NJEDA Hikes Funding Ceilings for Businesses

TRENTON, NJ-In a move that is aimed at helping companies grow at a time when signs of economic uncertainty have slipped into the picture, the New Jersey Economic Development Authority is increasing the amounts it can lend or guarantee under several state financing programs. The increases are effective on January 1, 2001.

“This is a result of input from our banking partners and borrowers, and our own analysis of current requirements in the capital markets,” says Anthony R. Coscia, chairman of NJEDA. “Our findings pointed to the need of raising the limits to be responsive to the financing needs of the business community, especially to keep pace with the expanding investment needs of the state’s business community.”

The specific programs affected include direct loans to businesses, the Seed Capital Program, the New Jersey Technology Funding Program and the Downtown Beautification Program.

“We also focused on making it easier for businesses in targeted sectors to get the financing they need,” adds NJEDA executive director Caren Franzini.