What State financial assistance programs are available for my business?
New Jersey State Emergency COVID-19 Relief Programs
See each program page for details on programs administered by the New Jersey Economic Development Authority (NJEDA), the New Jersey Redevelopment Authority (NJRA), the New Jersey Department of Consumer Affairs (NJDCA), the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and the New Jersey Department of Environmental Protection (NJDEP). To see which of these programs you are eligible for, use the NJ COVID-19 Business Support Eligibility Wizard.
Please click on each program below for more information.
Programs Coming Soon:
NJ Economic Recovery Act 2020 - A package of tax incentive, financing, and grant programs that will address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy. There are over 15 planned programs, including a mix of tax incentives, financing options, and grant programs. The New Jersey Economic Development Authority (NJEDA) is asking businesses for feedback to inform the design of these programs. Share your feedback, and improve the structure of these state-led business programs at https://www.njeda.com/economicrecoveryact.
NJEDA Small Business Emergency Assistance Loan Program (Phase 2) – The pre-registration for Phase 2 of the NJEDA Small Business Emergency Assistance Loan Program will be deferred. Pre-registration was scheduled to open on Wednesday, February 10, 2021. The NJEDA has not announced a new date for the program. The launch of the program is being deferred to accommodate the rollout of additional federal Paycheck Protection Program (PPP) financing for small businesses, which had not been announced when the NJEDA was preparing to launch the Small Business Emergency Assistance Loan Program.
Programs Currently Open:
NJDEP Marine Fisheries Assistance Grant Program - NJDEP will award a total of $11 million in CARES Act funding to coastal and marine-fisheries-related businesses that have lost revenue due to the impacts of COVID-19. Eligible businesses include commercial fisheries, aquaculture businesses, processors, dealers, recreational for-hire fishing businesses and bait and tackle shops, as well as businesses operating in more than one of these categories.
Eligible businesses must have fewer than 100 full-time employees and be able to demonstrate a greater than 35% loss in fishery-related revenue between March 1 and June 30, 2020 compared to their 5-year average revenue for the same period. The application deadline is December 4, 2020.
NJEDA Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund – A $10 million capital reserve fund to take a first loss position on CDFI loans that provide low interest working capital to micro businesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak. Only NJ-based CDFIs are eligible for these programs.
NJEDA CDFI Emergency Assistance Grant Program – A $1.25 million program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak. Only NJ-based CDFIs are eligible for these programs.
Programs That Have Closed:
NJRA Small Business Lease Emergency Assistance Grant Program – A $5 million New Jersey Redevelopment Authority program that offers commercial rent relief with grants of up to $10,000 for COVID-impacted small businesses and nonprofits located in NJRA’s designated communities. To check on the status of your application, contact the NJRA.
NJHMFA Small Landlord Emergency Grant Program – NJHMFA reopened a program that assists small rental property owners and their tenants during the COVID-19 emergency, funded through the CARES Act. The program was launched in August and reopened for a second phase with expanded eligibility guidelines. The grant supports vulnerable landlords of properties by reimbursing them for missed/reduced rent payments between April and July 2020. Landlord grantees will be required to forgive the back rent and late fees that their tenants have accrued during the April to July period. Applicants must be the Primary Property Owner of a residential property and registered with the New Jersey Department of Community Affairs (NJDCA) Bureau of Housing Inspection within the Registration Inspection Management System (RIMS) database. Eligible properties must have between 3 and 30 units; may not be a seasonal or vacation rental property; have at least one non-vacant rental unit that was impacted by COVID-19 between April and July 2020; and have low-to-moderate rent levels. The Application for the second phase opened on September 28th at 12pm and closed on October 13th at 4pm. Eligible and complete applications will be reviewed and awarded in a computer-randomized order to give each application an equal chance of receiving funds.
NJEDA Small Business Emergency Assistance Loan Program – A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years. Applications for this program are currently closed. Applicants may now check the status of Small Business Emergency Assistance Loan applications online.
NJDCA Main Street New Jersey COVID-19 Relief Program – A $1.6 million program that will provide grants to District Management Organizations that participate in Main Street New Jersey (MSNJ), to fund eligible COVID-19 recovery activities and costs occurring with the boundaries of the designated MSNJ district.
NJDCA Neighborhood Preservation COVID-19 Relief Program – A $2.6 million program that will provide grant funding to municipalities with current approved Neighborhood Preservation Program plans, to fund eligible COVID-19 response activities, including limited funding for local program administrative costs.
NJDCA Neighborhood Revitalization Tax Credit COVID-19 Relief Program – A $3.1 million program that will provide grant funding to organizations with approved Neighborhood Revitalization Tax Credit plans as of the FY20 application cycle, to fund eligible COVID-19 response activities. At least 60 percent of funds must be distributed by grantees to small businesses with a physical location in their neighborhood boundaries for eligible business uses.
Traditional NJEDA Programs
The NJEDA encourages businesses to explore the following programs. More details about each of these programs can be found on the NJEDA’s website at njeda.com/financing-and-incentives.
Small Business Fund: The Small Business Fund offers loans of up to $500,000 for qualifying creditworthy small, minority- or women-owned businesses in New Jersey with up to $3 million in revenue that have been in operation for at least one full year and may not have the ability to get bank financing. Not-for-profit corporations that have been operating for at least three full years may also be eligible for assistance under the Small Business Fund.
Direct Loans: Direct loans are available up to $2 million for fixed assets, and $750,000 for working capital. New Jersey businesses in need of financing and committed to job creation/retention may be eligible for direct loans through the NJEDA when conventional financing is not available. NJEDA’s direct loan financing offers competitive interest rates and terms.
Premier Lender Program: In partnership with two dozen banks throughout New Jersey, The Premier Lender Program offers up to a $2 million loan participation or $1.5 million loan guarantee for fixed assets, and up to a $750,000 loan participation or $1.5 million guarantee for term working capital. Line of credit guarantees of up to $750,000 are also available.