About this programme
The Small Business Fund is a New Jersey Economic Development Authority (NJEDA) financing program for creditworthy small businesses, minority-owned businesses, and women-owned businesses that may not be able to get a bank loan on their own.
It offers flexible financing for either fixed assets or working capital, backed by county-based Business Banking Representatives who support applicants directly through the process.
How it works
Small businesses can borrow up to $500,000; nonprofits can also borrow up to $500,000, subject to a 1.0x historical debt service coverage requirement.
The interest rate is based on the 5-year US Treasury rate or a 1% floor, whichever is higher, plus additional basis points depending on credit risk.
Fees: a $300 application fee, a guarantee fee up to 0.5% (tiered by guarantee percentage), a 0.5% closing fee, and a 0.5% commitment fee. All fees are non-refundable.
Loans must be secured with fixed assets such as real property or machinery and equipment.
Who can apply
The business must be New Jersey-based and in operation for at least one full year (nonprofits: three years).
Revenue of $3 million or less, and a minimum 1.0x debt service coverage ratio.
Home-based businesses and cannabis license holders are not eligible.
A current Division of Taxation Tax Clearance Certificate is required.
How to apply
- Submit a Financing Interest Form.
- Complete the full application through NJEDA's online portal.
- Provide the required documentation from the application checklist.
- Wait for approval and proceed to closing.
Documents you’ll typically need
- Application Checklist
- Personal Financial Statement
- Business Debt Schedule Form
- Sectarian Questionnaire
- NJEDA Legal Questionnaire
- Tax Clearance Certificate
Frequently asked
How much can I borrow through the Small Business Fund?
Up to $500,000, whether you're a small business or a nonprofit.
What interest rate applies?
The 5-year US Treasury rate or a 1% floor, whichever is higher, plus basis points for credit risk.
Can a home-based business apply?
No, home-based businesses and cannabis license holders are not eligible.
How long does my business need to have existed?
At least one full year for small businesses, or three full years for nonprofits.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.