NEW JERSEY SMALL BUSINESS EMERGENCY ASSISTANCE PROGRAM
The SMALL BUSINESS EMERGENCY ASSISTANCE PROGRAM is a $10 million pilot program that makes available one-year first loss guarantees of permanent working capital loans AND/OR lines of credit, originated by PREMIER LENDING BANKS. These loans must be made to cover operating expenses for New Jersey small businesses and non-profit organizations that have been impacted by the COVID-19 outbreak.
The program provides a 50% guarantee, not to exceed a total NJEDA exposure of $100,000 to Premier Lenders that will issue working capital loans or lines of credit to support business continuity for a range of COVID-19 related impacts to businesses (reduced revenue, employee shortage, supply chain impact, etc.)
There are no NJEDA fees associated with applying for this program.
LIST OF PREMIER LENDERS
BB&T · Bank of America · Columbia Bank · ConnectOne Bank · Cross River Bank · Fulton Bank of New Jersey · Investors Bank · JPMorgan Chase · Lakeland Bank · M&T Bank · Newfield National Bank · OceanFirst Bank · Peapack-Gladstone Bank · PNC · Republic Bank · Santander Bank · Sterling National Bank · Sturdy Savings Bank · TD Bank · The Bank of Princeton · Provident Bank · TriState Capital Bank · Valley National Bank · Wells Fargo
To access this Small Business Emergency Assistance Program, contact and work through one of the Premier Lenders listed above.
IMPORTANT NOTICE FROM NEEDLEMAN MANAGEMENT
Needleman Management presents this information as a service to our tenants, clients, vendors and contractors as an informational resource only. We do not claim to be lawyers, accountants or tax professionals. We present this material for informational purposes only and is based solely as our best understanding at this time. We accept no liability for any action based on this information nor for any errors or omissions. We strongly suggest that you discuss the material provided herein with your legal and tax professionals.
The full 880-page CARES Act document can be found here.
Last Updated: March 29, 2020
LAST UPDATED: March 29, 2020