What types of loans can I get from the Economic Development Authority to finance my business?
Premier Lender: The Economic Development Authority works in collaboration with 26 lenders to provide partnership financing. EDA can participate, or be the guarantor for this financing. It is safer for banks to do this type of financing. Your business must create one job for every $65,000 EDA provides. (If you want a $130,000 loan, you must have at least 2 employees.)
Direct Loan: These loans go up to $2 million with a job creation requirement for every $65,000. Provides less financing than through PLP, but is solely through EDA.
Small Business Fund: These loans are intended for smaller businesses. They carry lower fees and provide only up to $500k in financing.
Access: Access is a pilot lending program that provides financing to small businesses in New Jersey - either in the form of direct loans through EDA, or through loan participations or guarantees in partnership with an EDA Premier Lender. Access is different from other EDA financing programs in that it provides greater flexibility to borrowers by placing greater emphasis on the borrower's cash flow and less emphasis on hard collateral.
