Low Interest Loans for Small Businesses

The New Jersey Economic Development Authority announced Tuesday that it will be able to expand its Small Business Emergency Assistance Loan Program by $10 million, thanks to a grant received from the U.S. Economic Development Administration’s CARES Act appropriation. The money will allow the New Jersey EDA to create Phase 2 of its loan program, and will offer up to $100,000 in low-cost financing to eligible New Jersey small businesses and nonprofits to help with recovery and reopening efforts as a result of COVID-19.