The NJEDA is now accepting applications for this program. Please send an email to to speak with an Innovation Officer.

The Angel Match Program was designed to disburse funding from the State Small Business Credit Initiative (SSBCI), a federal program administered by the US Department of Treasury. Its purpose is to propel the creation of an entrepreneurial ecosystem that stimulates innovation and economic development, providing employment opportunities for New Jersey residents.

This program matches angel investors’ direct investment in early-stage, product-based technology companies within targeted industries on a 1-to-1 basis with unsecured convertible notes ranging from $100,000 to $500,000.



Convertible note with warrant

$100,000 to $500,000 matched 1-to-1 with outside investment

10-year term, 3% interest, no payment until year 8 and no prepayment penalty



Stimulates funding from
the investment

Catalyzes industry growth

Fosters job creation



Early-stage companies in targeted sectors

50% of full-time employees, a minimum of 2 founders, and physical office space in New Jersey

See more eligibility requirements below.



The Angel Match Program aligns with the goals of SSBCI, as angel investing is a critical source of early-stage capital to help high-quality start-up ventures build and test their products as well as scale their business models. SSBCI is designed to cause and result in the lending and investment of private capital into small businesses, unlocking capital for companies that would otherwise not have access to it.

NJEDA Investment is in the form of Convertible Promissory notes with warrants equaling 50% of note’s principal. Individual note amounts between $100,000 – $500,000 based on match funding and NJEDA analysis of company financing and operations, management team and experience, the product and target market, as well as investor type and involvement.

– Notes will reach maturity in 10 years, with no payments for first 7 years

– Notes are matched $1 (NJEDA): $1 (Qualified Outside Investment)

– No restriction on participation in other NJEDA incentive programs

For more information about the Angel Match Program, please review the program brochure.

Companies must close external investments within 60 days of NJEDA issuing a commitment letter.



– Early stage within a targeted industry

Please be aware, due to the SSBCI Federal funding source, any business that derives that derive revenue from marijuana-related activities or supports support the end-use of marijuana is not eligible for participation in the Angel Match program.

– Structured as a C-Corporation or as an LLC

– Located in physical commercial office, co-working or incubator space in New Jersey

– At least 50 percent of full-time employees working in New Jersey

– No more than 100 total employees working for the company

– A minimum of 2 full-time founders/ C-level executives working in New Jersey

– Company must be registered to do business in New Jersey and in good standing as certified by a valid NJ Tax Clearance Certificate

Business Model:

– Company’s primary business is commercializing and marketing a product (service-based offerings would not be considered eligible)

– Must have minimum revenues of $100,000 within the trailing 12 months (TTM)

– Research, grants, consulting, or other any other method that could be considered service-based revenue are excluded

– Capital efficient and scalable – revenue growth will significantly outpace the expense growth and funding requirements

– Large, identifiable target market

Outside Investment:

– Matching funds from a minimum of two investors

– Investors must be an investment entity (Venture Capital Fund, Angel Fund, Family Office, Investment Partnership, or LLC) or an individual member of an organized investment group. Funds raised from employees or family members will not be considered

– Minimum investment amount of $100,000 from outside investors

– Must be in the form of preferred equity with a defined price per share

– Matching ratio of 1(NJEDA): 1(Outside Investor)

– Investor funds to be matched by the Angel Match Program note must be closed within 60 days from receipt of NJEDA commitment letter

Commitment to New Jersey:

– Company agrees to remain located with at least 50% of full-time employees in NJ for the duration of the loan

Please be advised: New Jersey State law prohibits most cannabis license and certification holders from receiving or continuing to receive an economic incentive from the NJEDA. If the applicant, or any person who controls the applicant or owns or controls more than one percent of the stock of the applicant, has applied for or received a license or a certification from the New Jersey Cannabis Regulatory Commission (NJ-CRC), the applicant is ineligible for this program and should not proceed with an application. If an application is received from an applicant that meets this criteria, the application will be declined and the application fee will not be refunded. 

Targeted Industries

Targeted industries are any industry identified from time to time by the NJEDA that shall initially include:

– Advanced Transportation and Logistics
– Advanced Manufacturing
– Aviation
– Autonomous Vehicle and Zero-emissions
– Clean Energy
– Clean Technology
– Life Sciences
– Hemp Processing
– Information and High Technology
– Finance and Insurance

If you’d like to review the definitions of each targeted industry further, please see the “Targeted Industry Definitions” document available for download on the right-hand side of this page.

Please be aware, due to the SSBCI Federal funding source, any business that derives that derive revenue from marijuana-related activities or supports support the end-use of marijuana is not eligible for participation in the Angel Match program.

State Small Business Credit Initiative

This NJEDA Program is funded by the federal State Small Business Credit Initiative (SSBCI). The SSBCI funds small business credit support and investment programs developed by state, territory, and Tribal governments in order to empower small businesses to access capital needed to invest in job-creating opportunities. The funds also support the promotion of American entrepreneurship and strive to democratize capital access across the country with a focus on very small businesses with fewer than 10 employees and businesses owned by socially and economically disadvantaged individuals.

With SSBCI participation and funding, this NJEDA program must meet strict guidelines of compliance for program requirements, application approval, and ongoing monitoring. Without exceptions, any business applying to this program must provide complete and accurate application submissions, and if approved, the business will also be required to maintain complete and accurate reporting which must be submitted to the NJEDA within the program specified timelines. Misrepresentation, omissions, or deviations from program requirements or reporting may subject a business to repayment of any benefits as well as incur penalties.

For more information on SSBCI program rules and materials, please click this link.


Application fee: $1000
Modification fee: $250 minor/ $1000 major

Please note, all fees associated with this application are non-refundable.


Informational Webinar



For more information or to ask a specific question, please send an email to and a team member will reach out to you.