PROGRAM DETAIL
SMALL BUSINESS LEASE GRANT
PROGRAM SUMMARY
Help for Ground-Floor 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 a 5-year lease within 12 months prior to application date.
Any lease for more than 5 years is considered ‘not market standard’ and is therefore ineligible for this program.
- Pays 40% of a year's leasing cost
- Launched June 2024?
- Requires cooperative landlord
- Est. END Date: Late 2027
The addition of at least 250 sq. feet for leases switching from 3- to 5-years is a curveball, but this space can be attic or basement storage.
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
LEASE GRANT Countdown to GUESSTIMATED End
March 1, 2027
LINKS:
NJEDA Lease Grant
NJEDA Getting Started
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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