The funding was facilitated through the New Jersey Economic Development Authority's Preferred Lenders Program. The latter was established on a pilot basis to "speed up our loan approvals," according to executive director Caren S. Franzini. "Our goal is to enable borrowers to get faster decisions on their loan applications by streamlining the review process with our preferred lenders.
Through its Statewide Loan Pool for Business program, the NJ EDA is providing an 18% share of a loan from Commerce Bank NA of Flemington, NJ. The EDA portion of the 20-year loan is being made at an initial interest rate of 3.75%.
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