New Jersey Angel Match Program
$1,000,000
About the Program
The Angel Match Program was designed to disburse funding from the State Small Business Credit Initiative (SSBCI), a federal program administered by the US Department of the Treasury. Its purpose is to propel the creation of an entrepreneurial ecosystem that stimulates innovation and economic development and provides employment opportunities for New Jersey residents.
This program matches angel investors’ direct investments in early-stage, product-based technology companies in targeted industries on a 1-to-1 basis through unsecured convertible notes ranging from $100,000-$1,000,000.
Investment Structure
- Convertible note with warrant
- $100,000-$1,000,000 matched 1-to-1 with outside investment
- 10-year term, 3% interest, no payment until year 8 and no prepayment penalty
Eligibility
– Early stage within a targeted industry
Please be aware, due to the SSBCI Federal funding source, any businesses that derive revenue from marijuana-related activities or support the end-use of marijuana are not eligible for participation in the Angel Match program.
– Structured as a C-Corp or an LLC with Unit Structure
– Located in a physical commercial office, co-working, or incubator space in New Jersey
– At least 50 percent of full-time employees working in New Jersey
– No more than 100 total employees working for the company
– A minimum of 2 full-time founders/ C-level executives working in New Jersey
– Company must be registered to do business in New Jersey and in good standing as certified by a valid NJ Tax Clearance Certificate
Targeted Industries
Targeted industries are any industry identified from time to time by the NJEDA that shall initially include:
– Advanced Transportation and Logistics
– Advanced Manufacturing
– Aviation
– Autonomous Vehicle and Zero-emissions
– Clean Energy
– Clean Technology
– Life Sciences
– Hemp Processing
– Information and High Technology
– Finance and Insurance
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