NJEDA Small Business Lease Grant Program Applications Open on October 20th
On September 15, the New Jersey Economic Development Authority (NJEDA) announced that it plans to open applications for its Small Business Lease Grant Program on Wednesday, October 20, 2021. Eligible businesses and nonprofits that are entering new or amended market rate leases can apply for a pair of grants totaling up to 20 percent of annual lease payments. The first grant will be paid to entities immediately after they are approved for the program and execute the grant agreement, and the second grant will be paid one year after lease payments have been paid.
In order to qualify for the Small Business Lease Grant Program, businesses and nonprofits must enter a new lease, lease amendment, or lease extension that includes at least 250 square feet of street-level office, commercial, or retail space. The lease must have been executed within 12 months prior to the application and applicants must also commit to remaining in the leased space for at least five years.
Businesses and nonprofits that receive grants through these programs will also be required to agree to pay employees going forward for the five-year grant term at least $15 per hour or 120 percent of the minimum wage. Tipped employees are exempt from the $15 per hour requirement but must still be paid at least 120 percent of the minimum wage. Complete eligibility criteria, program details and additional information about the program at https://www.njeda.com/small-business-lease-grant-program/.
Please reach out to Hilary Chebra, Manager, Government Affairs at email@example.com if you have any questions.