In May, the New Jersey Economic Development Authority announced extra $50 million for small businesses in the state. If you need help with this emergency aid funds and a merchant cash advance ISO, read below.
$50m in New Emergency Loan Funding & Merchant Cash Advance ISO
The mentioned $50m funds come through the Federal CARES (Coronavirus Aid, Relief, and Economic Security Act) funding to the NJEDA (New Jersey Economic Development Authority). This financial support is aimed at assisting small businesses going through hard times because of the coronavirus.
On June 9, the authority expanded its Micro Business Loan Program to better assist the small businesses in New Jersey.
What if you can’t qualify for a federally-backed loan and need another source of financing? That’s where reliable alternative online lenders step in.
No matter if you’re interested in a merchant cash advance ISO or any other alternative funding option, a respectable alternative funding provider can fast and easily approve you for the necessary financing. Make sure to find the safest and cheapest merchant funding services in your field.
COVID-19 Crisis for NJ’s Small Businesses
The coronavirus has created an incredibly challenging situation for NJ’s small businesses. The NJEDA has put immense efforts into helping entrepreneurs keeping their doors open and keeping their workers. However, as NJEDA Chief Executive Officer Tim Sullivan has noted, the hardships are more than expected.
Now, the mentioned extra funds are for helping businesses buy inventory, equipment, and use the funds as additional working capital. The funding comes with a 10-year term, and the interest rates make up 2%. The 1st 3 years don’t require any interest and payment.
Unlike the previous terms under which businesses could qualify for the funds if they had 10 full-time employees max., the new terms allow businesses with up to 25 employees to apply. By the way, those running a business at home and sole proprietors can also qualify for these loans.
So, in May, the New Jersey Economic Development Authority (NJEDA) expanded its Small Business Emergency Assistance Grant Program. The program is expanded with extra $50 million to support small businesses in NJ to overcome their financial hardships caused by the new coronavirus crisis.
Author Bio:– Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their merchant cash advance ISO solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.