The New Jersey Economic Development Authority (NJEDA) will start accepting applications for its Main Street Micro Business Loan program starting October 6, 2022. Eligible microbusinesses in New Jersey with 10 or fewer full-time employees and no greater than $1.5 million in annual revenues can apply for financing up to $50,000. The loan will have a standard 10-year term and the interest rate will be two percent, with no interest and no payments due for the first year.
Funds will cover future operating expenses such as inventory, certain types of equipment and working capital. The NJEDA has removed the requirement for personal guarantees from owners of microbusinesses. Applications will be reviewed on a first-come, first-served basis and past recipients of the former Micro Business Loan Program.
