Funding detailed below is current as of March 31, 2020 and has been collected from various sources. This page will be constantly updated with changes, but as many of these programs are currently being enacted or changed, terms and eligibility may be different than what is detailed below.
For more information on any of these programs, please contact us at firstname.lastname@example.org or 856-690-9590.
US Small Business Administration:
There are several grant and loan programs available under SBA funding. The first is their Economic Injury Disaster Loan (EIDL) program, which allows for a loan of up to $2 million for small and medium businesses. Program restrictions and terms are changing with the CARES Act passage, but currently businesses of any age can apply for these loans, collateral requirements are minimal (but loans over $25,000 may require personal or business assets as collateral), and payments are deferred for the first 12 months of the loan.
There are several other loan options available from the SBA, including:
- Express Bridge Loans – For expedited, short-term financing
- SBA 7(a) Loans – A more general loan program that can be applied to COVID-19 response
- SBA CDC/504 – for economic development and business expansion
New Jersey Economic Development Authority (NJEDA) Small Business Emergency Assistance:
Small Business Loans: This program is a $10 million loan fund that will make direct, low-cost financing available to allow NJ small and medium business and non-profit enterprises (SMEs) to cover operating expenses and ensure continuity of operations during the outbreak. Maximum loan amounts are up to $100,000 in this program, and include terms such as 0-year term and amortization, 0% interest rate for the first 5 years, and deferred payments for 12 months. This program is only open to NJ-based businesses and requires creditworthiness and the ability to demonstrate a negative impact of the COVID-19 outbreak.
Small Business Grants: This grant program was designed to provide funding quickly and efficiently to small and medium businesses and non-profit enterprises. The initial round will focus on entities with 10 or less full-time equivalent (FTE) employees and will award grants of up to $5,000 for payroll and working capital support.