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New Jersey small business grants, SSBCI loans and training funds (2026)

The New Jersey Economic Development Authority (NJEDA) put the state's $255 million SSBCI allocation into loans, loan guarantees and venture funds, not grants. Its two best-known small business grants, the Small Business Lease Grant and the Small Business Improvement Grant, stopped taking applications in 2026. What remains open in October 2026 is mostly credit, plus a few narrow grants for tech founders, SBIR winners and employers that train staff.

Written by Editorial team Checked against 6 agencies Last reviewed How we review

Figures apply to 2026 (state FY2027)

Contents9 sections

Key takeaways

  • NJEDA's Small Business Lease Grant closed on June 30, 2026, after awarding up to $37,499,548, and the Small Business Improvement Grant is fully subscribed ⁠8⁠9.
  • New Jersey's $255 million SSBCI share went into six loan, guarantee and equity programs; none is a grant ⁠1⁠2.
  • The NJ Capital Access Fund, the SSBCI working-capital loan of up to $250,000 without collateral, is not taking new applications ⁠3.
  • CSIT pays $25,000 to New Jersey firms holding a federal SBIR/STTR Phase I award and $50,000 to firms waiting on Phase II, on a rolling basis ⁠11.
  • Employers can recover up to 50% of frontline training costs through UPSKILL; the next round's letter of intent is due January 8, 2027 ⁠12.

Quick facts

State startup grantNone for a typical new business. Innovation Fellows funds 3-founder tech teams only ⁠10
SSBCI allocation$255 million, run by NJEDA ⁠1
Largest open direct loanUp to $500,000 (Small Business Fund) ⁠6
Tech grants$25,000 or $50,000 (CSIT SBIR/STTR); $200,000 to $400,000 (Innovation Fellows) ⁠10⁠11
Training grantUp to 50% of costs, max $250,000 per round (UPSKILL) ⁠12
Free advisingNJSBDC, hosted by Rutgers Business School, all 21 counties ⁠15

Programs at a glance

New Jersey small business grants programs
ProgramTypeHelp availableStatus
Small Business FundNew Jersey Economic Development Authority Repayable loan Direct loans up to $500,000 for businesses with revenue of $3 million or less and at least one year of operation Open (rolling)
Angel Match ProgramNew Jersey Economic Development Authority (SSBCI) Repayable loan (convertible note with warrant) $100,000 to $1,000,000, matched 1:1 with outside investment, 3% interest, 10-year term Open
New Jersey Clean Energy Loans (NJ CELs)New Jersey Economic Development Authority (SSBCI) Repayable loan (co-lending) NJEDA lends $250,000 to $10 million at 4 points below the private lender's rate, up to 50% of the project loan Open (funds limited)
New Jersey Innovation Fellows ProgramNew Jersey Economic Development Authority Grant (income replacement for founders) $200,000 base, up to $400,000 with bonuses, paid quarterly over two years Open (Cohort III closes December 4, 2026)
SBIR/STTR Direct Financial Assistance Grant (Round 5)New Jersey Commission on Science, Innovation and Technology Grant $25,000 Direct Funding for federal Phase I winners; $50,000 Bridge Funding for Phase II applicants Open (rolling until funds run out)
UPSKILL: NJ Incumbent Worker Training Grant ProgramNew Jersey Department of Labor and Workforce Development Grant (training cost reimbursement) Up to 50% of training costs for frontline employees, up to $250,000 per round Round 2: letter of intent due January 8, 2027
New Jersey State Trade Expansion Program (NJSTEP)New Jersey Business Action Center (Department of State) with the U.S. Small Business Administration Grant (cost reimbursement) Partial reimbursement of export promotion costs such as trade shows, trade missions and website localization Open (STEP 13, first come, first served)
New Jersey Small Business Development Centers (NJSBDC)Rutgers Business School and host colleges, with the SBA Free service No-cost one-on-one business consulting in all 21 counties Open

In October 2026, a New Jersey business owner looking for a state grant will find NJEDA’s two flagship small business grants closed. The Small Business Lease Grant, which paid two installments of 20% of a year’s rent on new street-level space, stopped accepting applications on June 30, 2026, after its budget grew to $37,499,548 ⁠8. The Small Business Improvement Grant, which reimbursed 50% of renovation or equipment costs up to $50,000, says its funding is fully subscribed and no new applications are accepted ⁠9. What NJEDA still offers is mostly credit: direct loans, loans backed by the federal State Small Business Credit Initiative (SSBCI), and venture-style notes. Real grants exist, but each is narrow. One is for technology founder teams, one for SBIR/STTR winners, two for employers that train workers, and one partly reimburses exporters.

Where New Jersey’s $255 million in SSBCI money went

Treasury allocated New Jersey $255 million in SSBCI capital in December 2022. NJEDA split it six ways: an $80 million clean energy financing program, $60 million for life science investment, a $50 million blended capital fund, a $25 million Recovery Loan Loss Reserve, a $20 million SEDI Seed Fund and a $20 million Angel Match Program. At least $27.5 million was set aside for businesses owned by socially and economically disadvantaged individuals ⁠1. Treasury’s August 2026 list names the six programs as the Life Science Fund, SEDI Seed Fund, Angel Match Program, Recovery Loan Loss Reserve Fund, New Jersey Capital Access Fund and New Jersey Clean Energy Loans. NJEDA administers all six ⁠2.

New Jersey SSBCI programs and their status, October 2026
Program (Treasury type) What you get Status
New Jersey Capital Access Fund (loan participation) Working-capital loan up to $250,000, 36 to 60 months, fixed 8.25% to 10.25% (rates as of September 17, 2025), no set collateral, from five community lenders Not accepting new applications ⁠3
Angel Match Program (debt/equity hybrid) Convertible note of $100,000 to $1,000,000 matching an outside investment 1:1 Open ⁠4
New Jersey Clean Energy Loans (loan participation) NJEDA co-lends $250,000 to $10 million on clean energy projects Open, funds may run short ⁠5
Life Science Fund and SEDI Seed Fund (venture funds) Equity from private fund managers NJEDA selected Through the fund managers, not NJEDA ⁠1⁠2
Recovery Loan Loss Reserve Fund (loan guarantee) Guarantee for community lenders, not for borrowers to apply to Not open to businesses ⁠2

The Capital Access Fund was the SSBCI product closest to an ordinary small business loan. It was open to New Jersey firms with fewer than 50 employees, $10 million or less in revenue, at least a year in business and cash flow to repay. Its lenders were Ascendus, Grow America Community Impact Loan Fund, Pursuit, Renaissance and CRF USA. The fund now tells borrowers to email [email protected] for alternatives ⁠3.

NJEDA loans you can apply for now

Small Business Fund (repayable loan). NJEDA lends up to $500,000 directly to businesses that have operated at least one full year and have revenue of $3 million or less. Nonprofits must have operated at least three years. The rate is the 5-year U.S. Treasury yield or 1%, whichever is higher, plus a credit-risk spread. You need fixed assets such as real estate or equipment to pledge and a 1.0x debt service coverage ratio. Home-based businesses and cannabis licensees are not eligible. Fees are a $300 application fee, a 0.5% commitment fee, a 0.5% closing fee and a guarantee fee of up to 0.5% ⁠6.

Premier Lender Program (participation or guarantee on a bank loan). If your bank is an NJEDA Premier Lender, NJEDA can take up to 50% of a fixed-asset loan, to a $2,000,000 participation, or of a working-capital loan, to $750,000. It can also guarantee up to $1,500,000. You need at least two years in business, 1.1x debt service coverage and one job created or kept for every $65,000 of NJEDA exposure. The application fee is $1,000 ⁠7.

NJ CELs (SSBCI co-lending). For businesses with fewer than 750 employees financing solar, wind, battery storage, heat pumps, geothermal, efficiency upgrades or EV manufacturing in New Jersey. NJEDA’s share is $250,000 to $10 million at 4 percentage points below the private lender’s rate, for 1 to 25 years, within a total loan of $500,000 to $20 million. Minority-, woman- and veteran-owned firms and projects in overburdened communities get another 1-point rate cut. They can also have 10% of the loan forgiven if the project creates at least one job per $100,000 ⁠5.

Angel Match and the venture funds are for funded tech startups

The Angel Match Program is SSBCI money in the form of a convertible note with a warrant, not a grant. NJEDA matches an outside investment of at least $100,000 one-to-one, for notes of $100,000 to $1,000,000. The note carries 3% annual interest over 10 years, with no payments until year 8. The company must be an early-stage, product-based C-corp or LLC with at least $100,000 in trailing 12-month revenue. It must have no more than 100 employees, more than half of them in New Jersey, and at least two full-time founders or C-level executives based in the state. It must also work in a targeted industry such as life sciences, clean energy, IT or advanced manufacturing. The investor must close within 60 days of NJEDA’s commitment letter, and the application fee is $1,000 ⁠4.

The grants that are open in New Jersey

New Jersey Innovation Fellows Program (grant). This program replaces income for founders who quit a job to start a company. Cohort III applications are open from September 9 to December 4, 2026, at 5 p.m. The base award is $200,000. There is a $50,000 bonus if a founder lives in an Opportunity Zone, plus $50,000 for each of up to three founders who qualify for the diversity or education bonus, for a maximum of $400,000 paid quarterly over two years. Teams need at least three full-time founders, at least half of them first-time entrepreneurs. The venture must be in a targeted industry and located in one of 80 eligible municipalities. NJEDA reported $2,500,000 available as of the second quarter of 2026, and the application fee is $250 ⁠10.

CSIT SBIR/STTR Direct Financial Assistance Grant (grant). The New Jersey Commission on Science, Innovation and Technology (CSIT) pays $25,000 to New Jersey small businesses with an active federal SBIR/STTR Phase I, Fast Track or Direct to Phase II award. It pays $50,000 in Bridge Funding to firms that finished Phase I and are waiting on a Phase II decision. Round 5 started January 15, 2026, with $1,050,000, enough for about 22 Direct and 10 Bridge awards. CSIT awards grants as applications come in until the money runs out, and there is no application fee. The money can cover R&D and general operating costs. You need at least one full-time employee and your main place of performance in New Jersey ⁠11.

NJSTEP (reimbursement grant for exporters). The Business Action Center’s STEP 13 round (2026-2027) is open. It partly reimburses foreign and reverse trade missions, trade show exhibition, Commerce Department subscription services, website localization and international marketing design. You must be an SBA-size small business registered in New Jersey, in business at least a year, tax compliant, with at least 51% U.S. content and a UEI. The page lists a total program cost of $533,333 but no per-company cap, so ask the project director what you can claim before you spend ⁠14.

Training grants NJDOL pays to employers

UPSKILL: NJ Incumbent Worker Training Grant. NJDOL reimburses up to 50% of training costs for frontline employees who have worked full time for you for at least six months. Covered costs are tuition, textbooks, software and exam fees, or 50% of trainee wages for on-the-job and in-house training. Classes need at least five trainees, third-party trainers must be located in New Jersey, and you must keep trainees at least six months after training. FY2027 has $7,000,000 in two rounds of $3,500,000, with a $250,000 maximum per applicant per round. Round 1’s letter of intent was due September 23, 2026. For Round 2, the letter of intent is due January 8, 2027, IGX registration by January 22, and the application by February 24, 2027, all at noon ⁠12.

GAINS (Growing Apprenticeship in Nontraditional Sectors). For employers and sponsors building registered apprenticeships. GAINS reimburses up to 50% of a new apprentice’s wage, capped at $12,000 per apprentice, for up to 52 weeks, plus classroom instruction costs. Apprentices must start at $18.00 an hour or more. FY2027 Round 1 has $6,000,000, and applications are due at noon on December 4, 2026 ⁠13.

Step by step: getting New Jersey money for your business

  1. Book a free NJSBDC consultation

    Request counseling on the NJSBDC site by choosing your county, or call the state office at 973-353-1927. Counseling is free in all 21 counties ⁠15. Bring two years of tax returns, year-to-date financials and a short description of what the money is for.

  2. Get a New Jersey tax clearance certificate

    Nearly every NJEDA and NJDOL program requires one before approval, including the Small Business Fund, Angel Match, UPSKILL and the CSIT grant ⁠6⁠4⁠12⁠11. Get it through Premier Business Services and fix any balance with the Division of Taxation first.

  3. Pick the loan route that fits your size

    If you have under $3 million in revenue and collateral, send NJEDA’s financing interest form for the Small Business Fund ⁠6. If you are larger or your bank is a Premier Lender, have the bank bring NJEDA in ⁠7.

  4. Tech founders: check the grant windows

    Innovation Fellows closes December 4, 2026 ⁠10. Email [email protected] once you hold a federal Phase I award or have filed for Phase II ⁠11.

  5. Employers: file a letter of intent early

    Download the UPSKILL notice from NJDOL’s Grant Opportunities page, send the letter of intent by January 8, 2027, and register in IGX. Panel review is expected the week of March 8, 2027, and you must invoice at least 30% of the award within six months ⁠12.

  6. Exporters: send the NJSTEP intake form before booking travel

    Email the client intake form to the NJSTEP project director or call 1-800-JERSEY-7. You get the application link only after NJSTEP confirms you are eligible ⁠14.

  7. If you are declined, ask why and adjust

    NJEDA loan decisions are credit decisions, so stronger collateral or a co-lending bank can change the result ⁠6⁠7. UPSKILL is scored out of 100 points by a panel, so fix weak narrative answers and reapply in the next round ⁠12.

For other New Jersey help, see the New Jersey overview, or compare states on the small business grants hub.

Verified resources

Where to apply

Sources

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