Jersey City has 2 new loan programs for small businesses, start-ups

By Ron Zeitlinger | The Jersey Journal
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on February 24, 2016 at 1:17 PM

Jersey City has launched two loan programs to serve local small business owners and people looking to start a business, especially in those areas most in need, city officials announced.

The EDA Microloan Fund is offering loans between $1,000 and $5,000 at interest rates based on the Wall Street Journal prime rate (currently 3.5 percent). The program is funded by $70,000 in unused funds from the Federal Economic Development Authority.

The second program, the Small Business Investors Fund, is a forgivable loan program available to owners of small businesses in under-served commercial corridors. The program is funded by a $50,000 grant from Investors Bank. 

These funds may be used for a variety of store upgrades, startup costs, and other business investments. In November, Investors Bank opened a full-service branch in the MLK Hub.

These loans range from $5,000 to $10,000 and 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.

Read more:  http://www.nj.com/hudson/index.ssf/20 ... grams_for_small_busi.html