NJEDA Board Approves Main Street Recovery Program Rules
On August 11, the New Jersey Economic Development Authority (NJEDA) Board approved rules for the Main Street Recovery Program. The Main Street Recovery Program is a $100 million small business support program that will fund multiple financial assistance products aimed at supporting the growth and success of small businesses in New Jersey.
The rules approved today create two grant products funded by the Main Street Recovery Program: the Small Business Lease Assistance Grant and the Small Business Improvement Grant.
The Small Business Lease Assistance Grant is a $10 million program that will provide grants to businesses entering new or amended leases with at least five-year terms that include at least 250 square feet of street-level space. This grant funding will offset a portion of annual lease payments for two years.
The Small Business Improvement Grant is a $15 million program that will provide grants up to $50,000 to reimburse businesses for a portion of costs associated with improvements and/or the purchase or installation of furniture, fixtures, and equipment since March 9, 2020.
Applications for these programs are currently under development. CCSNJ will share when the NJEDA announces the application timeline for both programs.
More information is available at https://www.njeda.com/main-street-recovery-fund/.