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New Jersey has approved seven lenders to provide flexible, low-cost financing to micro businesses across the state. The Main Street Lenders Grant program offers working capital term loans with favorable terms designed to help small businesses access capital and grow.

Loan Terms

Interest rates: Capped at 5%
Loan amounts: $10,000 to $100,000
Payment deferral: No payments required for at least 12 months after closing
Prepayment penalties: None

Eligible Businesses

To qualify, your business must:

• Have fewer than 10 full-time employees
• Generate less than $1.5 million in annual revenue
• Operate in New Jersey

How You Can Use Loan Funds

Approved loans can cover a wide range of working capital expenses:

• Equipment purchases
• Rolling stock (vehicles, machinery)
• Payroll
• Marketing and advertising
• Inventory
• Rent or mortgage payments
• Property taxes
• Utilities
• Other day-to-day operational costs

Available Lenders

Each approved lender offers technical assistance and one-on-one advisory services in addition to financing. Review the options below to find the lender that best serves your location and business needs.

Ascendus, Inc.

Loan amounts: $10,000 to $100,000
Terms: Up to 6 years
Interest rate: 5%
Service area: Statewide

Carver Federal Savings Bank

Loan amounts: $10,000 to $50,000
Eligibility: Businesses with a commercial or home-based location in New Jersey
Service area: Statewide

Cumberland Empowerment Zone Corporation (CEZC)

Loan amounts:

• $10,000 to $25,000 (no collateral required)
• $25,001 to $100,000 (collateral required)

Eligible businesses: For-profit and nonprofit organizations
Service area: Cumberland County only

Grow America

Loan amounts: $10,000 to $100,000
Interest rate: Not to exceed 5%
Service area: Statewide

Invest Newark

Loan amounts: $10,000 to $100,000
Eligible businesses: Home-based businesses, nonprofits, sole proprietors, and startups with a commercial location in Newark
Service area: Newark only

Renaissance Economic Development Corporation

Loan amounts: $10,000 to $50,000
Terms: 60 months
Interest rate: 5% fixed
Service area: Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union, and Warren Counties

TruFund Financial Services, Inc.

Loan amounts: $10,000 to $100,000
Eligible businesses: For-profit and nonprofit organizations located in low- to moderate-income (LMI) areas and that employ LMI workers
Service area: LMI areas statewide

Program Impact

To date, the Main Street Lenders Grant program has facilitated more than 250 loans totaling over $8.8 million, supporting nearly 3,000 small businesses across New Jersey through technical assistance and access to capital.

Questions?

Contact the lender in your area directly using the links above. Each lender provides one-on-one advisory services, educational programming, and tailored support based on your business's specific needs.

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