NJEDA Announces June Launch of Microenterprise Lending App
To mark National Small Business Week, the New Jersey Economic Development Authority announced plans to open applications for its Loan to micro-enterprises next month.
Funding will be available through NJEDA’s Main Street Recovery Program, which has awarded nearly $5.5 million in grants.
Governor Phil Murphy stopped by East Side Mags in Montclair on May 5, when the announcement was made, to shine a light on the company, which has received funding under the program.
“Small businesses like East Side Mags are essential to New Jersey’s vibrant and thriving Main Streets,” Murphy said. “As we move from pandemic to endemic, we must continue to support small businesses as they recover from the devastating impact of COVID-19. I am proud to support small businesses in New Jersey and look forward to seeing their resilience and continued contributions to our economy and our communities.
The Main Street Recovery Program is budgeted to provide $100 million to support the growth and success of New Jersey small businesses. In just over six months, more than 200 small businesses have been approved for the Small Business Lease Grant while 32 small businesses have been approved for the Small Business Improvement Grant since February.
“During Governor Murphy’s tenure, we have made historic progress in driving economic growth and supporting small businesses in the face of the COVID-19 pandemic,” said NJEDA Executive Director Tim Sullivan. “We are already seeing the impact of the Main Street recovery program, as new businesses open their doors, hire new employees and move their local communities forward. »
In early June, NJEDA will open applications for its Main Street micro-business loans. The loans will offer repayable working capital loans with a 2% interest rate and no interest or payments due for the first year. Eligible businesses will be able to apply for up to $50,000 in funding.