Fund your business in New Jersey

When your own money isn’t enough, New Jersey’s options work like the federal ones: a lender or program makes the money available, and free advisors help you get ready to ask. The state’s small business programs come from the New Jersey Economic Development Authority.

What’s different in New Jersey

• The NJEDA runs the state’s small business money. The New Jersey Economic Development Authority (NJEDA) announced in December 2022 that the state was set to receive more than $255 million in federal SSBCI funding, to build programs for small and micro businesses.
• There are named programs to ask about. The NJ Capital Access Fund, NJ Clean Energy Loans (NJ CELs) and the Angel Match Program.
• Free help is statewide. The New Jersey Small Business Development Center (NJSBDC) has a State Office at Rutgers Business School in Newark and seven regional centers.
• State certification can open public contracts. The state sets aside 25 percent of state contracts for certified Small Business Enterprises.

Do this

1. Write down what you need and what it’s for. Equipment, inventory and rent are different asks, and programs are sorted by use.
2. Talk to a free advisor first. The New Jersey Small Business Development Center (NJSBDC) is funded primarily through the SBA. The SBA’s New Jersey District Office is at 2 Gateway Center, Suite 1002, Newark, NJ 07102. The state’s business helpline is 1-800-JERSEY-7.
3. Understand who lends. SBA loans come from participating lenders, not the SBA. The SBA loans guide explains who makes each kind.
4. Look at the NJEDA programs. The NJ Capital Access Fund offers working capital loans up to $250,000 through CDFI partners, to businesses that meet its size and history limits. NJ Clean Energy Loans (NJ CELs) co-lends for clean energy projects, with NJEDA loans of $250,000 to $10 million. Read each program’s page for eligibility.
5. Raising equity instead? The Angel Match Program matches angel investors’ direct investment in early-stage, product-based technology companies in targeted industries.
6. Check for a startup grant. We could not confirm whether New Jersey lists a statewide startup grant.* Check the official source, the funding page on Business.NJ.gov, and filter by grant.
7. Consider state certification. The Business Certification Program, Division of Revenue and Enterprise Services certifies businesses through Uniform Certification Services (UCS). The usual application fee is waived indefinitely. See certifications on Business.NJ.gov.

What you get back

A loan offer from a lender or program, with rate, term and collateral, or an advisor’s feedback on your plan. Compare offers by total cost, and check each program’s page for current rules before you apply.