NJEDA announces June launch for microbusiness loan app

To mark National Small Business Week, the New Jersey Economic Development Authority announced plans to open applications for its Micro Business Loan next month.

The funding will be available through the NJEDA’s Main Street Recovery Program, which has issued nearly $5.5 million in grants.

Gov. Phil Murphy stopped by East Side Mags in Montclair on May 5, when the announcement was made, to highlight the business, which received funding through the program.

“Small businesses like East Side Mags are essential New Jersey’s vibrant and thriving Main Streets,” said Murphy. “As we transition 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 New Jersey’s small businesses and look forward to seeing their continued resiliency and contributions to our economy and communities.”

The Main Street Recovery Program is budgeted to provide $100 million to support the growth and success of small businesses in New Jersey. 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 Gov. Murphy’s tenure, we have made historic progress to spur economic growth and support small businesses dealing with the ongoing of the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “We’re 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, the NJEDA will open applications for its Main Street Micro Business Loans. The loans will offer forgivable working capital loans with a 2% interest rate and no interest and no payments due for the first year. Eligible businesses will be able to apply for up to $50,000 in financing.