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Press Release
February 12, 2008
2 minute read

NEW EDA LOW-INTEREST LOAN PRODUCT TARGETS NINE URBAN CENTERS



Trenton, N.J. (February 12, 2008) – The New Jersey Economic Development Authority (EDA) has developed a new product – Urban Plus – that provides up to $3 million for projects in nine key urban centers of the state. The product supports Governor Jon S. Corzine’s strategic economic development focus on these cities.

Urban Plus satisfies a need for financing medium-size projects in the targeted municipalities of Atlantic City, Camden, East Orange, Elizabeth, Jersey City, Newark, New Brunswick, Paterson and Trenton.

“This new product reinforces state support for re-energizing our cities, enhancing the viability of projects in these targeted urban areas and expanding the resources available under the New Jersey Urban Fund,” said EDA Chief Executive Officer Caren S. Franzini.

Urban Plus loans can be made for as long as 10 years with up to a 25-year amortization and be used for fixed assets like buildings and equipment. Loans can fund up to 50 percent of total project costs and must have the support of the municipality. Projects must create or maintain jobs, increase ratables or leverage public financing by a ratio of 1:1. The interest rate will be set at 50 percent of the Federal Reserve Discount Rate at the time of closing, with a floor of 3 percent.

The creation of this new product complements other EDA-administered programs, including the Local Development Financing Fund, which is utilized in urban centers and provides up to $2 million in financing, and the Fund for Community Economic Development, which provides a maximum of $750,000 for community development projects in urban areas.

To learn more about Urban Plus or other products and services of the EDA, contact EDA Customer Care at CustomerCare@njeda.com or (609) 777-4898. For more information about doing business in New Jersey, visit www.NewJerseyBusiness.gov or call (866) 534-7789.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

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