Small Business Archives

Over $8.6 million in working capital loans have been approved to date

TRENTON, N.J. (May 9, 2025) – As National Small Business Week comes to a close, the New Jersey Economic Development Authority (NJEDA) announced that 100 small businesses and nonprofits have been approved for more than $8.6 million in working capital loans under the NJ Capital Access Fund. Supported by the State Small Business Credit Initiative (SSBCI) and a private capital match, the $100 million fund, administered by fund manager Calvert Impact, leverages Community Development Financial Institutions (CDFIs) and Minority Deposit Institutions (MDIs) to offer an affordable and flexible working capital loan product and technical assistance to assist small businesses and nonprofits.

“Under Governor Murphy’s leadership, New Jersey has prioritized expanding access to capital for small businesses, fueling business growth and revitalizing downtowns and commercial districts across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJ Capital Access Fund plays a key role in NJEDA’s comprehensive range of small business support programs, offering a streamlined pathway for entrepreneurs to secure the funding necessary for growth in the Garden State.”

Since the program launched in November 2023, 77 percent of funding from the NJ Capital Access Fund supported business owners identified as socially and economically disadvantaged individuals (SEDI), including women and people of color, reflecting the NJEDA’s commitment to supporting diverse entrepreneurs.

Through the NJ Capital Access Fund, small businesses and nonprofits can receive working capital loans of up to $250,000 to assist with rent, utilities, payroll, marketing, and other operational business expenses. The working capital loans offer flexible features, including terms from 36 to 60 months, low fees for borrowers, fixed competitive interest rates, and no specific collateral requirements. SSBCI funds are used to purchase up to 80 percent of every eligible working capital loan administered by participating community lenders, which increases lending capacity and provides more loans to underserved communities.

Calvert Impact was approved in May 2023 as the designated fund manager to administer the NJ Capital Access Fund by matching and leveraging the Authority’s $50 million investment funded by SSBCI, is a nonprofit investment firm that has supported community and economic development organizations for nearly 30 years, with a focus on financing sectors overlooked by mainstream capital markets. The organization is a proven leader in the creation of financial products that meet the specific needs of underserved and underbanked communities.

“The Capital Access Fund provides critical, flexible financing that small businesses need to thrive,” said Joe Meginnes, Director of Calvert Impact’s Access Small Business Program. “We’re proud to partner with New Jersey to demonstrate that increasing the capacity of community lenders can be a powerful catalyst for broader economic growth and community development.”

Among the recipients of a loan supported by the NJ Capital Access Fund is Naturalvert is a food manufacturer that specializes in organic, vegan, no-allergen granola. Their products are made with wholesome ingredients that are sourced from local suppliers in order to maintain the quality and taste. Naturalvert products are manufactured, packaged, and distributed all in their facility in Hawthorne and sold nationwide through many retailers such as Whole Foods, Shop Rite, Mom’s Organic Market and many more. Naturalvert is also a recipient of the Main Street Micro Business Loan, Small Business Improvement Grant, and Small Business Lease Grant.

“Accessing the NJ Capital Access Fund was a turning point for Naturalvert. The working capital loan provided the crucial funding we needed to expand production, improve our packaging processes, and meet growing demand from national retailers such as Walmart, Whole Foods, and more,” said Vetchay Vilvert, Founder of Naturalvert. “More importantly, the flexibility and support offered through the program empowered us as a minority-owned business to scale sustainably without compromising our values. Thanks to the NJ Capital Access Fund, Naturalvert has not only grown but has also created jobs and contributed to a healthier, more inclusive local economy.”

NJ Capital Access Fund is one of the many resourceful financing tools that the NJEDA has to offer small businesses and nonprofits. For decades, NJEDA has deployed a range of loan products, including participations, guarantees, and direct loans, to help New Jersey-based businesses grow and thrive.

The Small Business Fund provides flexible, low-cost financial assistance of up to $500,000 to small businesses and nonprofits. To date, the program has supported over 60 loans totaling more than $17 million.

The Direct Loan Program is designed to expand access to capital and fuel business growth through direct NJEDA financing. The program has provided over 680 loans, delivering more than $273 million in support to small businesses across the state.

Through its Premier Lender Program, NJEDA partners with financial institutions to offer loan participations and guarantees of up to $2 million, enabling businesses and nonprofits to overcome barriers to expansion. This program has facilitated more than 1,200 participations and guarantees, totaling over $306 million

In April 2025, the NJEDA approved a new loan program known as the New Jersey Loan Expansion and Network Development (NJ LEND) program, designed to support the evolving needs of New Jersey businesses. NJ LEND is modeled after the NJEDA’s Premier Lender and Direct Loan programs but offers higher lending limits for financing to small businesses with no more than 750 employees.

The new program will offer fixed asset loans of up to $5 million for the purchase or refinance of owner occupied commercial real estate or new equipment. The program will also offer working capital loans of up to $1 million. Additionally, NJ LEND will offer flexible lending options in the form of loan participations and line of credit guarantees in partnership with NJEDA Premier Lender financial institutions.

For more information on eligibility requirements for the NJ Capital Access Fund, and to pre-apply, visit here. More information and eligibility requirements for the Small Business Fund, Direct Loan, Premier Lender, and NJ LEND programs can be found here.

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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More than $185M invested into nearly 8,000 businesses through Main Street Recovery Program

TRENTON, N.J. (May 5, 2025) – In celebration of National Small Business Week, the New Jersey Economic Development Authority (NJEDA) is highlighting its various grant, loan, and technical assistance programs aimed to support small businesses across the state. Since the Main Street Recovery Program launched in 2021, the NJEDA has awarded more than $185 million in grants, loans, and technical assistance to nearly 8,000 small businesses across the state. More than 2,000 approvals under the program have been awarded to women-, minority, veteran-, LGBTQ-, and/or disabled-owned small businesses.

The Main Street Recovery Program, a comprehensive suite of programs, was originally designed to support small businesses impacted by the pandemic but has since grown to support the growth and expansion of small businesses. Including the $700 million in pandemic relief that the NJEDA provided to small businesses before the Main Street Recovery Program launched, the Authority has distributed a total of nearly $1 billion to bolster small businesses throughout New Jersey.

“From North Jersey to South Jersey, and everywhere in between, small businesses are fueling local economies and revitalizing key commercial corridors,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey has invested millions of dollars to ensure small business owners have the resources and tools to grow their business and continue serving their communities. Through our robust loan and grant programs, the NJEDA is helping expand opportunities and increate vitality along main streets throughout New Jersey.”

The following programs are part of the Main Street Recovery suite:

Small Business Lease Grant: supports the growth and success of small businesses and non-profits by providing grant funding to cover a portion of lease payments for businesses and non-profits leasing new or additional space.
Small Business Improvement Grant: offers reimbursement for costs associated with making building improvements or purchasing new furniture, fixtures, and equipment.
Main Street Lenders Grant: provides grants to eligible micro business lenders, which the lenders can use to create new micro business loan products or supplement existing micro business loan products. Lenders can also qualify for additional grant funding to provide technical assistance to micro businesses, to better prepare these businesses to qualify for loan products.
Main Street Acquisition Support Grant: offers a grant of up to $50,000 to reimburse an eligible New Jersey small business for closing costs related to a New Jersey commercial property that the business purchased to operate from.
Small Business E-Commerce Support Program: provides free e-commerce and digital marketing consulting services to New Jersey small businesses in the restaurant, retail, and personal care industries that operate from a commercial location. The NJEDA has partnered with consultants to assist eligible small businesses with e-commerce services.
Main Street Micro Business Loan: provided financing of up to $50,000 to eligible micro businesses in New Jersey with 10 or fewer full-time employees and no greater than $1.5 million in annual revenues.

“As a small business owner, there are often inherent risks associated with opening a new business. To get support from the NJEDA to mitigate those risks is an enormous help and the only words that come to mind is simply ‘thank you.’ The funds from the NJEDA go directly back into the business in hopes to stimulate the local economy,” said James Park, owner of SuperSudz Laundry in Ewing, which received a Small Business Lease Grant. “I cannot express enough thanks to those within the NJEDA supporting us as a small business. We are hiring locally and the grant gives us a chance to continue to service the community we very much love.”

“As a new business owner every dollar counts,” said Angelo Masino, owner of FastSigns in Secaucus, which received a Main Street Acquisition Grant. “Being awarded this grant helped to put my mind at ease while I continue to build my business and allowed me to focus on other aspects which were equally important.”

“I have paid a lot of money in the past for services similar to the Small Business E-Commerce Program, and have received much less without the additional training,” said Trina Stroman, owner of Cammie’s Spectacular Salon in Wrightstown, which received technical assistance through the E-Commerce Support Program. “Everyone was very patient and efficient, and provided me the assistance to move on independently, and still offer support up to 12 months. I really appreciate this.”

Throughout National Small Business Week, the NJEDA is hosting several resource fairs to highlight programs offered by the Authority. An in-person “Show Me the Resources” fair will take place on Tuesday, May 6, 2025 at 9:00 a.m. at The College of New Jersey. A virtual “Show Me the Resources” fair will be hosted on Thursday, May 8, 2025 at 5:00 p.m.

About the NJEDA

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NJ LEND pilot program expands upon NJEDA’s existing small business programs

TRENTON, N.J. (April 21, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved a new loan program designed to support the evolving needs of New Jersey businesses. The $30 million pilot program, known as the New Jersey Loan Expansion and Network Development (NJ LEND) program, will offer loans up to $5 million, more than double the amount offered through the Authority’s already existing loan products.

“New Jersey’s small businesses are the lifeblood of our economy, and they support our workforce and local communities,” said Governor Phil Murphy. “The NJ LEND program offers an enhanced loan to help businesses grow and thrive. By creating access to capital, we are empowering entrepreneurs to build stronger, more resilient businesses across New Jersey.”

“Under Governor Murphy’s leadership, the NJEDA has prioritized small business support, giving them the tools they need to survive and thrive in an ever-changing business environment,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJ LEND program leverages the success of the NJEDA’s Premier Lender and Direct Loan programs by offering expanded and flexible financial resources. Injecting much-needed capital into small businesses across the state will help drive economic growth, job creation, and increased business stability.”

NJ LEND is modeled after the NJEDA’s Premier Lender and Direct Loan programs, but offers higher lending limits for financing to small businesses with no more than 750 employees. The new program will offer fixed asset loans of up to $5 million for the purchase or refinance of owner occupied commercial real estate or new equipment. The program will also offer working capital loans of up to $1 million. Additionally, NJ LEND will offer flexible lending options in the form of loan participations and line of credit guarantees in partnership with NJEDA Premier Lender financial institutions.

“In today’s uncertain economy, programs Like NJ Lend are a lifeline for small businesses—empowering businesses to grow, innovate, and create jobs when it’s needed most,” said Christina Renna, President & Chief Executive Officer of the Chamber of Commerce Southern Jersey. “We appreciate the Governor’s leadership in launching this program at such an uncertain time for businesses across the state.”

Through NJ LEND and the Authority’s current loan programs, the NJEDA is helping reduce barriers for businesses seeking capital for growth, job creation, and long-term stability. Additionally, through the Main Street Recovery Finance Program, the NJEDA is bolstering the small business community by ensuring business owners have the resources needed to expand, grow, and thrive. Since 2021, nearly $170 million has been distributed through Main Street’s suite of programs, bringing the NJEDA’s total small business support to nearly $1 billion.

In line with NJEDA’s existing traditional lending programs, the primary goal of NJ LEND is to drive economic activity through job creation. All businesses receiving funding through NJ LEND will be required to create and/or retain one full-time job for every $65,000 in NJEDA loan exposure, fostering individual business growth and strengthening workforce development throughout the state.

Eligible applicants under the NJ LEND program may be for-profit or non-profit businesses in New Jersey with no more than 750 New Jersey employees. For more information and to apply, email businessbanking@njeda.gov.

About the NJEDA

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Small businesses encouraged to take advantage of the Small Business E-Commerce Support Program to develop website, marketing plan & implement online ordering

TRENTON, N.J. (December 4, 2024) – In recognition of Cyber Monday this week, the New Jersey Economic Development Authority (NJEDA) is highlighting its $4 million Small Business E-Commerce Support Program, which has connected over 430 small businesses to consulting firms which will provide direct technical assistance. Of those businesses connected, 290 New Jersey businesses have successfully completed their consulting services, representing over $2.3 million in technical assistance, which have provided them with free e-commerce and digital marketing consulting services, to help them adapt to the growing e-commerce economy. To date, 39 percent of the funding has supported minority-owned small businesses.

“Under Governor Murphy’s leadership, New Jersey is committed to providing small businesses with resources to ensure their success,” said NJEDA Chief Executive Officer Tim Sullivan. “The Small Business E-Commerce Support Program has delivered on this promise by assisting businesses with their digital marketing needs, and the NJEDA is ready to help even more local businesses statewide modernize their services, grow their customer base, and remain competitive in the rapidly evolving e-commerce landscape.”

The program offers consulting services to eligible restaurants, retailers, and personal care businesses to assist with web page design and development, online ordering implementation, online appointment booking implementation, e-commerce design and development, and online marketing plan development. Restaurants and personal care businesses can receive up to $11,400 in consulting services, while retail stores can receive up to $10,800. The consultants work directly with the small business owners to provide a custom plan on what services will benefit their business.

Reach for the Stars, LLC in Cranford took advantage of the NJEDA’s Small Business E-Commerce Program. Serving as a leader in pediatric speech throughout New York and New Jersey, its new website allows for visitors to read related articles and patient testimonials and explore resources that are available to them.

“As a small business owner, we are often forced to choose one essential project over another because of financial limitations. I was truly honored that my business was selected to receive a grant for a new website, and I couldn’t be happier with the end results,” said Reach for the Stars owner Lisa Jiannetto-Surrusco. “The grant enabled me to get this project done, while allocating the saved money for vital necessities like therapy and testing materials, professional development for the staff, and potential expansion of our menu of services.”

The Barefoot Bride was also able to launch its website through the help of the NJEDA’s Small Business E-Commerce Program. The Red Bank-based bridal shop offers a personalized retail experience for brides-to-be and their families. With its newly revamped website, customers can make their bridal appointments online and browse the latest wedding dress trends.

“For most small business owners having a functional website that is affordable is nonexistent. Being able to reach out to the NJEDA for help was a dream come true,” said The Barefoot Bride owner Mayra Perez Lowey. “We now have a beautiful working website that our customers can easily navigate.”

Cammie’s Spectacular Salon in Wrightstown utilized the NJEDA’s Small Business E-Commerce Program to fully redo its website to offer a full list of services and an online store. Customers now have the ability to book appointments online, as well as view testimonials and Google reviews.

“I have paid a lot of money in the past for services similar to the Small Business E-Commerce Program, and have received much less without the additional training,” said Cammie’s Spectacular Salon owner Trina Stroman. “Everyone was very patient and efficient, and provided me the assistance to move on independently, and still offer support up to 12 months. I really appreciate this.”

Through a competitive selection process, the NJEDA contracted with seven consulting firms to provide e-commerce and digital marketing services to small businesses until the funding is exhausted. Interested businesses should contact the consulting firm of their choice directly to setup an initial call to discuss their needs.

The firms include:

Beyond Media Global, Paramus
eGrove Systems Corporation, East Brunswick
Masterpiece Advertising, Atlantic City
New Frontier, Millburn
Positive Solutions, Robbinsville
Tara Dowdell Group, Jersey City
360 Advertising & Communications, Camden

Small businesses interested in the program can click here to learn more.

This program is funded by the Main Street Recovery Finance Program, which was established under the New Jersey Economic Recovery Act of 2020 (ERA). The ERA created over 15 programs, including the $200 million Main Street Recovery Program. Since the Main Street Recovery Program launched in October 2021, the NJEDA made over 5,300 approvals for grants, loans, and technical assistance for small businesses totaling $168 million. The Small Business E-Commerce Support Program is the fifth pilot program the NJEDA approved under the Main Street Recovery Finance Program.

About the NJEDA

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Grant funding will unlock inactive licenses, supporting Governor Murphy’s initiative to reform antiquated liquor license laws

ATLANTIC CITY, N.J. (November 20, 2024) – The New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Small Business Liquor License Grant Program. The new program, funded at $10 million, will provide up to $100,000 in grant funding to reimburse eligible small businesses that have purchased an inactive plenary retail consumption liquor license within the past 12 months, supporting the reactivation of over 1,300 inactive licenses.

“The Small Business Liquor License Grant program is an important step in removing financial barriers for our small businesses and will give them the opportunity to grow and transform their business with a liquor license,” said Governor Phil Murphy. “I was proud to sign legislation earlier this year to overhaul New Jersey’s outdated liquor license laws. This is another step toward eliminating obstacles and helping small businesses thrive.”

“Under Governor Murphy’s leadership, the NJEDA has prioritized the support of small businesses through the Main Street Recovery Finance Program, ensuring that entrepreneurs across the state have the tools and funding they need to thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “The Small Business Liquor License Grant will relieve the negative financial burdens of obtaining a liquor license, unlocking economic opportunity for restaurant owners and contributing to the post-pandemic vitality of New Jersey’s main streets.”

In January, Governor Murphy signed legislation overhauling the state’s outdated liquor license laws, which aims to increase the number of available liquor licenses statewide by revitalizing inactive licenses. The program will offer a reimbursement of 50 percent of the license purchase price not to exceed $100,000 to a New Jersey-based small business. The license must have been an inactive plenary retail consumption liquor license, as determined by the New Jersey Division of Alcoholic Beverage Control (ABC), and must remain active for a minimum of five years.

Forty percent of grant funding will be reserved for applicant businesses located in eligible Opportunity Zone census tracts. Applications are expected to open in early 2025. For more information, including eligibility requirements, click here.

The Small Business Liquor License Grant is part of a suite of programs offered under the Main Street Recovery Finance Program, which aims to support the growth and success of small businesses in New Jersey. For more information on the NJEDA’s small business support programs, click here.

About the NJEDA

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New pilot program expands Main Street Recovery suite to offer grants up to $50,000 to reimburse closing costs after purchase of a commercial business property

TRENTON, N.J. (February 20, 2024) – The Board of the New Jersey Economic Development Authority (NJEDA) has approved the creation of a pilot program that will help boost small business owners’ liquidity following the purchase of a commercial property. Approved at the NJEDA’s Board meeting last week, the Main Street Acquisition Support Grant will reimburse applicants for a portion of closing costs after they have purchased an existing New Jersey commercial property from which their small business will operate. The closing must have taken place after the application was open to the public and the grant application date must be no later than one year from date of closing.

“In many instances, ownership of a commercial property can be a game changer for a small business owner and the Acquisition Grant is a powerful addition to New Jersey’s suite of Economic Recovery Act Main Street programs designed for small businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “This program will help to achieve Governor Phil Murphy’s goal of supporting the thousands of New Jersey small businesses that are fortifying our communities and creating jobs that support New Jersey families.”

As part of the Main Street Recovery Fund, created under the Economic Recovery Act of 2020 (ERA), the program will be funded initially with $5 million to provide grants of up to $50,000, limited to one grant per business per Employer Identification Number, and for one eligible location. Based on demand, the program may be expanded to $10 million.

“The Main Street Acquisition Grant can help to position small businesses more securely post-purchase by offsetting the costs associated with acquiring a permanent location,” said Christina Fuentes, NJEDA Vice President of Community and Business Development. “This new program extends the power of the NJEDA to help small businesses grow and thrive in their communities.”

Grants will be based off the closing documentation, such as HUD-1 statements, closing disclosures, or settlement statements (may be in the name of the applicant or real estate holding company associated with the applicant). The small business must be the applicant for this grant and occupy at least 1,000 square feet of the building purchased. All loans must have been closed on through an arm’s length commercial transaction with a conventional lender. For more information on the Main Street Acquisition Support Grant visit: https://www.njeda.gov/main-street-acquisition-support-grant/.

About the NJEDA

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Working capital loans with competitive interest rates and no collateral requirement will support New Jersey small businesses

TRENTON, N.J. (November 28, 2023) – The New Jersey Economic Development Authority (NJEDA) today announced the opening of the NJ Capital Access Fund. The fund will leverage Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) to offer a working capital loan product that will better serve New Jersey-based small businesses. The NJEDA-designated fund manager, Calvert Impact, will utilize and match NJEDA’s $50 million investment with State Small Business Credit Initiative (SSBCI) funding for a $100 million fund that supports a New Jersey loan participation program. The SSBCI funds, matched with raised private capital, will be used to purchase up to 80 percent of every eligible loan by participating community lenders.

“The NJ Capital Access Fund serves as a testament to Governor Phil Murphy’s unwavering commitment to supporting New Jersey small businesses by increasing access to much-needed capital in the wake of the pandemic and recent inflationary pressures,” said NJEDA Chief Executive Officer Tim Sullivan. “This program, which is being administered by Calvert Impact on behalf of the NJEDA, will bolster community lending infrastructure and provide a streamlined path for small businesses in need of loans, helping revitalize a core component of our state’s diverse economy.”

The NJ Capital Access Fund was designed by the NJEDA to meet the needs of small businesses and nonprofits throughout New Jersey and to help serve a larger amount of New Jersey businesses by leveraging a technology platform through the Community Reinvestment Fund, USA. The Capital Access Fund will work alongside six CDFI partners to offer working capital loans up to $250,000 to businesses that have been operating for at least 12 months, with a revenue of $10 million or less and fewer than 50 employees. The loan program will offer flexible features, including no minimum credit score or collateral requirements, terms from 36 to 60 months, low fees to borrowers, and competitive fixed interest rates. Full details, including eligibility requirements and pre-applications, can be found here.

Calvert Impact is a nonprofit organization primarily focused on financing sectors ignored by mainstream capital markets and has been supporting community and economic development organizations for nearly 30 years. With proven experience in the creation of financial products that meet the specific needs of underserved and underbanked communities, Calvert Impact’s work supported over 231,000 small businesses in 2022, which have created or maintained more than 905,000 jobs.

“Small businesses across New Jersey deserve access to capital to support their continued growth,” said Beth Bafford, Calvert Impact’s Vice President of Strategy. “We are excited to partner with NJEDA and our CDFI partners to bring this innovative public-private partnership to New Jersey’s smallest businesses, which are vital to the character of their communities and the vibrancy of their local economies.”

Financing for the NJ Capital Access Fund is allocated from $255 million in federal SSBCI capital allotted to the State of New Jersey by the United States Department of the Treasury. The NJEDA is utilizing the funding to create six programs that provide financial assistance to small and micro businesses in New Jersey. More information on SSBCI-funded programs can be found here.

About the NJEDA

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Funded through the State Small Business Credit Initiative, funds will support investments into New Jersey companies

TRENTON, N.J. (May 12, 2023) – The New Jersey Economic Development Authority (NJEDA) named several firms to manage and deploy capital for three unique investment strategies funded through the federal State Small Business Credit Initiative (SSBCI). These three funds are NJEDA’s Blended Capital Fund, Life Science/Health Care Fund, and Socially & Economically Disadvantaged Individuals (SEDI) Seed Fund. In February, the NJEDA issued Notices of Investment Opportunities (NIOs) seeking investment managers for each fund.

“Since the pandemic, my Administration has been working to ensure small business owners have the capital to grow their businesses and achieve success,” said Governor Phil Murphy. “The federal funding awarded to New Jersey will help support small and early-stage businesses across the state and propel our economy forward.”

“Together, these three funds will help position New Jersey businesses for long-term growth and success,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Murphy’s economic development strategy has been centered on connecting entrepreneurs and small business owners with the capital they need to succeed in an equitable and inclusive manner. I’m thankful to Senators Menendez and Booker for securing this federal funding which will have a lasting impact on small businesses across New Jersey.”

The fund managers will be responsible for raising, or contribute to the raising of, private capital, managing the fund’s day-to-day operations, and developing and maintaining a pipeline of prospective, New Jersey-based small businesses that can benefit from the fund.

In December, the U.S. Department of Treasury approved New Jersey’s SSBCI application and awarded the NJEDA $255 million to create programs that will provide financial and technical assistance to small and micro businesses, and early-stage, innovation-focused companies located across the state. SSBCI is a federal program designed to catalyze lending and investment of private capital into small businesses, particularly those that would not otherwise have access to funding.

“These three funds will provide small and early-stage businesses in New Jersey with the financial resources and support they need to fulfill their potential and realize their dreams while boosting the state’s economy,” said U.S. Senator Bob Menendez (D-N.J.). “They will also ensure greater access to credit and capital for businesses across the state of New Jersey, including those located in underserved areas and led by diverse individuals, which I have long championed in the Senate. I am proud to have delivered this funding to New Jersey to keep moving our state forward as an innovator and job creator.”

“These funds will spark growth and empower the ingenuity of New Jersey’s small businesses, which are the backbone of our economy and our communities,” said U.S. Senator Cory Booker (D-N.J.). “Senator Menendez and I work every day to bring resources home to New Jersey, and I’m excited to see NJEDA disburse these federal dollars in a way that helps our small businesses thrive.”

The NJEDA announced investment managers for the following three funds:

Blended Capital Fund:

Funded at $50 million, the Blended Capital Fund will co-invest SSBCI funds in an investment vehicle that supports the purchase of eligible loans from Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) serving New Jersey, allowing them to do more lending. The fund will be managed by Calvert Impact. Calvert Impact will leverage and utilize the investment by NJEDA in the Blended Capital Fund to create and administer a NJ Loan Participation program to support New Jersey-based small businesses with working capital loans.

Life Science/Health Care Fund:

A portion of the $60 million Life Science/Health Care Fund will be managed by three firms and support early-stage New Jersey life science and health care businesses, including companies in biotechnology, pharmaceuticals, and medical devices.

$12.5 million will be managed by New York City-based Signet Healthcare Management LLC, which was founded in 1998. $7.5 million will be managed by Tech Council Ventures LLC, which is based in Summit. Lastly, Syridex Bio LLC, headquartered in Princeton, will manage up to $5 million of the fund.

SEDI Seed Fund:

The $20 million SEDI Fund will be managed by Include Venture Partners, LLC and Gener8tor Management, LLC. The firms will support seed and early-stage startups substantially located in New Jersey with SEDI owners. For purposes of the fund, the basis for eligibility can be geographic, demographic, or socioeconomic.

Include Venture Partners will manage up to $15 million. The firm is focused on investing in diverse-led undervalued, outperforming funds and founders, with a focus on ESG and Sustainability. Gener8tor Management, LLC will manage up to $5 million of the fund. Since Gener8tor’s inception in 2012, the firm has expanded its startup and small business venture funds and accelerators across 41 cities, 20 states and two countries. Due to the firm’s substantial international resources, it is able to identify target opportunities, provide meaningful support to its portfolio companies, and administer their funds with a high degree of acumen.

“The investment managers we selected will be able to leverage their expertise and multiply the impact our dollars will have on businesses across the state,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Under Governor Murphy’s leadership, New Jersey’s economy has been fueled by making strategic investments in our early-stage, innovative small businesses.”

About the NJEDA

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

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Over 2,300 small businesses have received support through the Main Street Recovery Program

TRENTON, N.J. (May 1, 2023) – In recognition of National Small Business Week (April 30 – May 6,) the New Jersey Economic Development Authority (NJEDA) today announced it has issued $85 million in grants and loans to over 2,300 small businesses since the launch of the Main Street Recovery Program in October 2021. Created under Governor Murphy’s Economic Recovery Act (ERA) of 2020, the Main Street Recovery Program provides a comprehensive suite of products designed to support New Jersey small businesses.

“From Cape May to Sussex County, small businesses serve as the backbone of New Jersey’s economy, and especially during the COVID pandemic, supporting our main streets was an essential component of ensuring the sustained vibrancy of our communities and their economic resiliency.” said Governor Phil Murphy. “Under the Main Street Recovery Program, New Jersey continues to invest in our small businesses and their owners, ensuring that our state and local economies continue to thrive today, tomorrow, and for years to come.”

The NJEDA also announced three webinars that will take place during National Small Business Week to highlight resources the NJEDA and other state partners offer to support small business owners. A Spanish-language webinar will be held today, Monday, May 1. A webinar for North Jersey small businesses will be held on Tuesday May 2, and one for Central and South Jersey businesses will be held on Thursday, May 4.

Gov. Murphy’s Fiscal Year 2024 budget proposal includes an additional $50 million for the Main Street Recovery Program.

“Under Governor Murphy’s leadership, New Jersey continues to prioritize small businesses by providing them with a suite of products designed to ensure that they have the tools necessary to succeed,” said NJEDA Chief Executive Officer Tim Sullivan. “When the pandemic hit, the NJEDA, under the Economic Recovery Act, worked diligently to craft a suite of products that injected millions of dollars of capital into New Jersey’s main streets. Today, the Main Street Recovery Program has supported and continues to assist thousands of small business owners expand and thrive.”

The Main Street Recovery Program is budgeted to provide $150 million to support the growth and success of small businesses as they emerge from the COVID-19 pandemic. Since the program launched in 2021, 330 small businesses have been approved for the Small Business Lease Grant, which provides funding to help businesses who leased new space or expanded their commercial space. 1,250 small businesses have been approved for the Small Business Improvement Grant, which reimburses grantees for 50 percent of the cost of capital improvements, furniture, fixtures, and equipment at their facilities.

In June 2022, the NJEDA launched the Main Street Micro Business Loan to help early-stage micro businesses access up to $50,000 in financing. Since it launched, 735 New Jersey micro businesses, which typically face hardships in accessing traditional financing, have received a combined $35.4 million.

Morph Mentoring, an organizational development corporation located in Neptune, Monmouth County, received the Small Business Lease Grant, which helped it maintain its original location and open a second location. With the Micro Business Loan, Morph Mentoring increased its marketing and improved its online presence.

“I am honored and very appreciative of all the help Morph Mentoring received from the NJEDA,” said Chelsey Brunson, Owner and CEO of Morph Mentoring. “With this incredible funding, we have been able to sustain and expand our business significantly. From doubling our staff to opening a second location, this would not have been possible were it not for the NJEDA support.”

In Marlton, Burlington County, Zed’s Beer is using a Micro Business Loan to invest in larger contracts with suppliers, allowing the company to manage lingering supply chain shortages. The South Jersey brewery was also able to use the Small Business Improvement Grant to offset the cost of creating an outdoor space to accommodate patrons during the pandemic. Zed’s was also able to keep its entire staff on payroll during the pandemic and purchase PPE with the help of NJEDA COVID-relief programs.

“Access to more working capital lets us make better deals than we would have been able to make with tighter cash flow, helping keep our prices down, and maintaining similar margins to what we had pre-COIVD,” said Lori White, co-founder of Zed’s Beer. “We are grateful that, with the support from the NJEDA, we were able to keep our staff, grow our business, and keep serving our loyal customers across South Jersey.”

With the Small Business Improvement Grant, the Micro Business Loan, and COVID-relief programs, Arepa Express in Passaic was able to grow its business, avoid staff layoffs, and continue paying its rent and utilities. Additionally, Arepa Express purchased new kitchen equipment and made an outdoor seating area for guests.

“Without help from the NJEDA, it would have been very difficult to continue running my business,” said Jenny Zapata, owner of Arepas Express. “With their support, we were able to keep our doors open and continue serving our community. I am very grateful for the NJEDA assistance we received.”

The NJEDA recently launched two additional initiatives under the Main Street Program. The Small Business E-Commerce Support Program opened in March 2023 to help restaurants, retailers, and personal care businesses that rely on in-person transactions implement the technological capabilities they need to accommodate pandemic-related health guidelines. This product offers free e-commerce and digital marketing consulting services that are performed for small businesses in the three aforementioned industries that operate from a commercial location. The NJEDA has partnered with seven consultants to assist eligible small businesses with services such as website development and optimization, online ordering making appointments electronically, and digital marketing plans. More information is available here.

In November, the NJEDA announced the awarding of over $11 million to eight lenders and financial institutions through its Main Street Lenders Grant to expand their capacity to support small businesses. The Main Street Lenders Grant provides grants to eligible Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), and other entities that have at least 10 years of experience lending to small and micro businesses. The Main Street Lenders Grant offers eligible lenders grants of up to $1.5 million each, with up to $500,000 reserved for technical assistance needs. Approved entities are providing flexible and low-cost financing through working capital term loans to qualified micro businesses, as well as technical assistance to help micro businesses access capital.

About the NJEDA

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The grant program will support hundreds of micro businesses through low-interest financing

Trenton, N.J. (November 1, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it has approved over $11 million to eight lenders and financial institutions through its Main Street Lenders Grant. The Main Street Lenders Grant, which launched in July, awards grants to eligible Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), and other entities that have at least 10 years of experience lending to small and micro businesses.

The Main Street Lenders Grant, which was created under the New Jersey Economic Recovery Act of 2020 and funded with $15 million from the Main Street Recovery Program, offers eligible lenders grants of up to $1.5 million each, with up to $500,000 reserved for technical assistance needs. Entities approved for the grant will provide flexible and low-cost financing through working capital term loans to qualified micro businesses, as well as technical assistance to help micro businesses access capital.

“The Main Street Lenders Grant is another testament to Governor Phil Murphy’s commitment to equity and inclusion and supporting small businesses to ensure economic prosperity in New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “Forty percent of the funding to support loans will be set aside for micro businesses in Opportunity Zone-eligible census tracts, allowing underserved areas the chance for continued growth.”

To date, the product has approved grant funding for the following lenders:

Elizabeth Development Company of New Jersey will create a Post COVID Rebound Program (PCRP). The PCRP will offer loans of between $10,000 and $30,000 for existing or startup micro businesses in Elizabeth, Plainfield, and Hillside Township.
Pursuit Lending (formerly New York Business Development Corporation Local Development Corporation) will create a New Jersey Main Street Fund. The New Jersey Main Street Fund will offer loans of between $10,000 and $100,000 to low- and moderate-income and minority/women business enterprises in Opportunity Zones.
Union County Economic Development Corporation (UCEDC) will create the Small Business Assistance Loan (SBAL) to offer loans ranging from $10,000–$15,000 at zero-percent interest and a five-year term for eligible micro businesses. This UCEDC program will require no collateral.
The Enterprise Center Capital Corporation will utilize funding to create a New Jersey Acceleration Fund to support micro businesses in Camden and South Jersey.
Eastern American Certified Development Company will create three micro loan products: 1) Fast and Easy Loan Program up to $10,000. 2) Growing Loan Program for up to $50,000 in funding. 3) Opportunity Loan Program for up to $100,000 in funding.
Greater Newark Enterprises Corporation will use the lending grant to support its Newark Entrepreneurs of Color Fund and offers loans from $10,000 to $50,000 for unbankable businesses.
Cooperative Business Assistance Corporation (CBAC) will use the grant to provide working capital loans from $10,000 to $100,000 at a five-percent interest rate to qualified entities with a credit score at 650 or below.
Regional Business Assistance Corporation (RBAC) will use funding to support existing businesses with capital loans ranging from $10,000 to $100,000. Each of RBAC’s loans will carry a two percent interest rate with a seven-year term.

“Local lenders were paramount to our ability to reach and support New Jersey’s smallest businesses during the COVID-19 pandemic and they remain vital partners in our efforts to build a stronger, fairer, and more equitable economy,” said NJEDA Program Manager – Business Banking Naimah Marshall. “Through the Main Street Lenders Grant, we are enhancing our ability to connect micro businesses that often have difficulty accessing traditional financing with the resources they need to succeed.”

Micro businesses can contact any of the lenders identified above and apply for financing directly with them.

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

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