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New Jersey Clean Energy Loans
Rolling Application
Deadline:
Start Date:
Eligibility
- Be located in New Jersey with fewer than 750 employees
- Be seeking to finance a clean energy project and use a clean energy technology that has already been demonstrated in the US or internationally
- Be in good standing with the New Jersey Department of Labor and Workforce Development and NJ Department of Environmental Protection
- Have a valid tax clearance certificate no older than 180 days at time of approval
- Be economically feasible
- Be requesting a loan of $500,000 to $20M for the project in total (NJEDA and private financing)
- Be requesting 50% or less of the total loan amount from the NJEDA ($250,000-$10M)
- Have a term sheet, letter of intent, draft agreement, commitment letter, or similar document from an eligible financial institution.
- Not be enrolled in any other state State Small Business Credit Initiative (SSBCI) program
Benefits
- Loans at 3% below the financial institution's interest rate
- Minority-, Woman-, and Veteran-owned businesses receive an additional 1% interest rate reduction
- Businesses/projects located in overburdened communities receive a 1% interest rate reduction