TRENTON – Governor Phil Murphy announced a June rollout of a new initiative to fund small businesses in the state. The state is directing $20 million t0ward the initiative.
The money for the new effort will come from the Main Street Recovery Fund. A New Jersey Economic Development Authority program designed to mitigate the negative impacts of the Covid pandemic, the Main Street Recovery Fund has already given $5.5 million in grants to over 230 small businesses since October 2021.
The new program will offer loans of up to $50,000 to small business owners with 10 or fewer employees and an annual revenue of less than $1.5 million. The terms of the loan are designed to be attractive to small business owners with standard 10-year terms and interest rates of 2%.
The application portal has not yet opened, but interested small business owners in Cape May County can learn more at www.njeda.com.
