Casino Reinvestment Development Authority Strengthens Development Tools with Updated Microloan Program

The New Jersey Casino Reinvestment Development Authority (CRDA) Board of Directors 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 January 1, 2026, 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 shall not 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 ten-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 twelve months to determine future direction.

For more information about the CRDA Microloan Program and application, visit www.njcrda.com or contact the Planning and Development Division at (609) 347-0500.