, hiring new staff to directly serve those NJ-based micro businesses applying for new or existing loan products funded by the lending grant).
- Credit repair services that may be offered to help applicant repair their credit score to be eligible for new or existing loan products funded by the lending grant.
- Business plan preparation services
- Projection preparation assistance for entities that need such info for their loan application.
- QuickBooks and Excel training services to help business owners better track their business operations.
- Online and social media specific marketing to help a business grow their operations and customer base.
- E-commerce services to help business owners pivot into better servicing their customer through a website (either creating or updating a current website) or to set up an e- commerce platform and pay for subscription fees.