Phase 2 Small Business Emergency Loan Program Opens This Week

The NJEDA has announced Phase 2 of the Small Business Emergency Assistance Loan Program. The program offers loans of up to $100,000 with no payments for two years and zero percent interest. Pre-registration begins July 20, 2021 and small businesses and nonprofits must pre-register in order to apply.

Visit business.nj.gov/covid/emergency-assistance-loan-program for full details of the program.

Pre-registration for this program will open at 9 a.m. on Tuesday, July 20 and last until 5 p.m. on Friday, July 30. This is additional financing available to New Jersey businesses and nonprofits, with a particular focus on entities that have taken on new space in 2021.

Businesses with $10 million or less in annual revenue that have executed a new lease, leased additional space, or acquired an owner-occupied commercial space of at least 500 square feet on or after January 1, 2021 will be prioritized as “Stage 1” applicants and have exclusive, early access to the application. All applicants must pre-register to be eligible to apply.

Following the pre-registration period, applications will open for “Stage 1” applicants at 9 a.m. on Tuesday, August 3, 2021. If the NJEDA does not receive sufficient applications from Stage 1 applicants during this time period to exhaust the available funding, the Authority will open applications to all other qualified entities at 3 p.m. on Friday, August 13, 2021.

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