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LAEDA’s Entrepreneurship Program Now Qualifies Under NJEDA Micro Business Loan Program

Posted on 1/31/2020 by Ray Lamboy in LAEDA News

Camden, NJ – LAEDA met last month with the New Jersey Economic Development Authority’s (NJEDA) Small Business Services team in order to learn more about the Authority’s new Microbusiness Loan Program and determine how it could work in tandem with LAEDA’s current entrepreneurship programs and counseling services.

NJEDA’s Director of Small Business Services - Christina Fuentes -, along with its Senior Small Business Liaison - Anthony Martinez – and Senior Small Business Liaison Officer - Kenneth Hart – all met with LAEDA’s Women’s Business Center and Business Services team at LAEDA’s newly renovated training center to learn more about NJEDA’s goals for the new program and how LAEDA can support those goals in South Jersey.

The NJEDA Micro Business Loan Program is a ground breaking financing tool unseen in the business for many years. The goal of the program is to make capital available to the smallest of businesses in the entrepreneurial ecosystem at terms that are both practical and affordable. “Having been in business for myself and having supported the growth of entrepreneurs for 15 years, I have not seen a loan program so closely aligned with needs and realities of microentrepreneurs,” said Ray Lamboy, President & CEO of LAEDA. “LAEDA is excited to now be a qualifying entrepreneurship training provider in support of this important loan program.”

The Micro Business Loan Program features capital of up to $50,000 available to for-profit legally registered businesses in New Jersey. The program offers a repay period of up to 10-years and an up to 3 year principal & interest moratorium to assist startup entrepreneurs as they launch operations and grow towards break-even and beyond. For a complete description of all the terms, conditions and eligibility requirements for the program, please visit www.NJEDA.com or follow this link to the loan program page.

One key feature of the program that makes this capital accessible to startup entrepreneurs is the requirement to complete an entrepreneurship training program or undergo business counseling that results in a solid business plan. Being familiar with LAEDA, its impact and its history of providing entrepreneurial training and counseling, the NJEDA expressed their support for LAEDA’s entrepreneurship training and counseling throughout South Jersey and confirmed these established programs and services’ success in meeting the requirements of the loan program.

The NJEDA team also oriented LAEDA on the Small Business Lease Assistance program offered by the Authority. The Small Business Lease Assistance Program offers reimbursement of a percentage of annual lease payments to for profit businesses and non-profit organizations in eligible areas that plan to lease between 500 – 5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum 5-year term.

LAEDA has been working with communities across South Jersey to attract and grow businesses in their neighborhood commercial districts. “These innovative programs are just in time for small business operators considering being part of the solution in emerging communities across South Jersey,” said Ray Lamboy. “LAEDA is excited to have these special tools at its disposal.”

To learn more about NJEDA’s various programs, please visit – www.njeda.com or follow the links on this page. To learn about LAEDA’s entrepreneurial development programs and business counseling visit – www.LAEDA.com.