Private-Sector Loan and Grant Opportunities

This resource provides an extensive, aggregate, but not necessarily comprehensive, list of funding sources that may be available to small business owners. Of note, the list flags where a grant program may be targeted at specific historically disadvantaged groups including e.g. Black, Immigrant, Person of Color, or Woman owned businesses.

This information should not be considered comprehensive. This information should not be construed as an endorsement of any specific financial program.

To apply for assistance for your small business, click here.

NJEDA Direct Loans

New Jersey businesses in need of financing and committed to job creation/retention may be eligible for direct loans through the NJEDA when conventional financing is not available. Up to $2 million for fixed assets and up to $750,000 for working capital.

Site Type
Loan
Eligibility

Businesses must commit to the creation or retention of one full-time job for every $65,000 of NJEDA exposure within two years

External URL
https://www.njeda.com/directloans/
Target Geography
New Jersey

NJEDA Premier Lender Program

In partnership with two dozen banks throughout New Jersey, the Premier Lender Program offers up to a $2 million loan participation or $1.5 million loan guarantee for fixed assets, and up to a $750,000 loan participation or $1.5 million guarantee for term working capital. Line of credit guarantees of up to $750,000 are also available.

Eligibility

Be in operation for at least two full years;Must commit to create or retain one new full-time job for every $65,000 in EDA exposure within two years;1.1X debt service coverage ratio for small businesses;100% loan-to-value for real estate and 90% for equipment

External URL
https://www.njeda.com/premierlender/
Resource Type
Individual Program Listings (Connecticut, New Jersey, and Massachusetts)
Target Geography
New Jersey

NJEDA Small Business Fund

Creditworthy small, minority-owned or women-owned businesses in New Jersey that have been in operation for at least one full year and may not have the ability to get bank financing may be eligible for assistance under the Small Business Fund (up to $500,000).

Tags
BIPOC
Women
Eligibility

Businesses must have no more than $3 million in total revenue to be eligible for the Small Business Fund.

External URL
https://www.njeda.com/smallbusinessfund/
Resource Type
Individual Program Listings (Connecticut, New Jersey, and Massachusetts)
Target Geography
New Jersey

North Central Massachusetts Development Corporation

Provides loans to start-up or existing businesses, including restaurants, retail shops, service businesses, manufacturers, home-based businesses and more

Site Type
Loan
Tags
Start-ups
Sole proprietor
Restaurant
Salons and Spas
Food and Beverage
Eligibility

Must be start-up or existing for-profit corporation, partnership, or proprietorship;Must be located in Worcester County, or parts of Franklin County or Middlesex County;Tangible net worth may not exceed $6 million;Must have less than $2 million average net profit after taxes during the previous two years;The business being financed must create at least one new job for every $20,000 obtained through the loan programs.

External URL
https://www.choosenorthcentral.com/lending/#top
Target Geography
Massachusetts

North Country COVID-19 Working Capital Loan Program

Both for-profit and nonprofit businesses can borrow a working capital loan up to $25,000 for six months. Rates are set at 5%, and there are no repayments due for the first 3 months of the loan term.

Site Type
Loan
Eligibility

Less than 100 full-time employees;Located in a serviced county;Not an ineligible business;12+ months in business;Personal FICO score of 620+

External URL
http://www.northcountryalliance.org/NCA%20COVID-19%20Emergency%20Working%20Capi…
Resource Type
Individual Programs (New York State and Local)
Target Geography
New York