| Photo by Bank of England via Flickr/Commons CC-BY-ND 2.0
TRENTON, NJ — Applications for the New Jersey Economic Development Authority (NJEDA) Small Business Lease Grant open Wednesday, October 20th, at 9:00 a.m.
The Small Business Lease Grant provides up to 20 percent of annual lease payments to small businesses and nonprofits entering new or amended market-rate leases for at least 250 square feet of street-level space. Applications will be accepted on a rolling basis until all funds are awarded.
The application is for the Small Business Lease Grant only, a separate program from the Small Business Improvement Grant. Applications for the Small Business Improvement Grant will launch at a later date. NJEDA will inform the public on its website and through social media accounts before the application launch.
More information and the application are available at https://www.njeda.com/small-business-lease-grant/.
The Small Business Lease Grant is a $10 million program designed to revitalize downtowns and main streets by offsetting a portion of the cost associated with businesses and nonprofits leasing street-level space.
Through the program, eligible businesses and nonprofits entering new or amended market rate leases can receive two grants totaling up to 20 percent of annual lease payments. The first grant will be paid to entities immediately after they are approved for the program and execute the grant agreement, and the program will pay the second grant after the first year of the lease.
To qualify, businesses and nonprofits must enter a new lease, lease amendment, or lease extension that includes at least 250 square feet of street-level office, commercial, or retail space. The applicant must also commit to remaining in the leased space for at least five years. Complete eligibility criteria are available at https://www.njeda.com/small-business-lease-grant/.
In line with Governor Phil Murphy’s commitment to a more robust, fairer recovery from the COVID-19 pandemic, 40 percent of the $10 million allocated to the Small Business Lease Grant will be targeted to businesses and nonprofits in census tracts that were eligible to be designated as Opportunity Zones. This targeting will help to ensure resources are available to minority- and women-owned entities and communities that have faced disproportionate burdens due to COVID-19.
The Small Business Lease Grant is the first of several programs the NJEDA will launch under the Main Street Recovery Program in the coming months. The program, created under the New Jersey Economic Recovery Act of 2020, is a $100 million small business support program. It will fund multiple financial assistance products aimed at supporting the growth and success of small businesses in New Jersey.
More information about the Main Street Recovery Program is available at https://www.njeda.com/main-street-recovery-fund/.