The New Jersey Economic Development Authority board approved a revision to the Main Street Micro Business Loan Sept. 14, removing the collateral requirement for business owners.
The pilot product, which succeeds the Micro Business Loan Program, provides financing of up to $50,000 to eligible micro businesses in New Jersey with gross annual revenues of $1.5 million or less that have 10 or fewer full-time employees at the time of application and for three months prior to the date of application.
Additional requirements for businesses interested in applying include:
- must be legally registered to do business in New Jersey with a business location in the Garden State,
- must have been formed at least six month prior to the date of application,
- must be in good standing with the New Jersey Department of Labor and Workforce Development and the N.J. Department of Environmental Protection at the time of application,
- and must provide a current tax clearance certificate prior to approval to demonstrate good standing with the N.J. Division of Taxation.
Applications for the loans launch Oct. 6 at 10 a.m. EDT.

“The Main Street Micro Business Loan will be a tremendous asset for small businesses that are working hard to grow their footprint in the Garden State,” said New Jersey Economic Development Authority CEO Tim Sullivan, shown in September. 2021. – EDWIN J. TORRES/NJ GOVERNOR’S OFFICE
“The Main Street Micro Business Loan will be a tremendous asset for small businesses that are working hard to grow their footprint in the Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “Removing the barriers to capital for our state’s smallest businesses is another step toward achieving Gov. Murphy’s vision for a stronger, fairer economy, as more micro business owners will not have access to the financing they need to create more family-sustaining jobs and economic opportunities.”
Eligible business can apply for financing from a $20 million pot of funds to cover future operating expenses. Of that total funding, $8 million will be set aside to support eligible entities located in New Jersey Opportunity Zones.
The loans have a forgivable component. Under the program rules, the borrower is required to make payments from year two to the end of year five.
Instead of requiring collateral, the program’s underwriting criteria will be based solely on credit score. At least one owner must have a credit score of 600 or greater to be considered eligible.
The NJEDA says the applications will be reviewed on a first-come, first-serve basis. Only one application per EIN is allowed.
On Sept. 26 at 2 p.m., the NJEDA will host an information session on the Main Street Micro Business Loan. More information on the program, the application process and the listening session can be found here.