Sustainable Development Loan Fund

Summary

The Office of Sustainability within the N.J. Commerce and Economic Growth Commission oversees a sustainable development low-interest loan fund to assist in capitalizing sustainable projects. Funding development that engages in pollution prevention, energy conservation or sustainable production are all eligible measures under this loan. Eligible capital expenditures include, but are not limited to equipment, machinery, land, buildings, and production and marketing costs. In order to apply, the applicant should submit a complete notarized application and a $1,000 application fee. The application will then be reviewed on its technical merits and then on the applicant's financial grounding. Participants in this program must make at least a 10% equity contribution toward project costs and loans are limited to $500,000 per proposal. Loans have a maximum term of 10 years and interest rates will vary based on the interest rates of the New Jersey Economic Development Authority (NJEDA) and the Public Policy Scoring Schedule. As with other New Jersey business assistance programs, the Sustainable Development Loan Fund requires a Tax Clearance Certificate verifying that the recipient is in full compliance with their state tax obligations.