NJEDA to Open Small Business Improvement Grant Application on February 10
The New Jersey Economic Development Authority (NJEDA) will open applications for its Small Business Improvement Grant on Thursday, February 10 at 10:00 a.m. The Small Business Improvement Grant provides reimbursement for costs associated with making building improvements or purchasing new furniture, fixtures and equipment. A total of $15 million of Main Street Recovery Finance Program funding will be utilized to capitalize the Small Business Improvement Grant.
Of the total $15 million, 40 percent ($6 million) will be reserved for businesses and nonprofits located in Opportunity Zone eligible census tracts. Applications will be accepted on a rolling basis until funding is exhausted.
To be eligible, work must be completed on or after March 9, 2020, but no more than two years prior to application date. Applicants must provide documentation proving payment was made for completed work (e.g. invoices, statements, payments, and/or cancelled checks.)
Applicants must also commit to remaining in the facility and meeting wage requirements for up to four years following the execution of the grant agreement and depending upon award amount. Awards greater than $25,000 will have a compliance period of four years and grant awards less than $25,000 will have a compliance period of two years.
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