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 atargeted at small businesses.
Administered through the New Jersey Economic Development Authority, the so-called Access Program will have a fund ofto 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.