• Nov 08, 21
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The Economic Development Corporation of Essex County offers several loan funds for businesses in Essex County, New Jersey.

EDC Micro Loan Fund (MLF) Loan program for start up and existing businesses and nonprofit organizations located in Essex County.

Maximum loan is $100,000. Borrower must demonstrate ability to service debt obligations and create job opportunities for low to moderate income persons.

EDC Revolving Loan Fund (RLF) Loan program for start up and existing businesses and nonprofit organizations located in Essex County.

Maximum loan is $100,000. RLF loans are made in conjunction with loans from banks and other lenders, and are generally subordinate to collateral positions of primary lenders.

Borrower must demonstrate ability to service debt obligations and create job opportunities for low to moderate income persons.

Community Development Revolving Loan Fund (CDRLF) Loan program funded by a grant from the US Department of Housing and Urban Development (HUD) that is managed by the Essex County Division of Housing and Community Development (DHCD) and the EDC.

Borrower must demonstrate ability to service debt obligations; achieve national objectives of creating job opportunities for low to moderate income persons; and/or deliver area benefits to distressed areas; and satisfy HUD regulations.

Participating Essex County municipalities for CDRLF do not include Bloomfield, East Orange, Irvington or Newark.

Community Economic Revitalization Program (CERP) Loan fund established by the Essex County Division of Housing and Community Development (DHCD) and EDC to augment Community Development Block Grant (CDBG) funds allocated for façade (exterior) improvements to commercial properties located in participating CDBG municipalities (Participating CERP municipalities do not include Bloomfield, East Orange, Irvington or Newark).

CERP loan recipients must achieve the national objective(s) of providing an area benefit for predominantly low and moderate income communities as designated by DHCD, or creating job opportunities that are filled by low and moderate income persons.

Borrower must also demonstrate ability to service debt.





Contact Information
Economic Development Corporation of Essex County
Address: 465 Dr. Martin Luther King, Jr. Blvd
City: Newark
State: New Jersey

Website: http://www.essex-countynj.org/index.php?section=edc

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