All signs point to ‘yes’ as to the likelihood of the return of the Microbusiness Loan this spring. This is one of the NJEDA’s most popular programs, with its generous terms of 2% interest, first year no payments, and eligible for loan forgiveness after five years.
Unlike the non-competitive Main Street grants, this program is a virtual death-match in which you have an hour, maybe two, to submit your application before it gets shut down as over-subscribed just 2-3 hours after opening. You triple-check your Checklist for this one, and make sure to have all the documents you’ll need to submit in one folder, ready to upload.
This program may be restarted February or March 2025, according to Dr. Zaeus. https://www.njeda.gov/microbusinessloan/