| Photo by David Straight on Unsplash
TRENTON, NJ – A new grant program to provide funding to small businesses that have obtained an inactive plenary retail consumption liquor license under recently enacted liquor license legislation is being developed by the New Jersey Economic Development Authority (NJEDA)
The $10 million program, awaiting approval by the NJEDA, will join the suite of programs currently offered under the Main Street Recovery program established under the Economic Recovery Act of 2020.
“Earlier this year I was proud to sign into law legislation that will overhaul New Jersey’s antiquated liquor license laws that have been a burden to small businesses across the state for far too long,” said Governor Phil Murphy. “Now, we are continuing to take steps to remove these barriers for our small businesses, so that we may provide them financial peace of mind and the opportunity to flourish.”
The law will increase the number of available liquor licenses statewide by revitalizing 1,379 inactive licenses within the system. The NJEDA Liquor License Acquisition program is being drafted in consultation with the Division of Alcoholic Beverage Control (ABC). It will coincide with relevant provisions in the law as they take effect.
Under the proposed program, the NJEDA will award grants of up to $100,000 but no more than 50 percent of the license’s purchase price. Eligible applicants must possess a recently purchased inactive plenary retail consumption license at the time of application, must have been open and operating for 12 months prior to application, and must meet the SBA definition of a small business. Applications will be accepted on a rolling basis for three years or until the funds are exhausted.
NJEDA said it will present the new grant product to its Board in the fall of 2024 and expects to receive applications in early 2025. ABC released regulatory guidance to provide more information on inter-municipal license transfers and new shopping mall licenses.
NJEDA Chief Executive Officer Tim Sullivan said his office is focused on ensuring small businesses have every tool necessary to succeed and providing opportunities for the owners to grow and thrive. “Giving restaurants the opportunity to transform their business by aiding in the purchase of a liquor license will have a major impact on their long-term economic success,” Murphy said. It “will relieve unnecessary financial burdens, and further increase the vitality of our downtowns and main streets.”
–With Ricky Rillera/PDM
