- Submitted by: United States of America
- Topic: Green economy in the context of sustainable development and poverty eradication
- Location: New Jersey, United States of America
- Date of completion: 2011
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- This voluntary initiative came from Green economy policies, practices and initiatives
The Edison Innovation Green Growth Fund (State of New Jersey)
Description/achievement of initiativeThe state Economic Development Authority loan and grant program offers growth capital loans to assist New Jersey clean technology companies in developing efficient and renewable energy products.
Source: New Jersey Economic Development Authority
The state Economic Development Authority loan and grant program offers growth capital loans to assist New Jersey clean technology companies in developing efficient and renewable energy products.
The program is funded by the state Board of Public Utilities and offers assistance of up to $1 million to so-called New Jersey Class I renewable or energy efficiency clean technology companies that have begun generating commercial revenues and are seeking matching funding to support the growth of their clean technology businesses.
With the positive performance of a company, up to 50 percent of the funding may be converted to a performance grant. Interest rates will be fixed for a five-year term, based on the risk profile and location of the company.
The program was launched in response to market demand for a companion program to the state?s Clean Energy Manufacturing Fund (CEMF), for companies looking for growth capital funding.