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Small Business Lease Grant (New Jersey) | 20% of Annual Lease Payment
Who: Must be a commercial business, nonprofit, or operator of an incubator
Deadline: No deadline, on-going
The Small Business Lease Grant supports the growth and success of small businesses and nonprofits by providing grant funding to cover a portion of lease payments. These resources will help the establishment and growth of small businesses, while also helping to fill space that is currently vacant and preventing future vacancies.
The Grant is being funded through the Main Street Recovery Finance Program (NJ Economic Recovery Act).
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 Lease Grant (New Jersey)
All applicants must meet the following criteria:
Be a commercial business, nonprofit, or operator of an incubator.
Meet SBA definition of a Small Business – determined by employee count and NAICS code.
Provide a current tax clearance certificate prior to approval.
Provide certification from the landlord showing they are current on lease payments.
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 NJEDA or State assistance.
Certify at application the applicant will pay wages that are the greater of $15/hour or 120% of the minimum wage rate for the term of the grant agreement (five years). Tipped employees are only required to be paid 120% of minimum wage rate.
Commit to remaining in the facility for at least five years.
**Applicants with multiple locations are limited to one application per location. Applicants cannot terminate an existing lease and enter into a new lease for the same square footage in order to pursue this grant.
Grantee Obligations
Please visit the grant page for program details, rules, and specifications.
Benefits
The Small Business Lease Grant is for small businesses is New Jersey. The selected businesses will receive two grant awards of 20% of the total annual lease payment.
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