The New Jersey Casino Reinvestment Development Authority (CRDA) Board of Directors has approved updates to its Microloan Program, enhancing the program’s ability to support development projects in Atlantic City.
The updated program will make available $2 million in funding for the extended period of Jan. 1 through June 30, 2026, during which the authority will accept applications, or until funds are exhausted.
The Microloan Program will offer loans of up to $500,000 per application but cannot exceed 50% of total project costs. Eligible projects may now have budgets of up to $10 million, reflecting the scale of current development activity and addressing previous limits that constrained applicants.
"This program reinforces CRDA’s commitment to advancing development that benefits Atlantic City," said Eric Scheffler, Executive Director of CRDA. "With the Board’s strong support, we can provide financing tools that help projects move from concept to reality."
The program features five- to 10-year loan terms with competitive interest rates set by the
Authority. Eligible costs include construction, equipment, permits, and other qualifying
development expenses.
"We heard clearly from applicants that the previous $2 million project cap prevented otherwise strong proposals from moving ahead," said Lance Landgraf, Director of the Planning and Development Division. "By raising the limit, we’re ensuring that viable developments are not held back simply because they exceeded a threshold."
Applicants must demonstrate attempts to secure conventional financing, contribute at least 20% equity, and provide personal guarantees. All construction work must comply with prevailing wage requirements. CRDA will evaluate the program’s performance at the end of the 12 months to determine future direction.
For more information about the CRDA Microloan Program and application, go to www.njcrda.com or contact the Planning and Development Division at (609) 347-0500.
About the Casino Reinvestment Development Authority
The only agency of its kind nationwide, the CRDA uses Atlantic City casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents. The authority’s mission has evolved from statewide projects to becoming the state's key economic development agency for Atlantic City. CRDA's responsibilities now include land use regulation, tourism marketing, and clean and safe initiatives. The CRDA also oversees the historic Boardwalk Hall and the Atlantic City Convention Center. CRDA has invested nearly $2 billion in over 400 statewide projects, including $1.8 billion in Atlantic City.
