A number of loan products are available to all minority owned businesses, with a focus on Black and Latino-owned businesses.  These loan products are designed to provide financial relief, support and long-term investment for your business.  The ESBI loans offer favorable terms and rates to small business owners.

Does your business need funding for:

Still recovering from the pandemic?  Apply for the Relief loan.

Expansion due to growth and success of your small business? Apply for an Expansion loan.

Acquisition of real estate or develop vacant properties? Apply for a real estate purchase  or Developer loan.

Need to purchase trucks or equipment for your business? Apply for an Equipment loan

Need funding for operational expenses? Apply for a Working Capital loan.

The Relief Loan is intended to help minority business owners who were severely impacted by the COVID-19 pandemic.  Details about the loan are as follows:

*Relief Loan amounts range from $10,000 to $75,000

*Loan term interest rates – first 6 months are at 0%, then 3% interest rate thereafter

*Loan term – up to 36 months (3 years)

*Business can have up to 75 full-time employees 

*Minimum credit score to apply:  600

*Must be in business at least 24 months (2 years)

*Must have filed business taxes for past 2 years

*Must be registered to do business with the State of New Jersey

Business growth and success can be both exciting and stressful.  Reaching this next phase can be achieved with a Business Expansion Loan to help your company grow.  

The loan details for the Business Expansion Loan, Equipment Loan, Real Estate Purchase or Developer Loan and Working Capital details are:

*Loans up to $250,000

*Loan terms up to 60 months (5 years)

*Interest rates vary, subject to underwriting requirements

*Minimum credit score to apply:  600

*Must be in business at least 24 months (2 years)

*Must have filed business taxes for past 2 years

*Must be registered to do business with the State of New Jersey

Loan Eligibility includes ALL criteria outlined below:

*Business must have an EIN (Employer Identification Number issued by the IRS) and registered with the State of New Jersey (Business Registration document)

*Minority owned small businesses – not required to be certified as an MBE, SBE, WBE, SDVOB, etc.

*Bankruptcy must be closed – no active bankruptcy 

*Must be current on ALL tax filings – current IRS payment plans acceptable if payments are up to date.

*Revenue must be documented.

*Must have a current insurance policy in effect.

Loan documentation:  The documents listed below are required to complete the application process.  The ESBI team can assist you with any documentation that you do not have.

*3 months of business bank statements

*Minimum of two years of tax returns, both *personal and business

*Profit & Loss Statement

*Balance Sheet

*12 months of financial projections 

*SBA 413 form - Personal Financial Statement

*Current Debt Schedule (form will be provided)

*Business Plan (current)

*Explanation of Loan Funds – paragraph detailing the amount of funds being requested and what the loan proceeds will be used for

*Office lease or deed (deed not required for home-based business)

*NJ Business Registration document

*Valid picture ID (license, passport, etc.)

As mentioned in previous tabs, the ESBI team will support loan applicants during the loan process.  If certain required documentation is not available, the ESBI team can lend support, by providing guidance and or referrals to organizations or professionals who can help the business owner prepare the required documentation.  

As an example, if a business owner does not have 12 months of financial projections and is challenged to be able to provide that information, the ESBI team will guide, support, and/or refer the business owner to an organization or professional who can assist in creating the projections to meet the loan requirements. 

The ESBI team can provide guidance, support, and/or refer to a professional  who can assist in creating a business plan or marketing plan, as required by the lender.  The goal of the ESBI team is to help applicants get to the underwriting process with a well-prepared loan package and best presentation possible with pre-loan business support services.