Show/Hide

Economic Development

Print
Press Enter to show all options, press Tab go to next option

Economic Development generalAnthony P. Carabelli Jr., Director

Phone: 609-989-6555 
Mail: 640 S. Broad St. Trenton, NJ 08650-0068
  P.O. Box 8068 
Email:  acarabellijr@mercercounty.org

 

COVID-19 BUSINESS OPPORTUNITIES

The Mercer County Office of Economic Development understands the difficult situation that our business community faces in light of the COVID-19 pandemic.  We continue to work with our partners on a variety of different business incentives to assist you.  Please check back as we update these initiatives. 

1. New Jersey EDA Incentives for COVID-19 

The New Jersey Economic Development Authority approved a suite of different incentives for businesses impacted by the COVID-19 crisis.  Please find below a listing of those grants and low interest loans.  

  • Small Business Emergency Assistance Grant Program – A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs. 
  • Small Business Emergency Assistance Loan Program – A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years.
  • NJ Entrepreneur Support Program – A $5 million program that will encourage continued capital flows to new companies, often in the innovation economy, and temporarily support a shaky market by providing 80 percent loan guarantees for working capital loans to entrepreneurs.   
  • Small Business Emergency Assistance Guarantee Program – A $10 million program that will provide 50 percent guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or Premier CDFI programs.
  • Emergency Technical Assistance Program – A $150,000 program that will support technical assistance to New Jersey-based companies applying for assistance through the U.S. Small Business Administration. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide. 

Additional details on the NJEDA’s new programs, including eligibility requirements will be available here: https://cv.business.nj.gov.

2. UCEDC Crisis Relief Loan Program

Mercer County recently partnered with the UCEDC on a County Business Lending Program.  In addition to the lending options offered under this program, UCEDC is now offering a low-interest, quick-response, working capital loan program in response to COVID-19.  Small business owners can borrow up to $15,000 at 2% for up to five years with no collateral requirements to meet their COVID-19 crisis needs.

The Crisis Relief Loan Program is designed to provide broad access to much-needed working capital.  The program features a quick turn-around (after completing the application requirements), no collateral requirements, no pre-payment penalties, and no processing or application fees.

Eligibility Requirements:

  • Business impacted by the COVID-19 pandemic
  • Businesses in existence at least two years and with a credit score of 680 and up are eligible to apply for up to $15,000 
  • Businesses in existence between one and two years, or with a credit score between 650-680 are eligible to apply for up to $10,000
  • Profitable prior to the COVID-19 crisis
  • No loan or credit card charge –offs within 3 years

Application Requirements:

  • Personal guarantees of all owners with more than 10% ownership interest
  • Completed UCEDC Loan Pre-Qualification form for all guarantors
  • Copy of driver’s license
  • Personal cash flow statement
  • Personal financial statement
  • 2018 complete business tax returns (2019 if already available)

To apply,  fill out our Loan Pre-Qualification Form or speak to a loan officers at 908-527-1166. 

3. SBA Disaster Relief Loan Program named Economic Injury Disaster Loan (EIDL)

https://disasterloan.sba.gov/ela/Account/Login?ReturnUrl=%2Fela%2FLoanApplication%2FStartApplication

4. Business Boost Facebook Grant Program (please sign up for updates)

https://www.facebook.com/business/boost/grants

 

The Mercer County Office of Economic Development provides a variety of business development programs and workshops to help small and large businesses in the County build growing, successful companies.

Specifically, these programs include:

  • Business Workshops such as Business Fundamentals, Financing, and Procurement
  • Individual Business Mentoring
  • Financial Assistance for Mercer County Businesses
  • Foreign Trade Zone Program
  • Site Selection Services
  • Employee Recruitment and Training Assistance

For more information about the services and programs, please contact us at: 609-989-6555 or businessadvocate@mercercounty.org.

Doing Business: Mercer County     

Opportunities await you in Mercer County! As a fledgling or growing business, you should know that bidding opportunities are right around the corner. Through our Mercer County Purchasing Department, we offer a streamlined process to navigate some of the complexities of the procurement process. You will find that County purchases are made through a comprehensive system of specifications and competitive solicitations. For more information on current opportunities and how to receive notifications when these opportunities become available, please visit our Mercer County Purchasing Department

For businesses seeking information on our Mercer County Economic Development incentives and programs, please visit the appropriate links through this website or contact us directly at 609-989-6555. We look forward to serving you and your growing business in New Jersey’s Capital County. 

Business Links

 

TRENTON, N.J. (March 26, 2020) – The New Jersey Economic Development Authority (NJEDA) Board today approved a suite of new programs designed to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.

 

The package of initiatives includes a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Finance Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. Taken together, they will provide more than $75 million of State and private financial support, with the opportunity to grow to more than $100 million if additional philanthropic, State, and federal resources become available. The initiatives will support between 3,000 and 5,000 small and midsize enterprises and are meant to complement recently announced federal economic recovery initiatives.

 

More information about the programs will be available here: https://cv.business.nj.gov.

 

The outbreak of the novel coronavirus in New Jersey has sent us into uncharted territory, and the economic impacts will be significant and far-reaching, especially on Main Street. The scope and scale of this new challenge requires immediate action to support New Jersey workers and businesses,” said Governor Phil Murphy. “The new NJEDA programs announced today are a critical step that will mitigate the economic impacts of this unprecedented challenge and help workers and businesses to weather the storm and come out stronger when things return to normal.”

 

Development of the grant program, support for CDFIs, and flexibility for current NJEDA borrowers was enabled by the legislature through A3845. Primary sponsors of the legislation include Assemblymembers Roy Freiman, Louis D. Greenwald, Ronald S. Dancer, and Senators Nilsa Cruz-Perez, and Brian Stack.

 

The new NJEDA initiatives focus on businesses that have been hit hardest by the novel coronavirus outbreak: local small businesses, mid-size businesses that have had to close or drastically reconfigure operations, and new businesses who were just getting on their feet before the crisis hit. The programs provide a suite of compatible offerings that address these businesses’ varied needs and include mechanisms to provide funding and assistance as quickly as possible. 

 

Many of the resources are designed to be scalable with the addition of federal and philanthropic resources if they become available. Philanthropic partners interested in donating to support the NJEDA’s small business grant program should reach out to donations@njeda.com.

 

“Small- and medium-sized enterprises are the heartbeat of New Jersey’s economy and it is crucial that we do what we can to provide the resources and assistance they need to withstand the outbreak of novel coronavirus,” said NJEDA Chief Executive Officer Tim Sullivan. “In coordination with our partners throughout State government, we are undertaking an unprecedented effort to support these businesses and the New Jersey residents who rely on them for their livelihoods. These are challenging times, but New Jerseyans are resilient, and together we will get through this and rebuild our economy.”

 

The suite of new initiatives includes:

 

  • Small Business Emergency Assistance Grant Program – A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs. 
  • Small Business Emergency Assistance Loan Program – A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years. 
  • Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund – A $10 million capital reserve fund to take a first loss position on CDFI loans that provide low interest working capital to micro businesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak. 
  • CDFI Emergency Assistance Grant Program – A $1.25 million program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak.
  • NJ Entrepreneur Support Program – A $5 million program that will encourage continued capital flows to new companies, often in the innovation economy, and temporarily support a shaky market by providing 80 percent loan guarantees for working capital loans to entrepreneurs.   
  • Small Business Emergency Assistance Guarantee Program – A $10 million program that will provide 50 percent guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or Premier CDFI programs.
  • Emergency Technical Assistance Program – A $150,000 program that will support technical assistance to New Jersey-based companies applying for assistance through the U.S. Small Business Administration. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide.

 

Additional details on the NJEDA’s new programs, including eligibility requirements will be available here: https://cv.business.nj.gov. Comprehensive information about New Jersey’s response to the novel coronavirus outbreak is available here: https://covid19.nj.gov/.

TRENTON, N.J. (March 26, 2020) – The New Jersey Economic Development Authority (NJEDA) Board today approved a suite of new programs designed to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.

 

The package of initiatives includes a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Finance Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. Taken together, they will provide more than $75 million of State and private financial support, with the opportunity to grow to more than $100 million if additional philanthropic, State, and federal resources become available. The initiatives will support between 3,000 and 5,000 small and midsize enterprises and are meant to complement recently announced federal economic recovery initiatives.

 

More information about the programs will be available here: https://cv.business.nj.gov.

 

The outbreak of the novel coronavirus in New Jersey has sent us into uncharted territory, and the economic impacts will be significant and far-reaching, especially on Main Street. The scope and scale of this new challenge requires immediate action to support New Jersey workers and businesses,” said Governor Phil Murphy. “The new NJEDA programs announced today are a critical step that will mitigate the economic impacts of this unprecedented challenge and help workers and businesses to weather the storm and come out stronger when things return to normal.”

 

Development of the grant program, support for CDFIs, and flexibility for current NJEDA borrowers was enabled by the legislature through A3845. Primary sponsors of the legislation include Assemblymembers Roy Freiman, Louis D. Greenwald, Ronald S. Dancer, and Senators Nilsa Cruz-Perez, and Brian Stack.

 

The new NJEDA initiatives focus on businesses that have been hit hardest by the novel coronavirus outbreak: local small businesses, mid-size businesses that have had to close or drastically reconfigure operations, and new businesses who were just getting on their feet before the crisis hit. The programs provide a suite of compatible offerings that address these businesses’ varied needs and include mechanisms to provide funding and assistance as quickly as possible. 

 

Many of the resources are designed to be scalable with the addition of federal and philanthropic resources if they become available. Philanthropic partners interested in donating to support the NJEDA’s small business grant program should reach out to donations@njeda.com.

 

“Small- and medium-sized enterprises are the heartbeat of New Jersey’s economy and it is crucial that we do what we can to provide the resources and assistance they need to withstand the outbreak of novel coronavirus,” said NJEDA Chief Executive Officer Tim Sullivan. “In coordination with our partners throughout State government, we are undertaking an unprecedented effort to support these businesses and the New Jersey residents who rely on them for their livelihoods. These are challenging times, but New Jerseyans are resilient, and together we will get through this and rebuild our economy.”

 

The suite of new initiatives includes:

 

  • Small Business Emergency Assistance Grant Program – A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs. 
  • Small Business Emergency Assistance Loan Program – A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years. 
  • Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund – A $10 million capital reserve fund to take a first loss position on CDFI loans that provide low interest working capital to micro businesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak. 
  • CDFI Emergency Assistance Grant Program – A $1.25 million program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak.
  • NJ Entrepreneur Support Program – A $5 million program that will encourage continued capital flows to new companies, often in the innovation economy, and temporarily support a shaky market by providing 80 percent loan guarantees for working capital loans to entrepreneurs.   
  • Small Business Emergency Assistance Guarantee Program – A $10 million program that will provide 50 percent guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or Premier CDFI programs.
  • Emergency Technical Assistance Program – A $150,000 program that will support technical assistance to New Jersey-based companies applying for assistance through the U.S. Small Business Administration. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide.

 

Additional details on the NJEDA’s new programs, including eligibility requirements will be available here: https://cv.business.nj.gov. Comprehensive information about New Jersey’s response to the novel coronavirus outbreak is available here: https://covid19.nj.gov/.

Free viewers are required for some of the attached documents.
They can be downloaded by clicking on the icons below.

Acrobat Reader Download Acrobat Reader Flash Player Download Flash Player Windows Media Player Download Windows Media Player Microsoft Silverlight Download Microsoft Silverlight Word Viewer Download Word Viewer Excel Viewer Download Excel Viewer PowerPoint Viewer Download PowerPoint Viewer