New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31E - MAIN STREET RECOVERY FINANCE PROGRAM › Subchapter 1 - MAIN STREET RECOVERY FINANCE PROGRAM › Section 19:31E-1.4 - Application and review

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A small
				  business, microbusiness, or microbusiness lender seeking financing through a
				  product established in the program shall submit an application that shall be
				  available on the Authority's website at
www.njeda.com
or by contacting the
				  Authority.
(b) A completed
				  application includes:
1. The name of the
				  applicant;
2. The contact
				  information of the applicant;
3.
				  Except for loans to microbusiness lenders, the prospective future address of
				  the applicant (if different);
4.
				  The organizational type of the applicant;
5. The principal products and services and
				  three-digit North American Industry Classification System number;
6. The New Jersey tax identification
				  number;
7. The Federal tax
				  identification number;
8. The most
				  recent three Federal tax returns filed;
9. Except for loans to microbusiness lenders,
				  the total number of full-time and part-time employees of the applicant, in New
				  Jersey at the time of application, and three months prior to the submission of
				  the application;
10. Except for
				  loans to microbusiness lenders, the comprehensive list of the applicant's
				  locations in New Jersey and the function performed at each location;
11. A completed legal questionnaire
				  disclosing all relevant legal matters in accordance with the Authority
				  debarment and disqualification rules at N.J.A.C. 19:30-2;
12. Submission of a tax clearance
				  certificate, pursuant to
				  P.L.
				  2007, c. 101;
13. For any grant product pursuant to
				  N.J.A.C. 19:31E-1.3(a), including, but not limited to, the small business
				  improvement grant product and the small business lease grant product, WR 30,
				  payroll reports, or equivalent documentation for the quarter preceding
				  submission of application;
14. For
				  the small business improvement grant product, an application shall include:
i. Executed lease or recorded deed evidencing
				  site control of the relevant property;
ii. Documentation evidencing proof of past or
				  proposed eligible capital improvements; and
iii. If the property is leased, evidence that
				  the landlord has granted the applicant the right to make the capital
				  improvements;
15. For the
				  small business lease grant product, an application shall include:
i. A copy of the lease for the relevant
				  property, which must include square footage and rent; and
ii. For applicants who have already expanded
				  or renewed their lease, or who are seeking to expand or renew their presently
				  leased space, documentation that the applicant is current on rent
				  payments;
16. For
				  microbusiness lenders, an application shall include:
i. A comprehensive description of the
				  applicant's lending portfolio that demonstrates the applicant's lending
				  experience with microbusinesses and capacity to lend to
				  microbusinesses;
ii. A description
				  of the applicant's experience working in communities and business segments
				  underserved by the banking sector; and
iii. For products that include a grant to
				  provide technical assistance to microbusinesses, a description of the
				  applicant's capacity to provide the technical assistance;
17. A certification under the penalty of
				  perjury from the applicant, or an authorized agent of the applicant, that the
				  information provided in the application is true; and
18. Any other necessary and relevant
				  information as determined by the Authority for any product or for a specific
				  application.