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The New Jersey Economic Development Authority has a long history of supporting growth in New Jersey for businesses of all sizes, but support of small to mid-sized businesses has always been one of EDA's top priorities. The Edison Innovation Fund seeks to develop, sustain, and grow technology and life sciences businesses that will lead to well-paying job opportunities for New Jersey residents. Among several Edison Innovation Fund initiatives, the Edison Innovation Angel Growth Fund supports Angel backed technology companies with minimum trailing 12 month commercial revenues of $500,000 may be eligible for up to $250,000 in subordinated convertible debt financing. Growth capital through the Edison Innovation Angel Growth Fund can be used for key hires, product rollout, product enhancement, and marketing/sales. There is a 2:1 angel match funding requirement that must be received within 90 days prior to application. The Edison Innovation VC Growth Fund backs technology companies with minimum trailing 12 month commercial revenues of $500,000 may be eligible for up to $1 million in subordinated convertible debt financing. Growth capital through the Edison Innovation VC Growth Fund can be used for key hires, product rollout, product enhancement, and marketing/sales. There is a 1:1 VC match funding requirement that must be received within 90 days prior to application. The Micro Business Loan Program makes financing of up to $50,000 available to for-profit businesses legally registered to do business in New Jersey, with a business location in New Jersey, home-based businesses and non-profits in existence and operating for at least two years, who have annual revenues in the most current fiscal year of no greater than $1,500,000, and 10 full-time employees or less at time of application.
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