Pre-registration opens today for the NJEDA Small Business Emergency Assistance Loan Program with funding up to $100,000 at 0% interest

TRENTON, NJ (July 20, 2021) Today at 9:00 AM EDT, the New Jersey Economic Development Authority (NJEDA) opens pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program as part of the ongoing COVID-19 virus of Governor Phil Murphy -19 relief and recovery efforts. This loan program provides financing up to $100,000 at 0% interest to eligible small businesses and non-profit organizations in New Jersey. All entities must register by 5:00 PM EDT on Friday, July 30, 2021 to be eligible to apply for the loan. Pre-registration is not first come, first served.

More information is available at https://business.nj.gov/covid/emergency-assistance-loan-program.

Our goal is not only to recover from the COVID-19 pandemic, but also to support the long-term resilience and sustainability of small businesses in New Jersey. That’s why it’s vital that we continue to provide entrepreneurs with the resources they need to reopen and thrive, said NJEDA Chief Executive Officer Tim Sullivan. Thanks to Governor Murphys leadership and advocacy by the New Jerseys Congressional Delegation, we have received federal funding to support Phase 2 of the Small Business Emergency Assistance Loan Program, which will provide much-needed funding to New Jersey businesses with a focus on supporting companies left out of previous COVID-19 aid programs.

The NJEDA established the Small Business Emergency Assistance Loan Program in March 2020 to provide funding for small businesses affected by the COVID-19 pandemic. To date, the NJEDA has approved 145 loans totaling more than $10 million.

Phase 2 of the Small Business Emergency Assistance Loan Program, funded by a U.S. Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act-owned, makes additional funding available to businesses and nonprofits in New Jersey, with a particular focus on entities that have taken on new space in 2021. Companies with annual revenues of $10 million or less that have entered into a new lease, leased additional space, or purchased at least 500 square feet of owner-occupied commercial space on or after January 1, 2021 will be prioritized as Stage 1 applicants and have exclusive early access to the application. Entities that meet all other eligibility criteria, but do not meet the new lease, additional leased space, or acquired owner-occupied commercial space, are eligible to apply as Phase 2 applicants.

Pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program is open from 9:00 AM EDT today, Tuesday, July 20, 2021, until 5:00 PM EDT on Friday, July 30, 2021. All businesses and non-profit organizations must pre-register during this period to be eligible to apply for loans. Pre-registration is not first come, first served.

After the pre-registration period, applications for Stage 1 applicants will open on Tuesday, August 3, 2021 at 9:00 AM EDT. Applications will remain open for Stage 1 applicants for only 10 days. If the NJEDA does not receive sufficient applications from Phase 1 applicants to exhaust available funding during this period, the Authority will open applications to all other qualified Phase 2 entities on Friday, August 13, 2021 at 3:00 PM EDT.

More information about phase 2 of the Small Business Emergency Assistance Loan Program is available at: https://business.nj.gov/covid/emergency-assistance-loan-program.

The Small Business Emergency Assistance Loan Program is part of New Jersey’s suite of COVID-19 assistance programs. Comprehensive information on the response to the coronavirus in New Jersey is available at: https://business.nj.gov/covid.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the state’s primary agency for stimulating economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a wide range of stakeholders, the NJEDA creates and implements initiatives to improve economic vitality and quality of life in the state and strengthen New Jersey’s long-term economic competitiveness.

For more information on NJEDA Resources for Business, call NJEDA Customer Service at 609-858-6767 or visithttps://www.njeda.com and follow @NewJerseyEDA onfacebook,Twitter, Instagram, andLinkedIn.

###