PROGRAM DETAIL
SMALL BUSINESS LEASE GRANT
PROGRAM SUMMARY
Help for Leasees
The goal of this program is to encourage the adoption of 5-year leases (most common is a 3-year lease), and to reward leasees who’ve already signed for a 5-year lease within the past 12 months prior to application date.
- Pays 40% of a year's leasing cost
- Launched June 2024?
- Requires cooperative landlord
- Est. END Date: Late 2027
Program Benefits
Pays 40% of a year’s leasing cost. 50% is paid after grant approval, with the remaining 50% paid at the end of a year’s lease term.
Eligibility
Ground floor leased commercial spaces only.
Must have a 3-year lease changing to a 5-year, OR a 5-year lease executed within 12 months prior to grant application.
Timing
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Process
Exclusions
Any lease term more than five years is considered non-standard and thus INELIIGIBLE (i.e. no 10-year-and-up leases).
Tips & Insight
RISK MANAGEMENT
Suggested Submission Process
1
Confirm your eligibility.
Confirm you meet ALL eligbility requirements. Look at it the way NJEDA will in its first round: Look for disqualifyng factors; red-pen strikeouts are first.
2
Discuss Lease Grant with your landlord.
If your landlord doesn’t want to change anything and won’t work with you on this, move on and look for a different program. An uncooperative landlord is the no. 1 reason more Lease Grant applications are not submitted.
3
Triage the process.
Complete as many application requirements as you can before signing the new lease, which must be signed within 12 months prior to application date. You don’t want to sign a new lease and then find you’re ineligible for the grant. The goal is to minimize that risk.
Countdown to ESTIMATED End
March 1, 2027
FAQs
Frequently-asked questions about this program
No, it must be adjoining the main lease space. Attic and basement spaces ARE eligible.
Any lease term more than 5 years is considered ‘non-standard’ and is thus INELIGIBLE for this program and will be rejected. Any 5-year lease must have been executed within past 12 months prior toapplication
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