NJEDA ANNOUNCES SMALL BUSINESS IMPROVEMENT GRANT
TRENTON -- Mercer County Executive Brian M. Hughes wants local businesses and nonprofits to be aware that the New Jersey Economic Development Authority expects to begin accepting applications for its Small Business Improvement Grant program on Thursday, Feb. 10, at 10 a.m. The new incentive 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, with 40 percent or $6 million reserved for businesses and nonprofits located in Opportunity Zone eligible census tracts.
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Businesses and nonprofits may be reimbursed for capital improvements, or purchase and/or installation of new furniture, fixtures and equipment. Please note that landlords are not eligible.
Applicants are limited to one application per federal Employer Identification Number (EIN) and applicants operating from multiple locations under a single EIN are limited to one application under the sole EIN but may pool project costs from multiple locations into a single application.
The following are details for applicants:
• 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 and incurred on or after March 9, 2020 and completed 2 years prior to application.
• 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 an hour or 120 percent of the minimum wage rate. Tipped employees are required to be paid only 120 percent of minimum wage rate.
• Remain in the location for at least two years for grants up to $25,000, or at least four years for all other grant award amounts.
Applications will be accepted on a rolling basis until funding is exhausted and the program will reimburse up to 50 percent of total project costs incurred up to a maximum of $50,000.
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