Small Business Lease Grant Program by NJ Economic Development Authority (NJEDA)

Donor: NJ Economic Development Authority (NJEDA)

About: The Small Business Lease Grant Program aims to boost small businesses and nonprofits in New Jersey by assisting with lease payments for new or expanded leased premises. This initiative, under the Main Street Recovery Finance Program, provides two grants, each covering 20% of the annual lease cost for a minimum 5-year lease term. The program is designed to encourage businesses to occupy vacant spaces and stimulate economic growth. The grants are disbursed in two installments: the first upon signing the agreement and the second after 12 months, subject to compliance. It’s important to note that cannabis-related businesses are ineligible for this grant.

The Small Business Lease Grant Program is more than just financial aid; it’s a strategic move to revitalize New Jersey‘s commercial landscape. By easing the financial burden of leasing, the NJEDA empowers small businesses to thrive and contribute to their communities. Don’t miss this chance to secure your business’s future. Reach out to Grantaura for personalized grant research to find the most relevant opportunities for your business, along with comprehensive document writing services, application submission support, and expert crowdfunding strategies to maximize your success. Let’s turn your business dreams into reality.

Focus: Lease payments assistance, economic growth, space occupancy

Region: New Jersey

Eligibility:
Small businesses, nonprofits, incubator operators; must meet SBA’s definition of small business; possess a valid lease between 250-10,000 sq. ft. (on the first floor, market-rate, and at least 5 years); in good standing with New Jersey departments; meet wage and compliance criteria; not be cannabis-related.
-Be a small business, nonprofit, or incubator operator and meet the SBA’s definition of a small business.
–The lease size must be between 250 and 10,000 square feet.
–The lease must be on the first floor, market-rate, and at least 5 years.
-Be in good standing with the New Jersey departments.
–The small business should meet the wage and compliance criteria.
-The small business should not be cannabis-related.
–Cannabis license and certification holders are prohibited by state law from receiving an economic incentive from the NJEDA.

Benefits: Two payments, each covering 20% of the annual lease payment

Deadline: Ongoing

Terms:
-Main Street Recovery Finance Program: This is a broader economic development initiative by the NJEDA aimed at revitalizing small businesses and communities in New Jersey through various financial assistance programs including the Small Business Lease Grant.
-SBA’s Definition of Small Business: The Small Business Administration (SBA) defines a small business based on industry-specific size standards, which consider factors such as employee count and annual revenue. Meeting the SBA’s definition is a critical eligibility criterion for the Small Business Lease Grant.
-NJEDA: The New Jersey Economic Development Authority (NJEDA) is an independent state agency responsible for driving economic growth in New Jersey through various financial and technical support programs for businesses.
-Grants: Financial awards given to eligible recipients to support specific activities or projects, in this case, to assist with lease payments for small businesses and nonprofits.