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.
Cape May – Governor Murphy says he doesn't know anything about the drones and doesn't know what they are doing but he does know that they are not dangerous. Does anyone feel better now?
