As part of a partnership with PNC Bank called the NJ Business Growth Fund, EDA is now offering low interest loans of $100,000 to $2 million for capital improvements or equipment purchases.

Rates are set at prime minus 2.5 percent or they are fixed at the five-year U.S. Treasury rate. The EDA will provide up to a 50 percent guarantee of any single loan for qualified projects under the program.

Businesses with up to $20 million in annual sales are eligible and must submit projects that commit to creating one job for every $50,000 borrowed. However, there is a special exemption for manufacturers, which must only commit to maintaining existing jobs.

Learn more about the NJ Business Growth Fund.

Manufacturers can also benefit from a host of low-cost financing opportunities offered by the EDA, including tax-exempt bond financing, loans and guarantees. Credit-worthy manufacturing companies seeking financing for capital improvements and equipment are eligible for assistance that may provide: lower interest rates than a conventional bank loan, longer terms than a traditional commercial loan, flexibility in choosing a variable or fixed interest rate, and increased access to capital.

Along the same lines, BPU offers grants and loans to businesses undertaking renewable energy and energy efficiency improvements such as more efficient heating, air conditioning and lighting equipment or installation of solar panels. Manufacturers also may apply to the EDA for up to $1 million in low-interest loans and guarantees to finance the balance of the project costs not met by the grants or rebates. Learn more about EDA Financing Tools for manufacturers.

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