Small business gets a lifeline in New Jersey amid coronavirus crisis

David Madden
March 30, 2020 - 4:00 am

TRENTON, NJ (KYW Newsradio) — We are all struggling to make ends meet during the COVID-19 emergency. Small businesses have particular challenges and New Jersey is offering three new initiatives to, at the very least, help the business and their workers cope.

The board of the Economic Development Authority approved a $75 million package, including three initiatives that could assist small business in the short term.

“One is a grant program,” EDA CEO Tim Sullivan told KYW Newsradio. “One is a zero-interest loan program. And the other is supporting, whether it’s community development financing institutions or basically nonprofit banks to help them lend more capital to small businesses as well.”

The money is coming from the state and private sector. More could be coming, in large part depending on what the state receives from the federal government in the just approved stimulus package.

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“Exactly how that funding will work, we haven’t seen the details yet,” he added. “I’m optimistic that there will be of course some money for small businesses and particularly for the ones that are hardest hit here.”

Three to five thousand small to medium sized firms could take advantage. Sullivan expects applications to be on line sometime next week. More information is available here.