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  • Writer's pictureMyriam Cruz

Main Street Micro Business Loans

We are happy to share some good news with the small business community. The NJ Economic Development Authority ( announced that under the Economic Recovery Act (ERA), the state would be offering a “Main Street Micro Business Loan” of up $50,000 with a low-interest rate and no payments for the first year. This initiative will help micro-businesses with less than ten employees, and revenue under $1.5Million offers essential capital infusion needed during pandemic recovery.

What does it mean for micro-businesses?

  • A loan of up to $50,000 to help your cash flow and fund operating expenses

  • A loan term of 10 years

  • An interest rate of 2%

  • No interest or payments for the first year

  • No collateral requirements

  • Possible loan forgiveness

Non-profit organizations that meet the criteria may also qualify under this program.

Here is an overview of what you need to prepare:

  • Have your business tax returns up to date to show annual revenue under $1.5 Million

  • Payroll records to show less than ten full-time employees

  • Evidence that your business is legally registered and operating in New Jersey for at least six months before the application

  • Be in good standing with the NJ Department of Labor and NJ Department of Environmental Protection at the time of application.

  • Tax clearance before approval to demonstrate you are in good standing with the NJ Division of Taxation

  • The owner should have a credit score of 600 or higher

  • Personal guarantees from all owners

  • Application fee of $100

  • Closing Fee of $400

We are also pleased that there will be an opportunity for loan forgiveness by year 5, as long as there are no late payments and the business continues to operate.

Need a loan consultant by your side? Call us!

Want to learn more about the Main Street Micro Business Loan? Visit NJEDA at

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