NJEDA to Host Clean Energy Loan Program Information Session for Small Businesses
Program offers loans to finance clean energy projects or the creation or expansion of clean energy businesses
TRENTON, N.J. (April 12, 2023) – The New Jersey Economic Development Authority (NJEDA) will host a virtual public information session on the New Jersey Clean Energy Loans (NJ CELs) Program on Monday, April 17 at 1:00 p.m. The session will provide information on program eligibility, loan terms, engagement with banking partners, and the application process.
NJ CELs is an $80 million co-lending program created by the NJEDA for small businesses seeking to finance qualifying clean energy projects or for the formation or expansion of clean energy businesses that create jobs in state.
The program’s funds come from the U.S. Treasury’s State Small Business Credit Initiative (SSBCI), which was reauthorized under the American Rescue Plan in order to stimulate state and local economies in the wake of COVID-19. NJ CELs will offer loans of $500,000 to $20 million with a term of one to 25 years, with the NJEDA financing up to 50 percent of the total loan amount ($250,000 to $10 million). NJEDA loans must be matched at least dollar for dollar with capital from a financial institution. NJ CELs will unlock capital for small businesses and start-ups, catalyze the deployment of clean energy in New Jersey, and support minority-, woman-, and veteran-owned businesses to participate in the State’s energy transition.
Potential applicants, banking partners, and other interested parties, including members of the media, can register for the April 17 information session here. A recorded version of the webinar will be posted at https://www.njeda.gov/njcels/ following the event.
Applications for the NJ CELs program open Wednesday, April 19, 2023, and will be available here. Those considering applying may conduct an Eligibility Self-Assessment here. Financial institutions interested in offering the benefits of the NJ CELs program to their clients can find information here, and may complete an expression of interest form here.
To be eligible, an entity must have fewer than 750 Full-Time Equivalent (FTE) employees and be seeking financing for a clean energy business or project located in New Jersey. Complete eligibility requirements can be found here.
Businesses certified as minority-, woman-, or veteran-owned, as well as businesses or projects located in an overburdened community, are eligible for an additional one percent rate reduction and ten percent loan forgiveness if the project results in at least one job being created per $100,000 of aggregate loan.
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.
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