TRENTON, NJ. May 10, 2025 (Hudson Latin Chamber) — As National Small Business Week comes to a close, the New Jersey Economic Development Authority (NJEDA) announced that 100 small businesses and nonprofits have been approved for more than $8.6 million in working capital loans under the NJ Capital Access Fund. Supported by the State Small Business Credit Initiative (SSBCI) and a private capital match, the $100 million fund, administered by fund manager Calvert Impact, leverages Community Development Financial Institutions (CDFIs) and Minority Deposit Institutions (MDIs) to offer an affordable and flexible working capital loan product and technical assistance to assist small businesses and nonprofits.
“Under Governor Murphy’s leadership, New Jersey has prioritized expanding access to capital for small businesses, fueling business growth and revitalizing downtowns and commercial districts across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJ Capital Access Fund plays a key role in NJEDA’s comprehensive range of small business support programs, offering a streamlined pathway for entrepreneurs to secure the funding necessary for growth in the Garden State.”
Since the program launched in November 2023, 77 percent of funding from the NJ Capital Access Fund supported business owners identified as socially and economically disadvantaged individuals (SEDI), including women and people of color, reflecting the NJEDA’s commitment to supporting diverse entrepreneurs.
Through the NJ Capital Access Fund, small businesses and nonprofits can receive working capital loans of up to $250,000 to assist with rent, utilities, payroll, marketing, and other operational business expenses. The working capital loans offer flexible features, including terms from 36 to 60 months, low fees for borrowers, fixed competitive interest rates, and no specific collateral requirements. SSBCI funds are used to purchase up to 80 percent of every eligible working capital loan administered by participating community lenders, which increases lending capacity and provides more loans to underserved communities.
Calvert Impact was approved in May 2023 as the designated fund manager to administer the NJ Capital Access Fund by matching and leveraging the Authority’s $50 million investment funded by SSBCI, is a nonprofit investment firm that has supported community and economic development organizations for nearly 30 years, with a focus on financing sectors overlooked by mainstream capital markets. The organization is a proven leader in the creation of financial products that meet the specific needs of underserved and underbanked communities.
“The Capital Access Fund provides critical, flexible financing that small businesses need to thrive,” said Joe Meginnes, Director of Calvert Impact’s Access Small Business Program. “We’re proud to partner with New Jersey to demonstrate that increasing the capacity of community lenders can be a powerful catalyst for broader economic growth and community development.”
Among the recipients of a loan supported by the NJ Capital Access Fund is Naturalvert, a food manufacturer that specializes in organic, vegan, allergen-free granola. Their products are made with wholesome ingredients that are sourced from local suppliers in order to maintain the quality and taste. Naturalvert products are manufactured, packaged, and distributed all in their facility in Hawthorne and sold nationwide through many retailers such as Whole Foods, Shop Rite, Mom’s Organic Market and many more. Naturalvert is also a recipient of the Main Street Micro Business Loan, Small Business Improvement Grant, and Small Business Lease Grant.
“Accessing the NJ Capital Access Fund was a turning point for Naturalvert. The working capital loan provided the crucial funding we needed to expand production, improve our packaging processes, and meet growing demand from national retailers such as Walmart, Whole Foods, and more,” said Vetchay Vilvert, Founder of Naturalvert. “More importantly, the flexibility and support offered through the program empowered us as a minority-owned business to scale sustainably without compromising our values. Thanks to the NJ Capital Access Fund, Naturalvert has not only grown but has also created jobs and contributed to a healthier, more inclusive local economy.”
NJ Capital Access Fund is one of the many resourceful financing tools that the NJEDA has to offer small businesses and nonprofits. For decades, NJEDA has deployed a range of loan products, including participations, guarantees, and direct loans, to help New Jersey-based businesses grow and thrive. The Small Business Fund provides flexible, low-cost financial assistance of up to $500,000 to small businesses and nonprofits. To date, the program has supported over 60 loans totaling more than $17 million.
The Direct Loan Program is designed to expand access to capital and fuel business growth through direct NJEDA financing. The program has provided over 680 loans, delivering more than $273 million in support to small businesses across the state. Through its Premier Lender Program, NJEDA partners with financial institutions to offer loan participations and guarantees of up to $2 million, enabling businesses and nonprofits to overcome barriers to expansion. This program has facilitated more than 1,200 participations and guarantees, totaling over $306 million
In April 2025, the NJEDA approved a new loan program known as the New Jersey Loan Expansion and Network Development (NJ LEND) program, designed to support the evolving needs of New Jersey businesses. NJ LEND is modeled after the NJEDA’s Premier Lender and Direct Loan programs but offers higher lending limits for financing to small businesses with no more than 750 employees.
The new program will offer fixed asset loans of up to $5 million for the purchase or refinance of owner occupied commercial real estate or new equipment. The program will also offer working capital loans of up to $1 million. Additionally, NJ LEND will offer flexible lending options in the form of loan participations and line of credit guarantees in partnership with NJEDA Premier Lender financial institutions.
For more information on eligibility requirements for the NJ Capital Access Fund, and to pre-apply, visit here. More information and eligibility requirements for the Small Business Fund, Direct Loan, Premier Lender, and NJ LEND programs can be found here.
ABOUT THE NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
