Bucco: Help for New Jersey’s Small Businesses Is On The Way

NJEDA Will Provide Millions in Loans and Grants

Senator Anthony Bucco applauded the package of initiatives introduced by the New Jersey Economic Development Authority (EDA) to help small and mid-size businesses persist through the COVID-19 pandemic.

“Small businesses across New Jersey are struggling to survive amid the COVID-19 crisis, and they need our help,” said Bucco (R-25). “We must protect the paychecks of working families and help small companies come back stronger than ever. These proactive measures will support keeping small businesses in operation, and ensure more New Jerseyans keep their jobs.”

The New Jersey EDA is offering a variety of initiatives, including a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Finance Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information.

Taken together, they will provide more than $75 million of State and private financial support, with the opportunity to grow to more than $100 million if additional philanthropic, State, and federal resources become available. The initiatives will support between 3,000 and 5,000 small and midsize enterprises and are meant to complement recently announced federal economic recovery initiatives.

More information about the programs is available here: https://cv.business.nj.gov.

The New Jersey Economic Development Authority (EDA) is an independent State agency that finances small and mid-sized businesses, administers tax incentives to retain and grow jobs, revitalizes communities through redevelopment initiatives, and supports entrepreneurial development by providing access to training and mentoring programs.