Together with the Mercer County Loan Fund Program, Regional Business Assistance Corporation (RBAC) provides business mentoring and loans for start-up and existing businesses that cannot access financing from traditional lending sources.
What Can You Borrow For?
- Real Estate
- Marketing & Advertising
- Working Capital
Loan Package Requirements
- The business must be located in Mercer County
- Completed & signed application along with $100 application fee
- Three years of personal income tax returns and W2's
- Three years of business tax returns (if already in business)
- Business plan for all start-ups
- Financial projections
- Copy of draft lease (if applicable)
- Evidence of owner's contribution to the project
- Copy of operating agreement for all corporations and LLC/P's
- Evidence that the business is current on all state payroll and sales taxes
This program is a revolving loan program that provides up-front capital to assist with the early development stages of Brownfield redevelopment projects. This program assists with site acquisition, remediation and demolition costs.
New Jersey Redevelopment Investment Fund
This program provides Interim, term and permanent loans, real estate equity, loan guarantees and other forms of credit enhancements. Rates are typically below market rate.
New Jersey Redevelopment Authority Bond Program
This program includes tax Exempt bond financing for land and building acquisition, new construction or expansion or purchase of new equipment and machinery. Average rates are 1%-4% below prime rate, subject to variable or fixed rate.
Business Employment Incentive Program
Businesses that create 25 new jobs are economically viable and demonstrate that the incentive grant is a material factor in their decision to locate or expand in New Jersey. They can receive grants for up to 10 years for 10 to 80 percent of the total amount of State income tax withheld by a business for new employees hired.
Statewide Loan Pool for Businesses
Businesses must create or maintain jobs, be located in a financially targeted municipality or represent a targeted industry such as manufacturing. Assistance usually will not exceed $35,000 per job created or maintained. Loans range from $50,000 to 5 million and are made available through a combination of EDA and bank financing.
Credit worthy businesses that need additional security to obtain financing. Guarantees of up to 1 million for working capital to meet operating needs and guarantees of conventional loans or bond issues for fixed assets, such as building and equipment, of up to 2 million are available.