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Author: Scarinci Hollenbeck, LLC
Date: April 24, 2020
The Firm
201-896-4100 info@sh-law.comThe New Jersey Economic Development Agency (NJEDA) continues to unveil new programs designed to lessen the economic fallout of the coronavirus (COVID-19). The latest, known as the NJ Entrepreneurship Guarantee Program, seeks to encourage private sector investors to provide additional working capital loans to New Jersey-based start-ups in which they are already investing.
“The financial support of angel investors, venture capital firms, and other similar investment entities is the lifeblood that drives the innovation economy and entrepreneurship in the Garden State,” NJEDA Chief Executive Officer Tim Sullivan said in a press statement. “In these challenging times, we remain committed to ensuring that investment dollars continue flowing to emerging technology and life sciences companies in the Garden State as we work toward fulfilling Governor Murphy’s vision of creating the most diverse and inclusive innovation ecosystem in the nation.”
The NJ Entrepreneurship Guarantee Program will provide an 80 percent NJEDA guarantee for an eligible new loan or convertible note by a qualified investor into a New Jersey qualified business, not to exceed a $200,000 guarantee per company. To qualify, the investor must have supported the company in the form of a convertible note, SAFE (simple agreement for equity) or equity investment as of March 9th, 2020 (or prior). The funding for the guarantee must have been made after March 26, 2020, the date of Gov. Murphy’s Executive Order 103 declaring a State of Emergency and a Public Health Emergency in New Jersey.
Investors participating in the NJ Entrepreneurship Guarantee Program must satisfy the following requirements:
Businesses participating in the NJ Entrepreneurship Guarantee Program must satisfy the following requirements:
Applications are now being accepted. Information about the application documents required can be found here. Given how quickly the funds from other NJEDA programs are being depleted, time is of the essence.
If you have any questions or if you would like to discuss the matter further, please contact the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
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