Public Hearing: CRDA Micro-Loan Program – April 29

ATLANTIC CITY, NJ (April 17, 2025) – The Casino Reinvestment Development Authority (“CRDA”) will hold a public hearing pursuant to N.J.S.A. 5:12-173 at the following time and place to discuss the project described below:

Date: Tuesday, April 29, 2025
Time: 10:30AM
Location: Casino Reinvestment Development Authority
15 S. Pennsylvania Avenue
Atlantic City, NJ 08401

DESCRIPTION OF PROJECT:
Pursuant to Resolution 25-35 adopted March 17, 2025, the Casino Reinvestment Development Authority granted a Preliminary Determination of Project Eligibility (PDPE) for the CRDA Micro-Loan Program. The CRDA aims to create an umbrella program/project under which the Authority may approve individual funding applications for economic development projects in Atlantic City. The program aims to extend loans for small projects in Atlantic City that meet the requirements set forth by the Authority Funding will be capped at $350,000-$500,000 per application not to exceed 50% of the project total. If the program approved, the application process will open on July 1, 2025, for the 2025 calendar year and January 1, 2026 for the 2026 calendar year and remain open until available program funds have been exhausted. The loan term will be between five-to-ten-years with an interest rate set by the Authority.

CASINO REINVESTMENT DEVELOPMENT AUTHORITY
15 S. PENNSYLVANIA AVENUE
ATLANTIC CITY, NJ 08401
Eric Scheffler, Executive Director