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Department of State

Business Assistance Programs

The Hon. Tahesha Way, Secretary

Manufacturing Business Assistance Programs

Premier Lender Program

The Premier Lender Program creates new opportunities for small businesses and EDA’s lending partners by providing low-costs financing opportunities with faster turnaround.

Benefits for Businesses:

  • Access to low-cost financing that includes EDA loan participation and/or guarantees, and line of credit guarantees.
  • inancing can be used for fixed assets or term working capital.
  • Attractive interest rates and terms.

Program Details:

In partnership with EDA Premier Lender banks, EDA can provide the following loan participations/guarantees and line of credit guarantees:

  • Up to 50% of the bank loan amount for fixed asset loans; maximum EDA participation of $2,000,000; maximum EDA guarantee of $1,500,000; total EDA exposure not to exceed $2,750,000.
  • Up to 50% of the bank loan amount for working capital loans; maximum EDA participation of $750,000; maximum EDA guarantee of $1,500,000; total EDA exposure not to exceed $2,250,000.
  • Guarantee of up to 50% of the bank line of credit amount; not to exceed $750,000.

Eligibility Requirements:

Business applicants looking to qualify for a loan from a Premier Lender must*:

  • Be in operation for at least two full years.
  • Commit to creation or retention of one new, full-time job for every $65,000 of EDA exposure within two years.
  • 1.1X Debt Service Coverage Ratio
  • 100% loan-to-value for real estate and 90% for equipment

* Other credit criteria apply

Interest rates and borrower fees apply.

All fees 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.

  • Under the Tax & Revenue Center, select Tax Services, then select Business Incentive Tax Clearance.
  • If the applicant’s account is in compliance with its tax obligations and no liabilities exist, the Business Incentive Tax Clearance can be printed directly through PBS.

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.

Premier Lenders List

The EDA is pleased to offer this listing of participating financial institutions that it partners with to provide access to capital to businesses throughout New Jersey. Please note that the information listed should be used as a reference tool only. Contact the EDA at 866-534-7789 or 609-858-6700 for more information or to verify your bank’s status.

Atlantic Stewardship Bank
Bank of America
Capital Bank
Columbia Bank
ConnectOne Bank
Fulton Bank of New Jersey
Investors Bank
JPMorgan Chase
Lakeland Bank
M&T Bank
Newfield National Bank
OceanFirst Bank
Peapack-Gladstone Bank
Republic Bank
Santander Bank
Sterling National Bank
Sturdy Savings Bank
TD Bank
The Bank of Princeton
The Provident Bank
TriState Capital Bank
Two River Community Bank
Valley National Bank
Wells Fargo
as of 2/14/2018

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