The New Jersey Economic Development Authority (NJEDA) is launching an exciting new initiative to support small businesses in our state. The Main Street Acquisition Support Grant program aims to assist eligible NJ small businesses that have recently purchased commercial properties for their operations.
Key Details:
- Grant amount: Up to $50,000
- Purpose: Reimbursement of closing costs
- Eligibility: NJ small businesses that have purchased a commercial property
Important Points:
- Closing must occur after the application is made available to the public
- Applications must be submitted within one year of closing
- Property must be purchased through a conventional lender (SBA lender, CDFI, MDI, bank, credit union, or government-administered loan)
- Businesses must apply after the real estate closing is complete
- The grant provides liquidity during the early stages of property ownership
Compliance Requirements:
- The property must remain occupied by the grantee for a minimum of five years
- If sold, fully leased, or the applicant no longer occupies the minimum square footage before the five-year period ends, a pro-rated portion of the grant must be repaid
- Grant repayment is prorated based on years of compliance, with 20% reductions for each full year of compliance
Benefits for Small Businesses:
- Financial support during a potentially stressful time
- Assistance with closing costs, freeing up capital for renovations or improvements
- Encouragement for small businesses to invest in commercial properties
Learn More:
Are you interested in learning more about the Main Street Acquisition Support Grant? Join the NJEDA’s upcoming webinar for detailed information and the opportunity to ask questions.
September 30 at 2 PM EST | Register to Attend
Applications for the Main Street Acquisition Support Grant are expected to open on Tuesday, October 1 at 10 AM.
