In advance of the application launch of its Small Business Emergency Assistance Loan Program on Monday, April 13, the New Jersey Economic Development Authority is now providing a pdf version of the application at COVID-19 Business Information Hub. This will provide business owners the opportunity to prepare to apply for the loan.
The Small Business Emergency Assistance Loan Program is a $10-million initiative that will provide working capital loans of up to $100,000 to small- and mid-size businesses with a physical commercial location in New Jersey. To qualify, businesses must have less than $5 million in annual revenues and be able to show a negative impact resulting from the COVID-19 outbreak. Loans made through the program will have 10-year terms with zero percent interest for the first five years, then resetting to the NJEDA’s prevailing floor rate for the remaining five years, with a three percent cap.
The loan program is part of a package of initiatives announced last week to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.
“Small businesses are the heartbeat of New Jersey’s economy. They make our communities unique and vibrant, provide good jobs, and keep our economy running. Ensuring they have the resources they need to withstand the COVID-19 outbreak is critical to keeping our economy afloat and setting the stage for a strong recovery,” said NJEDA Chief Executive Officer Tim Sullivan. “The emergency loan program will provide critical resources to businesses that have been hit hardest by the outbreak and need to stay open and maintain their workforces through this challenging time.”
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