The New Jersey Economic Development Authority (NJEDA) Board has approved a new loan initiative aimed at bolstering New Jersey businesses. The $30 million New Jersey Loan Expansion and Network Development (NJ LEND) program will provide loans up to $5 million, surpassing the amounts offered through the authority's existing loans.
Governor Phil Murphy commented on the initiative, stating, "New Jersey’s small businesses are the lifeblood of our economy, and they support our workforce and local communities. The NJ LEND program offers an enhanced loan to help businesses grow and thrive. By creating access to capital, we are empowering entrepreneurs to build stronger, more resilient businesses across New Jersey."
NJEDA CEO Tim Sullivan highlighted the priorities under Governor Murphy's leadership: "Under Governor Murphy’s leadership, the NJEDA has prioritized small business support, giving them the tools they need to survive and thrive in an ever-changing business environment. The NJ LEND program leverages the success of the NJEDA’s Premier Lender and Direct Loan programs by offering expanded and flexible financial resources. Injecting much-needed capital into small businesses across the state will help drive economic growth, job creation, and increased business stability."
Modeled after NJEDA’s existing programs, NJ LEND allows financing for small businesses with up to 750 employees. It includes fixed asset loans of up to $5 million for owner-occupied commercial real estate or new equipment, alongside $1 million for working capital. Flexible lending options include loan participations and line of credit guarantees with NJEDA Premier Lender financial institutions.
Christina Renna, President and CEO of the Chamber of Commerce Southern Jersey, stated, “In today’s uncertain economy, programs like NJ Lend are a lifeline for small businesses—empowering businesses to grow, innovate, and create jobs when it’s needed most. We appreciate the Governor’s leadership in launching this program at such an uncertain time for businesses across the state.”
NJ LEND, along with NJEDA’s current programs, aims to reduce barriers for business growth, job creation, and stability. Through the Main Street Recovery Finance Program, nearly $170 million has been distributed since 2021, supporting New Jersey’s small business community.
All businesses funded through NJ LEND are required to create or retain one full-time job per $65,000 in NJEDA loan exposure to drive economic activity and job creation. Eligible applicants must be for-profit or non-profit businesses in New Jersey with no more than 750 employees. Interested businesses can reach out via businessbanking@njeda.gov for more details.
About the NJEDA
