Elizabeth Development Company

Financial Programs
 

Business owners in Elizabeth can build their profits, rebuild their storefronts, expand their facilities, purchase equipment, and so much more by taking advantage of the many grants and below-market rate loan programs available through the EDC and its Urban Enterprise Zone program.

 

The Loan Pool Program

The Loan Pool Program provides financial assistance with flexible terms and below-market rate loans to large commercial projects located within the City’s Urban Enterprise Zone. Projects can range from land acquisition and new construction to physical improvements, equipment and working capital.

The program leverages financing from the UEZ, the New Jersey Economic Development Authority (NJEDA) and private lenders to provide loans for large commercial or industrial projects.

To qualify, applicants must:
  • Increase or maintain employment opportunitites
  • Promote economic or physical revitalization with the City's UEZ
  • Attract private and/or public sector investment
  • Demonstrate a minimum of 10% equity in the project
  • Increase the City's economic tax base
  • Demonstrate the need for financing and have the capacity to repay the loan
  • Satisfy all criteria set forth by the lending agencies for large commercial or industrial projects

Maximum Loan Amount; $750,000

Commercial Loan Program

The Commercial Loan Program offers short-term below-market fixed rate loans to Elizabeth’s small, growing businesses for the purchase of fixed assets, as well as construction and/or renovation projects.

To qualify, applicants must have a minimum of 10% equity in the project and demonstrate the ability to repay the loan and satisfy all criteria as determined by EDC.

Maximum Loan Amount: $75,000

Working Capital Loan Program

The Working Capital Loan Program offers below-market fixed rate, short-term financial assistance to Elizabeth small businesses with a minimum one-year operating history.

Funds from this program can be used for working capital expenditures including inventory, soft costs, and marketing. Funds cannot be used for refinancing existing debt or speculative investment.

To qualify, applicants must have a minimum of 10% equity in the project and the ability to repay the loan and satisfy all criteria as determined by EDC.

Maximum Loan Amount: $20,000

Micro Enterprise Loan/Grant Program

The Micro-Enterprise Loan/Grant Program targets neighborhoods where opportunities exist, but financial assistance is often not available.

The program offers a combination of below-market fixed rate loans and grant assistance to small businesses looking to startup or expand.

Funds can be used for the purchase of fixed assets, leashold improvements, purchase of inventory and working capital.  Loans will not be provided for working capital only and cannot be used for refinancing existing debt, repayment of credit card bills, taxes and/or fines.

To qualify the business must have:
  • Five or less employees
  • Provide services to residential areas that have a sufficiently high percentage of low and/or moderate income persons
  • Attend multi-session business plan counseling workshops
  • Satisfy all eligiblity criteria as determined by EDC.

Maximum Loan Amount:$20,000 of which 70% is a loan and 30% is a direct grant