South Jersey Economic Development District
Intermediary Relending Program (IRP)
| Eligible Borrowers: |
- Must be in communities with a population of less than 25,000 and use labor of low-income persons.
|
| Loan Amount: |
- 75% of project costs with a $150,000 maximum.
|
| Estimated Interest Rate: |
- For more information, please call (856) 765-9700.
|
| Terms: |
- Three to five year repayment schedule.
|
| Permitted Uses: |
- Loans may be used for the purchase and/or construction of fixed assets. (i.e.: building renovations, machinery and equipment)
|
| Application Fee: |
- Non-refundable $250 application fee and a 1% origination fee at closing.
- Borrower is responsible for all closing costs and fees associated with servicing the loan.
|
| Other Special Requirements: |
- Must be in Atlantic, Cape May, Cumberland and Salem Counties.
- Less than 60 employees.
|
Revolving Loan Fund (RLF)
| Eligible Borrowers: |
- Must be in communities with a population of less than 25,000 and use labor of low-income persons.
|
| Loan Amount: |
- $10,000 minimum to $100,000 maximum.
|
| Estimated Interest Rate: |
- For more information, please call (856) 765-9700.
|
| Terms: |
- Three to five year repayment schedule.
|
| Permitted Uses: |
- Loans may be used for the purchase and/or construction of fixed assets. (i.e.: building renovations, machinery and equipment)
|
| Application Fee: |
- Non-refundable $250 application fee and a 1% origination fee at closing.
- Borrower is responsible for all closing costs and fees associated with servicing the loan.
|
| Other Special Requirements: |
- Must be in Atlantic, Cape May, Cumberland and Salem Counties.
- Less than 60 employees.
|
|