SMALL BUSINESS
NJEDA Provides Nearly $ 5.5M in Grants to 230 Small Businesses
Main Street Recovery Program will launch additional rounds of financing .
Compiled by John Joseph Parker Contributing Editor
In celebration of National Small Business Week last month , the New Jersey Economic Development Authority ( NJEDA ) revealed its plans to open applications for its Micro Business Loan this month , which will make additional funding resources available through the Authority ’ s Main Street Recovery Program . The NJEDA has already issued nearly $ 5.5 million in grants through the Main Street Recovery Program .
Governor Phil Murphy ’ s Fiscal Year 2023 budget proposal includes $ 50 million for the Main Street Recovery Program . The Governor visited East Side Mags , a comic book store in Montclair , to highlight a business that has received this funding .
“ Small businesses like East Side Mags are essential to New Jersey ’ s vibrant and thriving Main Streets ,” said Governor Murphy . “ As we transition from pandemic to endemic , we must continue to support small businesses as they recover from the devastating impact of COVID- 19 . I am proud to support New Jersey ’ s small businesses and look forward to seeing their continued resiliency and contributions to our economy and communities .”
“ During Governor Murphy ’ s tenure , we have made historic progress to spur economic growth and support small businesses dealing with the ongoing effects of the COVID-19 pandemic ,” said NJEDA Chief Executive Officer Tim Sullivan . “ We ’ re 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 .”
The Main Street Recovery Program is budgeted to provide $ 100 million to support the growth and success of small businesses in New Jersey . 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 who leased or expanded their commercial space in the last 12 months , while the Small Business Improvement Grant reimburses grantees for 50 percent of the cost of capital improvements , furniture , fixtures and equipment at their facilities .
Realizing the need for access to flexible capital for the early-stage micro businesses the NJEDA will open applications for its Main Street Micro
Business Loan in early June . The Main Street Micro Business Loan will offer forgivable working capital loans with a two-percent interest rate and no interest and no payments due for the first year . Eligible micro businesses in New Jersey with 10 or fewer fulltime employees and no greater than $ 1.5 million in annual revenues will be able to apply for financing of up to $ 50,000 . The Micro Business Loan will be available to for-profit , non-profit , and homebased businesses with a business location in New Jersey and that have been in operation for at least six months . Funding will be available on a first-come , first-served basis .
Seeking support for improvements , Kosher eatery Crunch Time was reimbursed through the Small Business Improvement Grant funding for improvements made to its facility prior to opening in mid-2020 to transform the eatery known for burgers , sandwiches , soups and more to the Lakewood community .
“ We had a vision to transform an old bakery into a lively and attractive place for families to gather and share a meal ,” said Crunch Time Owner Eliezer Kadoch . “ We are grateful that funding from the NJEDA ’ s Small Business Improvement Grant was available to support our dream .”
Another success of support through NJEDA funding is Dreamweaver Equine Center , a nonprofit in Ringoes that provides equine-assisted activities and social and emotional learning for individuals of all abilities and ages , starting as young as two years old . With support from the NJEDA ’ s Small Business Improvement Grant , the minority- and woman-owned nonprofit has increased accessibility throughout the property .
“ When we opened our doors in 2020 , we knew that people were looking for ways to stay connected while staying safe and having fun ,” said Dreamweaver Equine Center Founder and Director Ali Cho . “ Our family-friendly learning environment has been extremely well-received by the community , and we are so grateful . Improvements made to our facilities with support from the NJEDA will enable our farm to accommodate more individuals seeking opportunities to connect with our horses and farm critters , furthering our mission to promote mental health and wellness in Hunterdon County and all our surrounding communities .”
The New Jersey Economic Development Authority serves as the state ’ s principal agency for driving economic growth . The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities , create good jobs for New Jersey residents and provide pathways to a stronger and fairer economy . Through partnerships with a diverse range of stakeholders , the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the state and strengthen New Jersey ’ s long-term economic competitiveness .
Nonprofit Dreamweaver Equine Center offers equine-assisted activities and social and emotional learning for individuals starting as young as two years old .
Photo : Getty Images / iStockphoto / Nadezhda1906
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