Financial Assistance

2015 State of New Jersey Financial Incentives

The New Jersey Economic Development Authority (NJ EDA) has many financing opportunities that may help you in relocating your business to Millville, expanding your existing company, or starting a new venture, to name a few.  A great working relationship with the local Business Action Center allows Millville to facilitate one-stop shopping for your financing design.  Working with the local representative from the onset will help ensure that you can layout the most effective financing package for your proposal.  

The NJ EDA has consolidated its tax credit programs into two new programs which incentivise development and redevelopment in smart growth areas as well as distressed communities.  Millville is a designated distressed community in respect to the Economic Development Authority incentives which offers developers considerably more assistance for qualifying projects.  Explore the incentive programs below and call Jim Watson, Economic Development at the City of Millville, to get the process started!

A helpful summary and matrix can be found here:  NJ Economic Act of 2013 

  • Grow NJ: If you are a business creating or retaining jobs and making a capital investment in a qualified incentive area (remember that Millville is a distressed municipality which offers bonuses) you can apply for grants of corporate business and insurance premium tax credits for job creating/retention through the Grow NJ program.  
  • Economic Redevelopment & Growth (ERG): The ERG program is an incentive for residential and commercial developers and businesses to address revenue gaps in development projects, defined as having insufficient revenues to support the project debt service under a standard financing scenario.  It can also apply to projects that have a below market development margin or rate of return.  The grant is not meant to be a subsitutue for conventional debut and equity financing, and applicant should generally have their primary debt financing in place before applying. 
Local Programs
There are a variety of financial assistance programs available to business owners, including the following:
  • Revolving Loan Program: Up to $20,000 loaned at two points below prime over a five-year term for fixed assets and property acquisition; business start-ups eligible.
  • County Revolving Loan Program: Up to $100,000 available at 5% interest for a five-year term for fixed assets and property acquisition.
  • Cumberland County Loan Assistance Corporation: Up to $150,000 to new and existing businesses through a consortium of six local lenders, city, and county.
  • Urban Enterprise Zone Second Generation Funds: $50,000-$300,000 available at 5% for large industrial projects.
  • State of New Jersey Economic Development Administration Programs: The city has an excellent working relationship with the New Jersey Economic Development Administration and can help arrange long-term, low interest financing.