PROGRAM DETAIL
VERTICAL-SPECIFIC SUPPORT PROGRAMS
PROGRAM SUMMARY
Vertical-Specific Small Business Support
Own a life sciences company? Computer chip maker? Jersey wants to keep you here or lure you here. Benefits include tax incentives, subsidized plant creation, low-interest loan acccess,etc.
NJEDA is also charged with lending up to $500,000 via the SBF. IF your small business is too successful to face commercial loan rejection, you may want to GO BIG: Apply for a high-dollar amount to fund an aggressive expansion or new location. You can also more reasonaby claim to be blocked from traditional commercial borrowing for such a move.
- Loans up to $500K at 1%-2% interest.
- Launched June 2024?
- Est. END Date: Late 2027
If you’re certified as a Veteran-Owned, Woman-Owned, or Minority-Owned business, your chances of loan approval increase, as there is a quota (set-asides) for these groups. NJEDA does not state that LGBTQIA-certified are included in these set-asides.
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
SMALL BUSINESS FUND 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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