The New Jersey Economic Development Authority (NJEDA) has announced the approval of loans for 100 small businesses and nonprofits under the NJ Capital Access Fund. This initiative, supported by the State Small Business Credit Initiative (SSBCI) and private capital, amounts to over $8.6 million in working capital loans.
“Under Governor Murphy’s leadership, New Jersey has prioritized expanding access to capital for small businesses, fueling business growth and revitalizing downtowns and commercial districts across the state,” stated NJEDA Chief Executive Officer Tim Sullivan. He emphasized that the NJ Capital Access Fund is a key part of NJEDA’s support programs for small businesses.
Since its launch in November 2023, 77 percent of funding from this program has supported socially and economically disadvantaged individuals (SEDI), including women and people of color. The fund offers loans up to $250,000 with flexible terms and low fees.
Calvert Impact manages the fund, leveraging a $50 million investment funded by SSBCI. “The Capital Access Fund provides critical, flexible financing that small businesses need to thrive,” said Joe Meginnes, Director of Calvert Impact’s Access Small Business Program.
One beneficiary is Naturalvert, a food manufacturer specializing in organic granola. Founder Vetchay Vilvert noted that accessing the fund was pivotal for their business expansion. “Thanks to the NJ Capital Access Fund, Naturalvert has not only grown but has also created jobs and contributed to a healthier, more inclusive local economy,” he said.
NJEDA offers various financial tools beyond the Capital Access Fund. These include the Small Business Fund providing assistance up to $500,000 and the Direct Loan Program with over $273 million provided through 680 loans. The Premier Lender Program offers participations and guarantees totaling over $306 million.
In April 2025, NJEDA approved a new loan program called New Jersey Loan Expansion and Network Development (NJ LEND). This program supports businesses with up to 750 employees with fixed asset loans up to $5 million or working capital loans up to $1 million.
For further details on eligibility requirements for these programs or pre-application processes, interested parties can visit NJEDA’s website.
