Small businesses: Up to $500,000 for credit scores of at least 680
Not-for-profits: Up to $500,000 with 1.0X historical debt service coverage
Fixed assets or working capital
Fixed interest rates
Small businesses must have been in operation for at least one full year, and not-for-profits for at least three full years
An expedited approval process provides financial assistance to qualified businesses through direct loans, participations or guarantees with a fixed interest rate.
- Application fee: $300
- Commitment fee: 0.5% of the loan amount
- Closing fee: 0.5% of the loan amount
- Guarantee fee: Up to 0.5% sized to percentage guarantee required, not to exceed 0.5%. (For example, 25% guarantee will require a 0.25% fee, 50% guarantee will require a 0.5% fee.)
Division of Taxation Tax Clearance Certificate required. Certificates may be requested through the State of New Jersey’s Premier Business Services (PBS) portal online.
- 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 closing, EDA will not proceed with closing.
* All fees are non-refundable