On October 20, 2021, the Economic Development Authority (NJEDA) will open applications for the new Small Business Improvement Grant Lease Program.  This is the first of several programs that the NJEDA will be rolling out, as part of the Main Street Recovery Program.  $15 million dollars has been allocated to the Business Lease Program, with $6 Million or 40% of the total allocated to businesses that are located in Opportunity Zone eligible census tracts.  The grants are available for 50% of the total project cost, for the acquisition of building improvements, purchase of new furniture, fixtures and equipment.

Applicants must:

  • Rent or own and operate from a facility. Home based businesses are not eligible.
  • Meet the head count definitions of a Small Business.
  • Certify that that are not in default of any EDA or State Assistance, at the time of their application.
  • Certify that they are willing to pay at a minimum, $15 per hour or 120% of the minimum wage
  • Remain in the location for at least 2 years, for grants up to $25,000 and up to 4 years for all grant awards greater than $25,000

Project requirements:

  • The cost of the project must be at least $5,000.
  • The work must be completed on or after March 9, 2020, but no more than 2 years prior to the application date.
  • Projects with total costs exceeding $50,000 must be compliant with Green Building Standards

Businesses must be fully compliant with its tax obligations and a Tax Clearance Certificate, from the NJ Division of Taxation must be provided with the application.

For more information, please visit https://1e7pr71cey5c3ol2neoaoz31-wpengine.netdna-ssl.com/wp-content/uploads/2021/08/Small-Business-Improvement-Grant-1.pdf

Contact us for more information, and read more helpful articles here.