| Photo by Krisztina Papp on Unsplash
TRENTON, NJ — The New Jersey Economic Development Authority (NJEDA) has invested significantly in small businesses through its Main Street Recovery Program. In 2024 alone, the NJEDA issued more than $32 million in grants and loans to over 1,200 small businesses. Since the program’s launch in 2021, the NJEDA has awarded approximately $167 million to more than 5,000 small businesses across the state.
Created under Governor Phil Murphy’s Economic Recovery Act (ERA), the Main Street Recovery Program provides a suite of products designed to support New Jersey small businesses. These include grants for lease payments, building improvements, e-commerce support, and micro-business loans. The program aims to help small businesses grow, expand, and thrive, especially after the pandemic.
NJEDA’s Main Street Recovery Program includes several initiatives designed to support small businesses in New Jersey, such as:
- Small Business Lease Grant: This grant provides funding to cover a portion of lease payments for businesses and non-profits leasing new or additional space.
- Small Business Improvement Grant: This grant reimburses the costs of building improvements or purchasing new furniture, fixtures, and equipment.
- Main Street Lenders Grant: This grant program provides grants to eligible microbusiness lenders to create new loan products or supplement existing ones. Lenders can also qualify for additional funding to provide technical assistance to micro businesses.
- Main Street Acquisition Support Grant: Offers a grant of up to $50,000 to reimburse eligible small businesses for closing costs related to purchasing a commercial property in New Jersey.
- Small Business E-Commerce Support Program: This program provides free e-commerce and digital marketing consulting services to small restaurant, retail, and personal care businesses.
- Main Street Micro Business Loan: Provides financing of up to $50,000 to eligible micro-businesses with 10 or fewer full-time employees and annual revenues of no more than $1.5 million.
The Main Street Recovery Program was initially designed to help small businesses stay open during the pandemic and support their growth and success in its aftermath. Years after the pandemic’s height, the program supports mom-and-pop shops along New Jersey’s main streets.
“When the pandemic struck, the NJEDA, through the Economic Recovery Act, worked tirelessly to develop programs that infused millions of dollars into New Jersey’s local economies,” said NJEDA Chief Executive Officer Tim Sullivan. “Today, the Main Street Recovery Program continues to assist thousands of small businesses by helping them grow, expand, and thrive.”
