Entrepreneur Support Program

The NJ Entrepreneur Support Program is a $5 million program that encourages investment by encouraging private sector investors to provide additional working capital loans to NJ-based entrepreneurial businesses in which the investor is already an equity holder. The program provides a guarantee of an investor loan advanced for working capital to an entrepreneurial company that has been impacted by COVID-19. Applications are now being accepted. To see whether you might qualify for this program, use the NJ COVID-19 Business Support Eligibility Wizard.

 

Eligibility

The entrepreneurial business must:

• Have a minimum of 50% of employees in NJ
• Have less than 25 total employees at the time of application 
• Have under $5 million in revenues
• Have corporate headquarters in New Jersey (including at least one C suite member with a principal office in New Jersey)
• Fall under one of the eight sectors outlined in Governor Murphy’s economic plan (advanced manufacturing, information/technology, life sciences, finance and insurance, clean energy, food and beverage, advanced transportation, food and beverage, film and digital media)
• Be registered to do business in NJ and must certify that the company is in good tax standing with the State
• Be in good standing with the Department of Labor and Workforce Development

 

Applications will be accepted in the coming weeks. Completed applications will be considered on a first come, first serve rolling basis.

NJEDA will guarantee up to 80% of the total investment amount, not to exceed $200,000 per NJ entrepreneurial company.

For more information about how this resource may be able to assist you in response to the COVID-19 crisis, please visit our website.