All applicants must:
- Provide a current NJ Tax clearance certificate at time of application
- Be verified by the NJEDA to be in good standing with Department of Labor and Workforce Development (LWD)
Applicants will be evaluated for a grant based on their ability to demonstrate the following key factors:
- Significant experience working with underserved micro and small business segments. Additional consideration will be given for experience working on emergency assistance programs.
- Demonstration of available capital that could be leveraged in COVID-19-related emergency and recovery low-cost and low-interest working capital loans or a targeted micro lending program to serve underserved businesses.
- Significant experience working in communities and business segments underserved by the banking sector and other financial institutions
- Deep experience and focus on small business lending, as evidenced by having a significant portion of their lending portfolio be with small businesses. Additional consideration will be given for having a portion of their lending portfolio with emergency assistance programs.
Authority staff will require documentation on a quarterly basis validating the operational expenses or interest buy down for which the entity requested the grant disbursement.
This documentation may include, but is not limited to:
- Invoices, statements, receipts, or internal financial statements that support payroll costs and marketing costs.
- If the entity identifies that they will use the grant funding to lower rates, they will need to provide documentation on the impact the grant had on the rates.