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Small Business Improvement Grant (New Jersey) | up to $50,000
Who: Must be a small business or nonprofit, must rent or own facility being improved
Deadline: No deadline, on-going
The Small Business Improvement Grant provides reimbursement for costs associated with making building improvements or purchasing new furniture, fixtures and equipment. A total of $60 million of Main Street Recovery Finance Program funding will be utilized to capitalize the Small Business Improvement Grant. 40 percent 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.
The NJEDA has received a significant number of applications for the Small Business Improvement Grant. Please note this program is receiving a high volume of applications. Expected time for processing is 8 months from application date.
Please be advised, New Jersey State law prohibits most cannabis license and certification holders from receiving or continuing to receive an economic incentive from the NJEDA, including the Small Business Improvement Grant. If the applicant, or any person who controls the applicant or owns or controls more than one percent of the stock of the applicant, has applied for or received a license or a certification from the New Jersey Cannabis Regulatory Commission (NJ-CRC), the applicant is ineligible for this program and should not proceed with an application. If an application is received from an applicant that meets this criteria, the application will be declined.
Evaluation Criteria | Small Business Improvement Grant (New Jersey)
All applicants must meet the following criteria:
Rent or own and operate from facility.
Meet SBA definition of a Small Business – determined by employee count and NAICS code.
Project cost must be at least $5,000.
Project must have commenced on or after March 9, 2020 and within the 2 years prior to your application date.
Payment must have been made within the 2 years prior to your application date.
Provide a current tax clearance certificate prior to approval.
Be in good standing with Department of Labor and Department of Environmental Protection.
Certify at time of application that they are not in default of any other EDA or State assistance.
Certify at application the applicant is willing to pay wages that are the greater of $15/hour or 120% of the minimum wage rate.
Businesses and nonprofits may be reimbursed for capital improvements, or purchase and/or installation of new furniture, fixtures, and equipment. Landlords are not eligible.
Applicants are limited to one application per federal Employer Identification Number (EIN). Applicants operating from multiple locations under a single EIN would be limited to one application under the sole EIN, but may pool project costs from multiple locations into a single application.
Grantee Obligations
Please visit the grant page for program details, rules, and specifications.
Benefits
This Small Business Improvement Grant is for small businesses is New Jersey. The selected businesses may be reimbursed 50% of eligible total project costs up to $50,000 for capital improvements, or purchase and/or installation of new furniture, fixtures, and equipment.
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