NJ Economic Development Authority, TD Bank Launch Loan Program
The New Jersey Economic Development Authority (EDA) has launched a loan program with TD Bank. Under the pilot program, TD will provide up to $20 million worth of loans and lines of credit to New Jersey-based companies. The EDA will offer subordinate guarantees on those loans, with a total exposure of up to $10 million.
The EDA also moved to help technology firms raise more capital by amending the rules of its Edison Innovation Venture Capital Growth Fund. “In its current form, only investments from venture capital funds are considered eligible to meet the one-to-one matching fund requirement,” said EDA CEO Michele A. Brown. Strategic investors have become more active in those spaces in recent months, Brown added.
For details, read this article from NJBIZ