The NJ Capital Access Fund is now lending businesses up to $250,000
The NJ Capital Access Fund now opens avenues for small businesses and nonprofits to seek working capital loans of up to $250,000. Eligible entities must have operated for a minimum of 12 months, boasting a revenue of $10 million or less, and employing fewer than 50 individuals.
Loans provided by the Fund come with adaptable terms, including no mandatory credit score or collateral requisites, offering repayment schedules ranging from 36 to 60 months, minimal fees, and competitive fixed interest rates.
Specific qualifications necessitate that eligible businesses:
- Operate within the state of New Jersey
- Maintain a staff count below 50
- Report an annual revenue of $10 million or less
- Demonstrate at least one year of business operation prior to the application date
- Showcase the capacity to repay through existing cash flow
NJEDA Chief Executive Officer Tim Sullivan expressed, ‘The NJ Capital Access Fund is a testament to Governor Phil Murphy’s steadfast dedication to aiding small businesses in New Jersey, amplifying their access to crucial capital amidst pandemic repercussions and recent inflationary challenges.” Sullivan emphasized that this initiative, managed by Calvert Impact on behalf of NJEDA, aims to fortify community lending infrastructure, simplifying the loan application process for struggling small businesses, thereby invigorating a vital aspect of the state’s diverse economy.
Designed by NJEDA to cater to the needs of small entities and nonprofits across New Jersey, the NJ Capital Access Fund partners with six CDFI entities. Together, they facilitate working capital loans up to $250,000 for businesses operational for at least 12 months, earning an annual revenue of $10 million or less and employing fewer than 50 individuals. This program guarantees adaptable features, including no mandatory credit score or collateral requisites, repayment terms spanning 36 to 60 months, minimal borrower fees, and competitive fixed interest rates. For comprehensive information, including eligibility criteria and pre-application procedures, click here.
