NJ EDA Economic Relief Package

Press release from the Township of Teaneck:

March 26, 2020

COVID-19 Economic Relief Package

NJEDA initiatives aimed at stabilizing and revitalizing local small businesses,
mid-size businesses, and startups or other early-stage companies.
Detailed information and eligibility requirements for the new programs
are available at cv.business.nj.gov.

SMALL BUSINESS EMERGENCY ASSISTANCE GRANT PROGRAM
$5 million emergency grant program providing up to $5,000 to NJ-based small
businesses with between 1 to 10 full time equivalent employees

SMALL BUSINESS EMERGENCY ASSISTANCE LOAN PROGRAM
A $10 million zero- and low-interest loan program providing up to $100,000 to
NJ-based small, and medium-sized businesses and non-profit organizations

PROGRAMS TO MOBILIZE CAPITAL TO MICRO-, SMALL, AND MEDIUM-SIZED BUSINESSES
• $10 million first-loss guarantee pool for Community Development Finance
Organizations (CDFIs)
• $1.25 million in direct operating grants to support scaling of CDFI
operations
• $10 million in expansions and enhancements of existing NJEDA guarantee
programs through our Premier Lender Program (PLP) banks and CDFI
partners

NJ ENTREPRENEUR SUPPORT PROGRAM
$5 million to support entrepreneurs and other early-stage firms

CREDIT FLEXIBILITY TO SUPPORT BUSINESSES
Short-term deferral of payments and other accommodations for businesses impacted by COVID-19

This press release was produced by the Township of Teaneck. The views expressed here are the author’s own.