The New Jersey Casino Reinvestment Development Authority (CRDA) Board of Directors has approved updates to its Microloan Program, aiming to increase support for development projects in Atlantic City.
Under the revised program, $2 million in funding will be available from January 1 through June 30, 2026. Applications will be accepted during this period or until the funds are depleted.
Loans of up to $500,000 per application are offered but cannot exceed 50% of the total project costs. The maximum budget for eligible projects is now $10 million, an increase intended to better match the current scale of development and address previous limitations that restricted 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 updated Microloan Program offers loan terms ranging from five to ten years with interest rates set by the authority. Eligible expenses include construction, equipment, permits, and other qualifying costs.
“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 show efforts to obtain conventional financing, contribute at least 20% equity, and provide personal guarantees. All construction work must meet prevailing wage requirements. The CRDA plans to review the program’s performance after twelve months before deciding on future steps.
More information about the CRDA Microloan Program and applications is available at www.njcrda.com or by contacting the Planning and Development Division at (609) 347-0500.
The CRDA is described as a unique agency nationwide that uses casino reinvestments in Atlantic City as a catalyst for improvement in New Jersey residents’ lives. Its mission has shifted over time from supporting statewide projects to focusing on economic development within Atlantic City. Responsibilities now include land use regulation, tourism marketing, public safety initiatives, and oversight of facilities like Boardwalk Hall and the Atlantic City Convention Center. Since its founding, CRDA has invested nearly $2 billion in more than 400 projects across New Jersey—$1.8 billion of which was directed toward Atlantic City.
