NJ gears up $10M of loans for businesses recovering from COVID June 9, 2021
1:46 pm
The New Jersey Economic Development Authority said June 9 it will open applications for a $10 million pandemic-relief loan program as the state embarks on its recovery from the COVID-19 recession.
Loans will be capped at $100,000 per business and last 10 years with a 0% interest rate and deferred payments for the first two years. NJEDA officials expect the loan pre-registration period to open in July.
It’s the latest in hundreds of millions of dollars in state support meant to hold establishments over during the litany of COVID-19 mandated closures that have pummeled businesses such as gyms, restaurants, bars, hotels, salons and retail outlets. State officials contend the finances in this latest round could be a shot in the arm for employers, especially small businesses, eyeing how to scale up their operations in the midst of the reopening.
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NJEDA adds new accelerator to help state-based startups June 3, 2021
1:11 pm
The New Jersey Economic Development Authority is adding its third participant to a new incentive program meant to attract and grow startups in the state, known as NJ Accelerate.
An accelerator is a type of fixed-term “cohort program,” spanning 15 to 20 weeks, where entrepreneurs are given access to facilities, offices, lab space, seed funding, mentoring and technical assistance to hash out and refine their business proposal, which they then eventually pitch, said NJEDA Executive Vice President Kathleen Coviello, in an interview last year.
Both the NJEDA and the accelerator that the entrepreneur graduated from would jointly finance the startup dollar for dollar – capped at $250,000 from the state – if they move to New Jersey within six months of finishing the accelerator program.
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