Direct Loan Program List

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

The NJEDA Direct Loan is part of a suite of 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 or equipment)
• Up to $750,000 for working capital for inventory and operations, secured by fixed asset collateral
• 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 creation or retention of one full-time W2 job for every $65,000 of NJEDA exposure within two years of closing
• 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 to ensure your submission is complete and to avoid delays in processing

For more information go to Direct Loans - NJEDA.  

If you have any questions, please contact NJEDA Business Banking Department at businessbanking@njeda.gov
 
For language assistance, please send NJEDA your name, spoken language and telephone number to  languagehelp@njeda.gov