NJEDA Continues Small Business Grants

The Southern Ocean Chamber reminds regional businesses that the New Jersey Economic Development Authority is accepting applications for grant programs in 2024. The New Jersey Economic Development Authority (NJEDA) grows the state’s economy and increases equitable access to opportunity by supporting high-quality job creation, catalyzing investment, and fostering vibrant, inclusive community development.  NJEDA works in partnership with a diverse range of stakeholders to implement programs and initiatives that improve quality of life, enhance economic vitality, and strengthen New Jersey’s long-term economic competitiveness.

 Programs such as The Small Business Improvement Grant provides reimbursement for costs associated with making building improvements or purchasing new furniture, fixtures and equipment. A total of $15 million of Main Street Recovery Finance Program funding will be utilized to capitalize the Small Business Improvement Grant. Businesses and nonprofits may be reimbursed for capital improvements, or purchase and/or installation of new furniture, fixtures, and equipment. Landlords are not eligible. Applicants are limited to one application per federal Employer Identification Number (EIN). Applicants operating from multiple locations under a single EIN would be limited to one application under the sole EIN but may pool project costs from multiple locations into a single application. Reimbursement of up to 50% of total project costs incurred up to $50,000. Only one award is allowed per EIN for the life of the program.

Another program that may provide access to funds to improve or expand your business is The Small Business Lease Grant supports the growth and success of small businesses and nonprofits by providing grant funding to cover a portion of lease payments. These resources will help the establishment and growth of small businesses, while also helping to fill space that is currently vacant and preventing future vacancies. Two grant awards of 20 percent of the annual lease payments on a minimum 5- year lease term: First disbursement will be made after execution of grant agreement, for an amount equal to 20 percent of annual lease payment. Second disbursement will be made after 12 months of lease payments have been paid by the applicant, for an amount equal to 20 percent of annual lease payment.

For more information on upcoming programs and announcements, reach out to Southern Ocean Chamber at 609 494 7211 or learn more online.