Loans

In coordination with the City’s initiatives, Jersey City Economic Development Corporation (JCEDC) offers three loan programs to address the needs of small businesses.

The EDA Microloan Fund offers $1,000-$10,000 loans at low interest rates. This loan may be used to purchase inventory and/or supplies; equipment; marketing/advertising; relocation expenses; renovations and working capital.

The Small Business Investors Fund, a forgivable loan program funded by a generous $50,000 seed donation from Investors Bank available to small business owners of brick-and-mortar businesses in underserved commercial corridors, offers loans from $5,000 to $10,000. These funds may be used for a variety of store upgrades, startup costs, and other business investments. A portion of the loan will be forgiven each year as long as the recipient remains in business in the same location and employs Jersey City residents.

The Jersey City Fund is a SBA Community Advantage loan with amounts from $25,000 to $250,000. These loans from The 504 Company are made for start-ups, early-stage and mature businesses, with an emphasis on minority- and women-owned businesses. The loans may be used for a range of purposes including purchasing new equipment, increasing inventory, hiring new workers, and more.

Which loan is right for you?  JCEDC will guide you through the process and aide you in completing the application(s).