United States Economic Development Administration (USEDA) CARES Loan Program

(This is not a grant or a forgivable loan. Monthly principal payments are required and must be made in accordance with the executed loan note.)

Loan Amounts up to $20,000
Interest Rate: 0%
Term - 5 years

Eligible uses of funds:

  • Equipment Purchase
  • Marketing/Advertising
  • Leasehold Improvements and renovations
  • Working Capital (including payroll expenses, operational expenses*, including rent, inventory and/or supplies)  *This includes former bills/invoices and future expenses.

Non-Profits are not eligible for this loan.
For-Profit Business must be registered and operate in Jersey City and current with all licensing, fees and tax payments.
Business had to be established (i.e. incorporated) as of October 1, 2019 to be eligible for this loan.
Less than 25 Full Time Employees to be eligible.
Minimum credit score of 620 required
Collateral required
Application Fee - $50*

Federal Required Documentation to be submitted with the application: 

Brief Business Plan
Personal Financial Statement
Copy of Driver's License, US Passport or Non-Driver's ID (State Issued)
Current Business Lease or Deed or Mortgage
NJ Business Registration Certificate, Certificate of Authority or IRS Tax ID Confirmation Letter
Last 2 months of Business Bank Statements
Last 2 years of Federal Tax Returns

Approval process - Complete applications are subject to review and approval by JCEDC's Loan Committee and the USEDA.  Final decisions will be made by mid to late May.

Paper applications will be accepted by appointment only.

If you need to schedule an appointment or need assistance in completing your application, please email fbaron@jcedc.org or smitchell@jcedc.org or call Florence Baron at 201-284-9478 or Shannon Mitchell at 201-892-3115.

 

*Fee can be made by Paypal or check or money order made payable to JCEDC, 298 Academy Street, Jersey City, NJ 07306

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