The EDA has a long history of supporting growth in New Jersey for businesses of all sizes. Our programs provide businesses like yours with low-interest financing through bonds, loan participations, loan guarantees, and variable- or fixed-rate loans. Best of all, we can provide longer repayment schedules than traditional lenders.
The EDA charges application and processing fees for our programs. For our loan products, we also charge a fixed or variable interest rate that has an interest rate floor for the specific program, and which is determined for individual loans at the time of closing using various other criteria. Interest rate floors use nationally recognized financial indices such as the 5-year US Treasury or the Prime Rate as published in the Wall Street Journal. For fixed- and variable-rate loans, adjustments will be made to the base rate and are calculated based on factors that involve the applicant’s creditworthiness; project public policy criteria, including number of jobs to be created and the leveraging of total project costs to public dollars; and amortization.
Please refer to the individual program descriptions for details on fees and current interest rate floors.