Program will provide up to $500,000 in Funding, Covering 50% of Project costs
The New Jersey Casino Reinvestment Development Authority (CRDA) today announced the launch of its new Microloan Program, designed to provide critical funding support for small-scale economic development projects throughout Atlantic City. The program will make available $2 million in initial funding for the period of July 1, 2025, through December 31, 2025.
The CRDA Microloan Program will offer loans up to $500,000 per application, covering up to 50% of total project costs. The initiative is specifically designed to support small businesses and economic development projects that may face challenges securing conventional financing.
“This microloan program represents CRDA’s continued commitment to fostering economic growth in Atlantic City,” said Eric Scheffler, Executive Director of CRDA. “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-ten-year loan terms with competitive interest rates set by the Authority. The CRDA will begin accepting applications on July 1, 2025, and will continue to accept applications until program funds are exhausted. 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,” said Lance Landgraf, Director of the Planning and Development Division. “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% 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.
