CRDA Microloan Program Fuels Atlantic City’s Economic Growth with $2 Million Boost

The Casino Reinvestment Development Authority (CRDA) officially launched a $2 million Microloan Program on June 30, 2025, marking a significant milestone in Atlantic City’s economic development efforts. This initiative was designed to support small-scale projects that often struggle to obtain conventional financing, opening new doors for local businesses and developers.

With loans of up to $500,000 per application, the program aimed to cover up to 50% of eligible project costs, such as construction, equipment purchases, and permits. The program offered flexible five-to-ten-year terms and competitive interest rates, helping ensure sustainability and accessibility for small business owners.

The microloan initiative aligned with CRDA’s broader mission of economic revitalization, particularly in areas that needed targeted support. According to CRDA Executive Director Eric Scheffler, the program showcased the Authority’s “continued commitment to fostering economic growth in Atlantic City.” He emphasized that creating easier funding pathways was essential for enabling local businesses to thrive.

Lance Landgraf, CRDA’s Director of Planning and Development, highlighted that the loan process was structured to serve those most in need. Applicants were required to demonstrate efforts to secure traditional financing, invest at least 20% equity, and provide personal guarantees. This ensured that the funding went to viable, well-considered ventures poised to benefit the community.

The microloan program was set to begin accepting applications on July 1, 2025, and was scheduled to run through December 31, 2025, or until funds were fully allocated. Importantly, all construction financed through the program was mandated to comply with prevailing wage requirements, reinforcing the CRDA’s commitment to ethical development standards.

CRDA also committed to evaluating the program’s performance after six months. Depending on outcomes, the Authority would consider extending or expanding the initiative to further fuel Atlantic City’s development momentum.

This program was part of a broader shift in CRDA’s strategy. Once focused on statewide projects, CRDA has since evolved into a key economic engine for Atlantic City, responsible not only for financing but also for land use regulation, tourism marketing, and community development. The Authority’s ongoing efforts have already spurred nearly $2 billion in investments across over 400 projects, with $1.8 billion invested directly in Atlantic City.

The launch of the Microloan Program reaffirmed CRDA’s dedication to empowering local businesses and fostering a more resilient, inclusive economy. By focusing on access, equity, and smart investment, the Authority continued to play a vital role in shaping the future of Atlantic City.

For more details and application procedures, interested parties were encouraged to visit www.njcrda.com or contact CRDA’s Planning and Development Division at (609) 347-0500.

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Photo Credit: Casino Reinvestment Development Authority