This program makes capital available to financial intermediary organizations who can effective reach small businesses in local markets including: micro lenders, Community Development Financial Institutions and Urban Enterprise Zones.
The Loan to Lenders Program is partially funded by the State Small Business Credit Initiative (SSBCI).
Interest Rate and Terms:
Disbursements are to be made in tranches as follows: 1/3 of amount awarded at closing and two additional tranches once 75% of the previous tranche is committed. Full disbursement of fund within 2 years.
Fees apply and are non-refundable.
Division of Taxation Tax Clearance Certificate required. Certificates may be requested through the State of New Jersey’s Premier Business Services (PBS) portal online.
Please note: It is the applicant/client’s responsibility to maintain a current and clear tax clearance certificate. If a current and clear certificate is not evidenced to EDA at time of closing, EDA will not proceed with closing.