El proceso de aplicaciones para préstamos de hasta 50.000 dólares abrirá el 6 de octubre de 2022

TRENTON, N.J. (16 de septiembre de 2022) – La Junta Directiva de la Autoridad para el Desarrollo Económico de Nueva Jersey (NJEDA) aprobó una revisión del Préstamo para microempresas de Main Street, que elimina el requisito de garantías personales para los propietarios de microempresas.

El Préstamo para microempresas de Main Street, que reemplaza al Programa de préstamos para microempresas establecido por la NJEDA en 2019, se ofrece como parte del Fondo para la recuperación de Main Street-un conjunto de productos de 150 millones de dólares creados o ampliados conforme a la Ley de Recuperación Económica de 2020 (ERA), firmada por el gobernador Phil Murphy en 2021. Este producto piloto proporcionará financiamiento de hasta 50.000 dólares a microempresas de New Jersey que reúnan los requisitos necesarios, cuyos ingresos brutos anuales sean de 1.500.000 dólares o menos y tengan 10 o menos empleados a tiempo completo en el momento de presentar la aplicación y tres meses antes de la fecha de la misma.  La NJEDA comenzará a aceptar aplicaciones para el programa el jueves 6 de octubre de 2022, a las 10:00 a.m. EDT.

“El Préstamo para microempresas de Main Street será un gran activo para las pequeñas empresas que se esfuerzan por aumentar su presencia en el Estado Jardín”, dijo el director ejecutivo de la NJEDA, Tim Sullivan. “La eliminación de los obstáculos que dificultan el acceso al capital para las empresas más pequeñas de nuestro estado es un paso más hacia la consecución de la visión del gobernador Murphy de una economía más fuerte y justa, ya que más propietarios de microempresas ahora tendrán acceso al financiamiento que necesitan para crear más puestos de trabajo y oportunidades económicas que permitan mantener a sus familias”.

Las empresas elegibles con y sin fines de lucro registradas para hacer negocios en Nueva Jersey, incluidas las empresas que operan desde el hogar, pueden solicitar financiamiento de los 20 millones de dólares en fondos asignados desde el Fondo de recuperación de Main Street para cubrir gastos operativos futuros, tales como inventario, alquiler, nóminas, equipos (que no requieran instalación o trabajo de construcción por un total de más de 1.999,99 dólares), o cualquier otro gasto de capital de trabajo para financiar los gastos operativos de la empresa. El préstamo tendrá un plazo estándar de 10 años y el tipo de interés será del 2%, sin intereses ni pagos durante el primer año. 

El Préstamo para microempresas de Main Street tiene un componente de condonación importante, ya que ayuda a reducir la carga de los propietarios de microempresas que ya tienen un acceso limitado al capital. Según las normas del programa, el prestatario está obligado a realizar pagos desde el segundo año hasta el final del quinto año. Para calificar para la condonación del préstamo, el solicitante debe haber realizado los pagos de su préstamo tal y como se identifica en su acuerdo de préstamo sin una morosidad de más de 90 días, no tener incumplimientos actuales, poder certificar que ha utilizado el préstamo solo para los fines aprobados, y que sigue abierto y operando como se detalla en el acuerdo del préstamo.

Para garantizar un acceso equitativo e inclusivo al Préstamo para microempresas de Main Street, de los 20 millones de dólares de financiamiento total disponibles, 8 millones se reservarán para apoyar a las entidades elegibles situadas en las zonas censales que califiquen como zonas de oportunidad en Nueva Jersey.

Los requisitos de elegibilidad para las microempresas interesadas en aplicar para este programa incluyen:

• Tener menos de 1,5 millones de dólares de ingresos brutos anuales en el último año fiscal (en la medida en que la empresa tenga ingresos anuales).
• No tener más de 10 empleados a tiempo completo en el momento de la solicitud y tres meses antes de la misma.
• Estar legalmente registrada para hacer negocios en Nueva Jersey, y tener una ubicación comercial (incluida una oficina en casa) en Nueva Jersey.
• Haberse constituido al menos seis meses antes de la fecha de la solicitud.
• Estar al día con el Departamento de Trabajo y Desarrollo de la Fuerza Laboral de Nueva Jersey (LWD) y el Departamento de Protección Ambiental de Nueva Jersey en el momento de la solicitud.
• Proporcionar un certificado de liquidación de impuestos actual antes de la aprobación para demostrar que el solicitante está al día con la División de Impuestos de NJ.

El Préstamo para microempresas de Main Street no requerirá garantías, ya que los criterios de suscripción se basarán únicamente en la calificación crediticia. Solo las organizaciones sin fines de lucro tendrán que estar totalmente suscritas y se les exigirá un índice de cobertura del servicio de la deuda de 1,0. Para las entidades con fines de lucro, al menos uno de los propietarios debe tener una calificación crediticia de 600 o más para ser considerado elegible. No se requieren garantías personales de los propietarios o directores.   

Las aplicaciones para el Préstamo para microempresas de Main Street se procesarán en el orden que son recibidas, según la fecha/hora en que la Autoridad reciba la aplicación completada. Los beneficiarios anteriores del Programa de préstamos para microempresas pueden solicitar el Préstamo para microempresas de Main Street.  Debido a las condiciones favorables de este producto, solo se permite una solicitud por EIN.  

La NJEDA organizará una sesión informativa sobre el Préstamo para microempresas de Main Street el lunes 26 de septiembre de 2022, a las 2:00 p.m. EDT. Para inscribirse en esta sesión en línea, haga clic aquí.

Para obtener más información sobre el Préstamo para microempresas de Main Street y el proceso para aplicar, visite https://www.njeda.gov/microbusinessloan/.

Acerca de la Autoridad para el Desarrollo Económico de Nueva Jersey

La Autoridad para el desarrollo económico de Nueva Jersey (NJEDA) es la agencia principal del Estado para impulsar el desarrollo económico. La NJEDA tiene el compromiso de hacer del Estado de Nueva Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible al centrarse en estrategias claves para ayudar a construir comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de Nueva Jersey y ofrecer oportunidades para una economía más sólida y justa. A través de asociaciones con una diversa gama de partes interesadas, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y la calidad de vida en el Estado y para fortalecer la competitividad económica a largo plazo de Nueva Jersey.

Para obtener más información sobre los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de la NJEDA al 844-965-1125 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter, Instagram y LinkedIn.

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Application for Loans up to $50,000 to Launch on October 6, 2022

TRENTON, N.J. (September 14, 2022) – The New Jersey Economic Development Authority (NJEDA) Board today approved a revision to the Main Street Micro Business Loan, removing the requirement for personal guarantees from owners of micro businesses.

The Main Street Micro Business Loan, which succeeds the Micro Business Loan Program established by the NJEDA in 2019, is offered as part of the Main Street Recovery Fund—a $150 million suite of products created or expanded under the Economic Recovery Act of 2020 (ERA), signed by Governor Phil Murphy in 2021. This pilot product will provide financing of up to $50,000 to eligible micro businesses in New Jersey whose annual gross revenues are $1,500,000 or less and have 10 or fewer full-time employees at the time of application and three months prior to the date of application.  The NJEDA will start accepting applications for the program on Thursday, October 6th, 2022, at 10:00 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 NJEDA Chief Executive Officer Tim Sullivan. “Removing the barriers to capital for our state’s smallest businesses is another step toward achieving Governor Murphy’s vision for a stronger, fairer economy, as more micro business owners will now have access to the financing they need to create more family-sustaining jobs and economic opportunities.”

Eligible for-profit and nonprofit businesses registered to do business in New Jersey, including home-based businesses, can apply for financing from the $20 million in funds allocated from the Main Street Recovery Fund to cover future operating expenses only such as inventory, rent, payroll, equipment (that does not require installation or construction work totaling more than $1,999.99), or any other working capital expense to fund business operating expenses. The loan will have a standard 10-year term and the interest rate will be 2 percent, with no interest and no payments due for the first year. 

The Main Street Micro Business Loan has a substantial forgivable component as it helps reduce the burden on micro business owners who already have limited access to capital. Under program rules, the borrower is required to make payments from year two to the end of year five. To qualify for loan forgiveness, the applicant must have made their loan payments as identified in their loan agreement with no delinquency of more than 90 days, have no current default, be able to certify that they have used the loan for approved purposes only, and that they are still open and operating as detailed in the loan agreement.

To ensure equitable and inclusive access to the Main Street Micro Business Loan, of the $20 million in total funding available, $8 million will be set aside to support eligible entities located in New Jersey Opportunity Zone-eligible census tracts.

Eligibility requirements for micro businesses interested in applying for this program include:

• Must have less than $1.5 million in annual gross revenue for the most current fiscal year (to the extent the business has annual revenues)
• Must have no more than 10 full-time employees at the time of application and three months prior to application
• Must be legally registered to do business in New Jersey, with a business location (including a home office) in New Jersey
• Must have been formed at least six months prior to the date of application.
• Must be in good standing with the New Jersey Department of Labor and Workforce Development (LWD) and the NJ Department of Environmental Protection at the time of application
• Must provide a current tax clearance certificate prior to approval to demonstrate the applicant is in good standing with the NJ Division of Taxation

The Main Street Micro Business Loan will not require collateral, as the underwriting criteria will be based solely on credit score. Only not-profit organizations will need to be fully underwritten and required to meet a 1.0 debt service coverage ratio. For all other for-profit entities, at least one owner must have a credit score of 600 or greater to be considered eligible. Personal guarantees from owners or principals are not required.   

Applications for the Main Street Micro Business Loan will be reviewed on a first-come, first-served basis, based on the date/time at which the Authority receives the completed application. Past recipients of the Micro Business Loan Program are eligible to apply for the Main Street Micro Business Loan.  Due to the favorable terms of this product only one application per EIN is allowed.  

The NJEDA will host an information session on the Main Street Micro Business Loan on Monday, September 26, 2022, at 2:00 p.m. EDT. To register for this online session, click here.

For more information on the Main Street Micro Business Loan and the application process, go to https://www.njeda.gov/microbusinessloan/.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

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A meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Friday, September 16 2022 at 10:00 am.

A copy of the proposed agenda can be found at https://www.njeda.gov/csit

+1 551-220-2262
Conference ID: 100 564 750#

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Attendees will learn how their licensed child care centers can apply for grants of up to $200,000 to make facility upgrades

TRENTON, N.J. (September 12, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it will host virtual information sessions on September 15 and September 19 for applicants interested in applying to NJEDA’s Child Care Facilities Improvement Program. Funded at $54.5 million, this program builds upon Governor Phil Murphy’s comprehensive strategy to support New Jersey’s child care sector, which plays a vital role in our state’s long-term economic recovery.

Through Phase 1 of the Child Care Facilities Improvement Program, the NJEDA will provide nearly $15 million in grants between $50,000 – $200,000 to licensed child care centers in New Jersey to cover the costs of facility improvements that will contribute to high-quality early childhood learning environments. These interior and exterior improvements could include, but are not limited to, installing energy efficient windows, creating additional classroom space, purchasing new playground equipment, replacing flooring, remediating environmental hazards such as lead or mold, or putting in child-height sinks or toilets. A complete list of eligible uses can be found here.

During the sessions, attendees will receive a program overview, a walk-through of the application, and information on how to best prepare to apply.

The information sessions will take place at the following times:

• September 15 – 10:00 a.m. to 11:30 a.m. Registration link: http://tinyurl.com/njeda-childcarecenterimprove
  
• September 19 – 6:00 p.m. to 7:30 p.m. Registration link: http://tinyurl.com/NJEDA-ChildCareCenterInfo  

Eligible applicants are child care center providers licensed by the Department of Children & Families as of June 4, 2021 that have enrolled in the last 12 months prior to the date of application at least one child receiving assistance through NJ Department of Human Services’ (NJDHS’s) Child Care Assistance Program. A complete list of eligibility requirements can be found at https://www.njeda.gov/child-care-improvement-program/.

To help ensure that child care providers serving low-income children through the NJDHS’s Child Care Assistance Program receive the funding they need to survive and thrive, 40 percent of the Phase 1 funding will be set aside for child care providers in Opportunity Zone-eligible census tracts.

The application for the Child Care Facilities Improvement Program is expected to launch in October.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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he New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, September 14, 2022, at 10:00 am.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

TELECONFERENCE:

CONFERENCE NAME:                                NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              877-692-8955

PARTICIPANT ACCESS CODE:                    4204420

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.gov. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

TRENTON, N.J. (September 1, 2022) – Today, the New Jersey Economic Development Authority (NJEDA) released information on the Brownfields Redevelopment Incentive (BRI) Program for public feedback. Established by the New Jersey Economic Recovery Act of 2020 (ERA), the Brownfields Redevelopment Incentive Program is a $300 million tax credit program designed to compensate developers of redevelopment projects located on brownfield sites for remediation costs.

The Brownfields Redevelopment Incentive Program covers specific costs associated with brownfield remediation and redevelopment., including the investigation and remediation of environmental contamination, as well as building and structural remediation activities.

The program, which provides $300 million in incentive funding over six years, focuses on brownfield redevelopment as an integral part of community development. Awards of up to 50 percent of remediation costs are available for eligible brownfield sites, up to a maximum of $4 million. Brownfield sites in a Government Restricted Municipality or Qualified Incentive Tract may be eligible for up to 60 percent of rehabilitation costs, up to a maximum of $8 million.  Awards are scored on a competitive basis.

Members of the public are encouraged to review the preliminary information and submit written feedback through an online form available on the Economic Recovery Act website. The NJEDA will also be hosting two listening sessions for public input on the proposed information.

“The Brownfields Redevelopment Incentive is part of a suite of programs created under the ERA that sets a high bar for equitable and inclusive development,” said NJEDA Chief Executive Officer Tim Sullivan. “Input from community stakeholders will help to ensure the BRI advances Governor Phil Murphy’s and the NJ State Legislature’s vision for incentivizing projects that turn vacant and contaminated sites into vibrant economic assets, with a continued focused on community development.”

Tax credits will be awarded through a competitive application process to ensure the best projects receive State support. The NJEDA will partner with the NJ Department of Environmental Protection (NJDEP) to create evaluation criteria for a competitive application process. To receive tax credits through the program, the developer must demonstrate that a financing gap exists. Parties that are in any way responsible or liable for the site contamination are not eligible for the program. 

The BRI Proposed Information is available now for review here. 

Members of the public can also provide input during the NJEDA’s public listening sessions, which are scheduled for the following times:

• Wednesday, September 7^th, 2:00 p.m. – Register Here
• Thursday, September 8^th, 1:00 p.m. – Register Here

Members of the media interested in attending the session or submitting questions are asked to email media@njeda.com.  

To provide feedback on the BRI Program online click here.

In addition to the Brownfields Redevelopment Incentive, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and historic property reinvestment; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.

For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.gov/economicrecoveryact/.

About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness. NJEDA is developing the Wind port on behalf of the State.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Funding raised from auction will help first-of-its-kind ‘Innovation Evergreen Fund’ invest in Garden State early-stage businesses

Trenton, N.J. (August 5, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it has launched the next phase in the creation of New Jersey Innovation Evergreen Fund (NJIEF) by opening the first of up to five annual New Jersey Corporate Tax Credit Auctions to fuel the fund. The NJIEF is a groundbreaking new tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State will become an equity investor in startups deploying up to $600 million into companies alongside professional venture capital groups. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in state.

For the 2022 auction year, a pilot amount of $30 million of tax credits will be available for purchase through the New Jersey Corporate Tax Credit Auction. Based on demand, the Authority may increase the amount of tax credits available in the current year. The funds raised from the auction will later be matched by professional venture capital firms and invested into high-growth, early-stage businesses across the Garden State.

“The NJIEF is a unique model for driving investment and other resources for bolstering the success rate of startup companies,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the NJIEF, successful New Jersey corporations will help to nurture and elevate the next generation of high-growth businesses. This will lead to job creation and scientific breakthroughs, and will help to deliver on Governor Phil Murphy’s commitment to recapturing New Jersey’s global leadership position in innovation and creating the most diverse and inclusive innovation ecosystem in America.”

Sullivan noted that, in addition to benefiting from the purchase of tax credits, corporations participating in the NJIEF will help drive New Jersey’s innovation ecosystem through their strategic engagement with emerging companies in which the NJIEF will later invest.

Established by the New Jersey Economic Recovery Act of 2020, the NJIEF is an innovative tool designed to incentivize investment in emerging New Jersey companies while creating mentoring, networking, and educational opportunities to help position these companies for success.

Corporations seeking to purchase the tax credits must commit to supporting the state’s innovation economy through activities such as mentorship, internships, sales and distribution pipeline access, and availability to serve on the NJIEF Advisory Board for one year. Completed applications, including a refundable deposit, must be received by October 7, 2022.

“New Jersey has vast appeal for businesses seeking top talent, a thriving innovation community, and a prime location, and the NJIEF will be an additional tool for attracting corporations and startups choosing to start and grow within our state,” NJEDA Chief Economic Transformation Officer Kathleen Coviello said. “We look forward to seeing the growth that will result from this investment of funding and targeted sharing of intellectual capital.”

Full details on the NJIEF are available at https://www.njeda.gov/evergreen.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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