More than 230 small businesses have received $5.5 million in Main Street Restoration Grants

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Small business

NJEDA will launch an additional financing tool for micro-enterprises next month

In celebration of National Small Business Week, the New Jersey Economic Development Authority (NJEDA) today announced plans to open micro-business loan applications next month, which will make resources available additional funding through the Authority’s Main Street Revitalization Program. NJEDA has already awarded nearly $5.5 million in grants through the Main Street Recovery program.

Governor Phil Murphy’s budget proposal for fiscal year 2023 includes $50 million for the Main Street recovery program. The governor visited East Side Mags, a comic book store in Montclair, to shine a light on a business that received this funding.

The Main Street Recovery Program is budgeted to provide $100 million to support the growth and success of New Jersey small businesses. In just over six months, more than 200 small businesses have been approved for the Small Business Lease Grant and 32 small businesses have been approved for the Small Business Improvement Grant since February. The Small Business Lease Grant provides funding to help businesses that have leased or expanded their commercial space in the past twelve months, while the Small Business Improvement Grant reimburses recipients for 50% of the cost of capital improvements, furniture, fixtures and fittings. fixtures and fittings of their facilities. .

Recognizing the need for access to flexible capital for micro business start-ups, NJEDA will open Main Street micro business loan applications in early June. The Main Street Micro Business Loan will offer repayable working capital loans with a 2% interest rate, with no interest or payment due in the first year. Eligible New Jersey micro-businesses with 10 or fewer full-time employees and no more than $1.5 million in annual revenue will be able to apply for funding of up to $50,000. The micro-business loan will be available to for-profit, non-profit, and home-based businesses with a business location in New Jersey that have been in operation for at least six months. Funding will be available on a first come, first served basis.

“Small businesses like East Side Mags are essential to New Jersey’s vibrant and thriving Main Streets,” Murphy said. “As we move from pandemic to endemic, we must continue to support small businesses as they recover from the devastating impact of COVID19. I am proud to support small businesses in New Jersey and look forward to seeing their resilience and continued contributions to our economy and our communities.

“During Governor Murphy’s tenure, we have made historic progress in stimulating economic growth and supporting small businesses in the face of the continuing effects of the COVID-19 pandemic,” said NJEDA Executive Director Tim Sullivan. “We are already seeing the impact of the Main Street recovery program, as new businesses open their doors, hire new employees and move their local communities forward. »

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