The New Jersey Economic Development Authority (NJEDA) announced Monday that seven new micro-business lenders have been awarded funding under the Main Street Lenders Grant program, a move set to further lower the barriers to capital for the state’s smallest entrepreneurs.
To date, the initiative has facilitated over 250 loans totaling more than $8.8 million, providing a critical safety net and growth engine for nearly 3,000 small businesses through a combination of low-cost financing and specialized technical assistance.
The Main Street Lenders Grant program provides eligible lenders with grants of up to $1.5 million each. Of that, $500,000 is specifically reserved for technical assistance, ensuring that micro-businesses don’t just receive cash, but also the advisory services, educational programming, and one-on-one support needed to manage it.
“Access to capital continues to be a barrier for many micro-businesses,” NJEDA Chief Executive Officer Evan Weiss said. “This program is helping ensure entrepreneurs have the resources needed to succeed, leading to greater job growth and economic activity, particularly in disadvantaged communities.”
The following seven organizations have received $1.5 million each and are now actively accepting loan applications from New Jersey micro-businesses:
| Lender | Loan Range | Key Highlights |
| Ascendus, Inc. | $10k – $100k | 5% interest rates; terms up to six years. |
| Carver Federal Savings Bank | $10k – $50k | Open to commercial and home-based NJ businesses. |
| Cumberland Empowerment Zone | $10k – $100k | No collateral required for loans under $25k. |
| Grow America | $10k – $100k | Interest rates capped at 5%. |
| Invest Newark | $10k – $100k | Focus on Newark-based non-profits and start-ups. |
| Renaissance Econ. Dev. Corp. | $10k – $50k | 5% fixed rates for 13 NJ counties. |
| TruFund Financial Services | $10k – $100k | Targeted at LMI areas and employers of LMI workers. |
Who Qualifies?
The program is specifically tailored for micro-businesses, defined as entities with:
- Fewer than 10 full-time employees.
- Less than $1.5 million in annual revenue.
The loans are designed with extreme flexibility: interest rates are capped at 5%, there are no prepayment penalties, and remarkably, no payments are required for at least 12 months after closing.
Funding can be used for a wide array of operational needs, including payroll, equipment, marketing, rent, and utilities.
