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NJEDA Expands Funding Opportunities for Small Businesses
October 09, 2024The New Jersey Economic Development Authority (NJEDA) has launched a variety of financial programs aimed at supporting the growth of small businesses in the state:
- Small Business Lease Grant: Provides grant funding covering 20% of annual lease payments for the first two years to offset the costs for businesses leasing new or additional space.
- Small Business Improvement Grant: Reimburses New Jersey business owners up to $50,000 for interior/exterior building improvements and the purchase/installation of new furniture, fixtures, or equipment.
- Small Business E-Commerce Support Program: Provides up to $11,400 in free e-commerce and digital marketing consulting services to small businesses in the restaurant, retail, and personal care industries.
- Small Business Fund: Offers up to $500,000 in funding for New Jersey-based small businesses that have generated revenue for at least one year and nonprofits operating for three years or more.
- Direct Loans: Provides up to $2 million in funding for businesses that have been operational for two years, are reporting a profit, and are committed to job creation and retention.
- Premier Lender Program: Partners with banks to provide up to $2 million in loans to ensure New Jersey businesses have the resources to expand and thrive.
- NJ Capital Access Fund: Offers up to $250,000 in working capital loans with flexible spending guidelines and no specific collateral or minimum credit score required.