New Jersey Economic Development Authority invests in early stage companies and promotes local commerce. They have funds for early and expansion-stage companies, that match the private investment they get from angels and VCs. Some of the funds:

        The Edison Innovation Angel Growth Fund (www.njeda.com/AngelGrowthFund) provides up to $250,000 in subordinated convertible debt financing for technology companies with minimum trailing 12 month commercial revenues of $500,000 that have received 2:1 match funding from an angel investor or angel group within 90 days prior to application.

       The Edison Innovation VC Growth Fund (www.njeda.com/VCGrowthFund) provides up to $500,000 in subordinated convertible debt financing for technology companies with minimum trailing 12 month commercial revenues of $500,000 that have received 1:1 match funding from a venture capital firm within 90 days prior to application.

       The Edison Innovation Growth Stars Fund (www.njeda.com/GrowthStarsFund) provides follow-on funding up to $500,000 in subordinated convertible debt financing for the best performing Edison portfolio companies with minimum trailing 12 month commercial revenues of $2 million that have received 1:1 match funding from an angel investor/group or venture capital firm within 90 days prior to application.
To see more funds at NJEDA, click here.