Direct Loan Program List

Welcome to NJEDA’s Online Application for the Direct Loan Program

The Direct Loan Program is part of a suite of NJEDA financing solutions designed to increase access to capital and support the growth of small businesses in New Jersey.

Loan Features:

• Up to $2,000,000 for fixed assets (owner-occupied commercial real estate and equipment)
• Up to $750,000 for working capital for inventory and operations
• Loan terms of up to 30 years, based on loan purpose and collateral type
• Fixed interest rates based on the 5-year U.S. Treasury (or 1% floor, whichever is higher), with basis point additions for credit risk
• Up to 100% loan-to-value for real estate and 90% for equipment

Eligibility Requirements:

• Commit to the creation or retention of one New Jersey full-time W2 job for every $65,000 of NJEDA exposure within two years of closing
• Must provide fixed asset collateral to secure the loan (real property or equipment)
• Demonstrate the ability to repay the loan with a Global Debt Service Coverage Ratio of at least 1.1x (1.0x for nonprofits)
• Be in operation for at least two full years
• All applications are subject to underwriting credit analysis, and additional requirements may apply

Application Fee:

• There is a $1,000 non-refundable fee due upon submission of your application.

Before Applying: 

• It is recommended that you review the Application Checklist 
• Submitting all applicable documents listed in the Application Checklist will help ensure your application is complete and avoid delays in processing.
• You will also be asked to provide the name of your Business Banking Officer when completing your application.
• If unsure of who your Business Relationship Manager or Product Officer is, please contact us at businessbanking@njeda.gov for assistance.