Anthony P. Carabelli Jr., Director
|Mail:||640 S. Broad St. Trenton, NJ 08650-0068|
|P.O. Box 8068|
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.
- 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
- 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)
4. Business Boost Facebook Grant Program (please sign up for updates)
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 firstname.lastname@example.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.
- A "How To" Handbook for Mercer County Businesses
- A "How To" Handbook for Mercer County Businesses (Spanish)
- Regional Labor Statistics and Economic Data
- New Jersey Business Incentives
- Business Registration for HUD-Funded Projects
- Energy Assistance for Businesses