The Casino Reinvestment Development Authority has $2 million earmarked to help fund small-scale economic development projects throughout Atlantic City.
“This microloan program represents CRDA’s continued commitment to fostering economic growth in Atlantic City,” CRDA Executive Director Eric Scheffler said. “By providing accessible funding for smaller-scale projects, we’re creating pathways for local entrepreneurs and businesses to invest in our community’s future.”
The program features flexible five- to 10-year loan terms with competitive interest rates set by the authority. The CRDA will begin accepting applications on July 1, continuing until the funds are gone. Costs eligible for financing include construction, equipment purchases, permits and other qualifying economic development costs.
“We’ve designed this program to be responsive to the real needs of small businesses and developers in Atlantic City,” Director of Planning and Development Lance Landgraf said. “The application process requires applicants to demonstrate they’ve explored conventional financing options, ensuring these funds serve those who need them most. We’re excited to see how this program will catalyze new investment and job creation in our community.”
Applicants must provide evidence of attempting to secure conventional funding, contribute at least 20 percent equity to their projects, and provide personal guarantees for loans. All construction work funded through this program must comply with prevailing wage requirements.
CRDA will evaluate the program’s performance after an initial six month period to determine whether to continue and potentially expand the initiative.
For more information about the CRDA Microloan Program and application procedures, visit www.njcrda.com or contact the Planning and Development Division at 609-347-0500.