NJ Announces Upcoming Opportunities for Businesses
State programs assist in access to capital for a variety of projects
The Southern Ocean Chamber shares information from trusted resources to assist local businesses, not for profits and future entrepreneurs who are looking to invest in the Long Beach Island Region and create employment in coastal New Jersey. The state has provided several grant opportunities through the NJ Business Action Center and NJ Economic Development Authority. 2024 will provide new financing, incentives and grant programs including a new $20 million pilot program to support rising real estate developers to gain access to capital. The Emerging Developer Fund will provide grants of up to $200,000 to assist small-scale developers with up to 50 percent of their pre-development soft costs. The program will support small-scale developers that have completed at least two – but no more than five – commercial and/or mixed-use properties of similar scope. The creation of this program will address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios. Soft costs eligible to be covered by the program include, insurance costs, legal fees, utilities, property taxes, construction drawings, and design fees. Costs associated with purchase of property or construction are not eligible. To view all available NJEDA financing and incentives now available, visit them online.
For Businesses and non profits operating within New Jersey over a year, having fewer than 50 employees and annual revenue $10million or less; the NJEDA has developed the NJ Capital Access fund to provide working capital with fixed interest rates and flexible spending guidelines. Loan spending includes payroll, supplies, rent, utilities, marketing and other business expenses. This fund allows eligible businesses to borrow up to $250000, with no origination fees, prepayment penalties or specific collateral required. In addition the Small Business Fund has been established for creditworthy small, minority or women owned businesses or not for profits in the state. Businesses in operation for at least one full year with revenue less than or equal to 3 million; not-for-profits for at least 3 years. Funds up to $500000 may be available for fixed assets or working capital.
The Small Business E Commerce Support program is available for restaurants, retail stores and personal care businesses situated in a commercial location with a storefront that is currently registered to do business in New Jersey. This program provides free e-commerce and digital marketing consulting services to New Jersey small businesses in the restaurant, retail and personal care industries that operate from a commercial location. The NJEDA has partnered with consultants to assist eligible small businesses with e-commerce services such as website development and optimization, E commerce platforms, online ordering platforms, online appointment booking platforms and digital marketing plans.
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