Stronger Fairer Governor Murphy is committed to revitalizing the economy to make the state stronger and fairer for all residents. It doesn’t have to be one or the other - the goals of being stronger and fairer are mutually reinforcing.

Small Business Support By The Numbers

Premier Lender Program Premier Lender with NJEDA. This allows the bank access to a streamlined loan approval process: Expedited financial review Quick turnaround from approval to closing Reduced fees - $1,750 Lower equity injection Borrower makes one payment to Provident Bank

Premier Lender Banks

Premier Lenders The NJEDA partners with more than two dozen Premier Lender banks to offer low-cost financing opportunities through a variety of small business lending programs. Premier Lender status allows NJEDA’s banking partners to be more responsive to the needs of New Jersey businesses through a streamlined loan approval process. The NJEDA reviews finance applications within seven to ten business days, allowing for an expedited flow of capital to growing businesses in the state. Quick turnaround time from approval to closing provides a strong incentive for borrowers, while the NJEDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk.

NJEDA Expertise and Benefits Access to capital Access to State resources - Business Action Center - Choose New Jersey - Higher Education Access to industry leaders and key influencers

Up to $2mm loan participation for fixed assets Up to $1.5mm loan guarantee for fixed assets Up to $750m line of credit guarantee Owner occupied Lower interest financing Working off US Treasury rates Rates based on factors such as credit worthiness Create/maintain jobs for every $65m of EDA exposure

Premier Lender Program Dollar Amount Uses Benefits Eligibility Up to $2 million loan participation or 1.5 million loan guarantee for fixed assets Fixed assets, working capital and/or refinancing of existing debt For small businesses, Lower cost financing Must commit to create or retain one new full-time job for every $65,000 in EDA exposure within two years Up to $750,000 loan participation or $1.5 million loan guarantee for working capital For participating banks, faster turnaround and reduced risk 1.1X Global Debt Service Coverage Ratio Line of Credit Guarantees up to $750,000 100% loan to value (on a case by case basis) for real estate and 90% for equipment

Manufacturer and distributor of branded snack products $3.5 million Premier Lender Bank loan with a $1.38 million NJEDA participation Business relocated from Brooklyn, NY to Piscataway, NJ and purchased a building Created 25 New Jersey jobs

Online Retailer of office supplies, equipment, office furniture, computer accessories and software products $1.2 million loan through the Premier Lender Program and a $530,000 NJEDA participation Purchased a building – consolidated warehouse/distribution locations

General contracting company needed help to purchase its currently leased facility $500,000 loan from a Premier Lender Bank with a $275,000 NJEDA participation. Project location is Hackensack Retained 59 full time employees and anticipates hiring 10

A retail store offering American-influenced crafts and eclectic home furnishings in Princeton. $560,000 Premier Lender Bank loan with a $112,000 NJEDA participation for the purchase of its warehouse in Blawenberg. Retained 13 jobs and created an additional four

Specialty retailer of food products and prepared foods $4.275 Premier Lender Bank Loan with a $475,000 NJEDA participation will support the growth of a new retail and industrial facility Retained 50 jobs and created an additional 10

A rapidly growing developer and manufacturer of generic medicines based in New Jersey  $2.34 million Premier Lender Bank loan with a $1.17 million NJEDA participation to financing a third warehouse in Rahway to eliminate the outsourcing of logistics Expects to double their workforce to 50

Several grocery stores specializing in South Asian and South Indian groceries $3.06 million Premier Bank Loan with a $1.2 million NJEDA participation to purchase an additional warehouse and distribution facility Retained 80 jobs and create an additional 10

Access Dollar Amount Uses Benefits Eligibility Areas Loan participation or guarantee up to $1 million for fixed assets or $500,000 for term working capital. Direct loan up to $500,000 for fixed assets or $250,000 for term working capital. Fixed assets or term working capital. . Low cost financing. More flexibility for borrower by placing greater emphasis on cash flow and less emphasis on hard collateral. Benefits for lenders include more flexibility by reducing the lender’s overall exposure, faster turnaround, and EDA subordinate lien position on collateral. Must commit to create or retain one new full-time job for every $65,000 in EDA exposure within two years. 1.25X Debt Service Coverage Ratio for 2 years. Loan to value may be greater than 90% on equipment and greater than 100% on real estate based on other underwriting factors.

Maintain staff of 35 and expects to create 12 jobs A healthcare organization operates medical practice and urgent care facilities $1.55 million Premier Lender Bank loan with a $600,000 NJEDA participation for refinancing of one of the location Maintain staff of 35 and expects to create 12 jobs Provident Bank Bond

Thank You Mathew Abraham @NewJerseyEDA Monika Athwal Regional Director - North 973.855.3454 mabraham@njeda.com @NewJerseyEDA Monika Athwal Business Development Officer 609.203.3696 mathwal@njeda.com 2019