The Casino Reinvestment Development Authority (CRDA) Board of Directors has approved updates to its Microloan Program, aiming to better support development projects in Atlantic City.
Under the revised program, $2 million in funding will be available from January 1 through June 30, 2026. Applications will be accepted during this period or until the funds are depleted.
Loans of up to $500,000 per application are now offered but cannot exceed 50% of total project costs. The program now allows for eligible projects with budgets up to $10 million, addressing prior limitations that restricted applicants.
“This program reinforces CRDA’s commitment to advancing development that benefits Atlantic City,” said Eric Scheffler, Executive Director of CRDA. “With the Board’s strong support, we can provide financing tools that help projects move from concept to reality.”
The loans have terms ranging from five to ten years and feature interest rates set by the Authority. Eligible expenses include construction, equipment, permits, and other qualifying development costs.
“We heard clearly from applicants that the previous $2 million project cap prevented otherwise strong proposals from moving ahead,” said Lance Landgraf, Director of the Planning and Development Division. “By raising the limit, we’re ensuring that viable developments are not held back simply because they exceeded a threshold.”
Applicants must show efforts to secure conventional financing, contribute at least 20% equity, and provide personal guarantees. All construction work must comply with prevailing wage requirements. The CRDA will review the program’s performance after twelve months before deciding on its future direction.
For more information about the Microloan Program or how to apply, visit www.njcrda.com or contact the Planning and Development Division at (609) 347-0500.
The CRDA is a unique agency nationwide using casino reinvestments as a tool for economic improvement in New Jersey. Its mission has shifted over time from statewide initiatives to focusing on economic development in Atlantic City. The authority also manages land use regulation, tourism marketing efforts, safety initiatives, Boardwalk Hall, and the Atlantic City Convention Center. To date, it has invested nearly $2 billion in more than 400 projects across New Jersey—including $1.8 billion in Atlantic City alone.
