Jersey City Economic Development Corporation

BUSINESS LOAN PROGRAMS

Financial and Technical Help for Your Small Business

Are you a Small Business Owner or Entrepreneur with a Jersey City-based business?
Are you considering relocating your business to Jersey City?
Do you have trouble getting low-cost financing from traditional sources, such as banks?

THERE'S HELP FOR YOU!

Through JCEDC programs, you can get loans for:

building purchase

repairs and renovations

inventory

machinery and equipment

furniture and fixtures,

relocation expenses

Loans are available at below market rates in amounts up to $750,000 for up to seven years.

If you have a new or expanding business in Jersey City, the JCEDC loan and technical assistance programs aim to make sure that you have the best chance for success.

How Do You Qualify For A Loan?
Your business must meet the following requirements:

The project should include buying or fixing up property, increasing sales, or adding more workers.

Your business must add or keep jobs as a result of JCEDC financing. There are some exceptions, especially for businesses in Urban Enterprise Zones (UEZ), neighborhood strips, or special projects.

Each loan should promote the JCEDC's economic goals listed on the next panel.

How Does The JCEDC Review Loan Applications?
We consider the following conditions:

You and your business must have satisfactory credit ratings.
You must demonstrate an ability to repay the loan.
You must put up a minimum of twenty-five percent of the total project cost.
You must be willing to pledge all available collateral to secure the loan, and prove you own any collateral you offer.
You must prove that you have paid all your city taxes and business and personal income tax for the last three years.

If you're applying for interim ("bridge" or "swing") financing, you must first have permanent ("take out") financing in place.

Business Loan Program Economic Goals

To provide business opportunities for qualified individuals, especially minorities and women.
To create and keep permanent, private sector jobs in Jersey City, especially for low and moderate-income people.
To stimulate neighborhood commercial renewal.
To stimulate balanced development.
To stimulate private investment in local small business.
To get the most out of state and private sector funds and to increase the amount of funds available for local small businesses.

Technical Assistance

The JCEDC backs up its financial assistance programs with a technical assistance program through which Jersey City business owners can get expert advice on every aspect of running a business. This free, private, in-house business counseling is available to help JCEDC loan clients become vital, independent business people and to fulfill their entrepreneurial dreams.

Training is available in financing, organizing, managing and marketing. Some of the subjects covered include:

business plans
inventory control
financial proposals
cash flow projections
feasibility studies

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