The NJEDA is no longer accepting applications for this program.


Through the Premier CDFI Program, NJEDA can provide small businesses with loan participations, loan guarantees, and line of credit guarantees in partnership with designated Premier Community Development Financial Institutions (CDFIs).

The NJEDA is partnering with CDFIs to ensure that NJ businesses have the resources necessary to expand and that our communities have a healthy climate for growth.


In partnership with Premier CDFIs, NJEDA can provide qualified small businesses or not-for-profits financing in the form of a participation, guarantee or direct loan of up to $500,000 of NJEDA exposure, not to exceed 50% of the loan amount. Financing can be used by businesses for fixed assets or term working capital.


Businesses looking to qualify for a loan from a Premier CDFI must*

  • Be in operation for at least one full year, or three years for non-profits 
  • Commit to creation or retention of one new, full-time job for every $65,000 of NJEDA exposure within two years. 
  • Businesses/Not-for-Profits must meet minimum Guarantor Credit Score and LTV Requirements, based on the type of      applicant and financing detailed below:
  • Loans: Minimum of one personal guarantor with a credit score greater than or equal to 680, must have minimum historical debt service of at least 1:1.
  • Guarantees: Minimum of one personal guarantor with a credit score greater than or equal to 680, guarantee not to exceed 50% of the CDFI loan amount, length of guarantee not to exceed five years.
  • Not-for-Profits: Debit service coverage of at least 1:1.


  • Based on the 5-year US Treasury or floor of 2%, whichever is higher, with basis point additions for credit risk.
  • Application Fee: $300
  • Commitment Fee: 0.5% of the loan amount
  • Closing Fee: 0.5% of the loan amount
  • Guarantee Fee: Up to 0.5% sized to percentage guarantee required, not to exceed 0.5% (for example, 25% guarantee will require a 0.25% fee, 50% guarantee will require a 0.5% fee).

* All fees are non-refundable.

CDFIs with a successful history of lending and portfolio management may be considered for approval as a Premier CDFI. As a Premier CDFI, a financial institution can receive expedited approvals for participations, direct loans, and/or guarantees.

The NJEDA will request the following information from CDFIs seeking a Premier CDFI designation:

  1. Bylaws and Articles of Incorporation
  2. List of the Board of Directors and their professional affiliations
  3. Organizational chart with description of staff positions
  4. Listing of key personnel with resumes
  5. Most recent 3 years financial statements (audited, if available)
  6. Interim P&L and balance sheet
  7. List of operating revenue sources (including restrictions on amounts, conditions, etc)
  8. List of local and private sector support (if applicable)
  9. Ongoing funding commitments (if applicable)
  10. Lending and risk management policies (including underwriting criteria and loan monitoring procedures)
  11. Product description(s) (including rates, terms and allowable uses of loan proceeds) for program(s) that will be utilized for PCP request
  12. Three examples of credit underwriting for transactions similar in size and scope to those anticipated to be funded through PCP
  13. Cash/investment management policy
  14. Sample loan documents (including application, loan agreement, and promissory note)
  15. Current portfolio status report and risk analysis (including aging or portfolio)
  16. Tax Clearance Certificate



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