For owners who are trying to expand their small businesses, one of the greatest challenges is getting access to capital. In recognition of that fact, Gov. Phil Murphy yesterday announced a new loan program targeted at small businesses.
Administered through the New Jersey Economic Development Authority, the so-called Access Program will have a fund of $15 million to disperse in its 12-month pilot phase. Launching the program, Murphy noted that small businesses “employ more than 50 percent” of New Jersey’s workforce. The new program is designed to give borrowers, including women- and minority-owned businesses, more flexibility by establishing requirements that place greater emphasis on cash-flow and less reliance on hard collateral.