Premier Lender Program

About this funding opportunity

Open in new Tab PREMIER LENDER PROGRAM

Checking your eligibility or exploring your financing options? START HERE:

Submit Financing Interest Form

APPLY HERE

The New Jersey Economic Development Authority (NJEDA) wants to ensure that New Jersey businesses have the resources necessary to expand and that our communities have a healthy climate for growth. That’s why we partner with banks to overcome the financial obstacles that can stall the growth and expansion of New Jersey-based businesses and not-for-profit organizations.

AMOUNT

Up to $2 million loan participation or $1.5 million loan guarantee for fixed assets.

Up to $750,000 loan participation or $1.5 million loan guarantee for term working capital.

Up to $750,000 line of credit guarantee.

BENEFITS

Fixed assets

Term working capital

ELIGIBILITY

Businesses who commit to the retention and/or creation of one new full-time job for every $65,000 of NJEDA exposure within 2 years.

1.1x debt service coverage ratio; 1.0x debt service coverage for non-profits.

Must be able to provide fixed assets (e.g. real property and machinery/equipment).

Homebased businesses are ineligible. Benefits for Businesses / Not-for-Profit Organizations:

Access to low-cost financing that includes NJEDA loan participation and/or guarantees, and line of credit guarantees.

Financing can be used for fixed assets or term working capital.

Attractive interest rates and terms Benefits for Participating Lenders:

Provides lenders with more flexibility by reducing the lender’s overall exposure.

Faster turnaround on requests including:

Access to low-cost financing that includes NJEDA loan participation and/or guarantees, and line of credit guarantees.

Financing can be used for fixed assets or term working capital.

Attractive interest rates and terms The Premier Lender Program Creates a Win-Win Opportunity for Businesses and Participating Lenders PROGRAM DETAILS ELIGIBILITY FEES MORE INFO QUESTIONS

PROGRAM DETAILS

PROGRAM DETAILS

In partnership with NJEDA Premier Lender banks, NJEDA can provide the following loan participations/guarantees and line of credit guarantees: Up to 50% of the bank loan amount for fixed asset loans; maximum NJEDA participation of $2,000,000; maximum NJEDA guarantee of $1,500,000; total NJEDA exposure not to exceed $2,750,000. Up to 50% of the bank loan amount for working capital loans; maximum NJEDA participation of $750,000; maximum NJEDA guarantee of $1,500,000; total NJEDA exposure not to exceed $2,250,000. Guarantee of up to 50% of the bank line of credit amount; not to exceed $750,000.

ELIGIBILITY

ELIGIBILITY

Business applicants looking to qualify for a loan from a Premier Lender must*: be in operation for at least two full years; commit to the retention and/or creation of one new full-time job for every $65,000 of NJEDA exposure within 2 years; have a 1.1X Debt Service Coverage Ratio (for businesses; 1.0X Debt Service Coverage Ratio (for nonprofits); have a 100% loan-to-value for real estate and 90% for equipment; and be able to provide fixed assets (e.g. real property and machinery/equipment).

Homebased businesses are ineligible.

*Other credit criteria may apply

Please be advised: New Jersey State law prohibits most cannabis license and certification holders from receiving or continuing to receive an economic incentive from the NJEDA. If the applicant, or any person who controls the applicant or owns or controls more than one percent of the stock of the applicant, has applied for or received a license or a certification from the New Jersey Cannabis Regulatory Commission (NJ-CRC), the applicant is ineligible for this program and should not proceed with an application. If an application is received from an applicant that meets this criteria, the application will be declined and the application fee will not be refunded.

FEES

FEES

Based on the 5-year US Treasury or floor of 1%, whichever is higher, with basis point additions for credit risk. Application…

Topic areas: Public Policy and Governance, Advanced Manufacturing and Industry, Workforce Development.

Funding amount

This grant provides Varies in funding.

Deadline

Applications are accepted on a rolling basis; there is no single fixed deadline.

Who can apply

This opportunity is open to the following applicant types:

• Not specified by the program.

Eligibility

The program did not publish a separate eligibility statement. See the official opportunity page for the full eligibility criteria.

Agency

Premier Lender Program is administered by New Jersey Economic Development Authority (NJEDA), listed via New Jersey Economic Development Authority.