NJEDA will launch an additional financing tool for micro-enterprises next month
Montclair, New Jersey. – On the occasion of National Small Business Week, the New Jersey Economic Development Authority (NJEDA) today announced plans to open applications for its Loan to micro-enterprises next month, which will make additional financial resources available through the Main Street Recovery Program. NJEDA has already awarded nearly $5.5 million in grants through the Main Street Recovery program.
Governor Phil Murphy’s budget proposal for fiscal year 2023 includes $50 million for the Main Street recovery program. The Governor visited East Side Mags, a comic book store in Montclair to highlight a business that has received this funding.
“Small businesses like East Side Mags are essential to New Jersey’s vibrant and thriving Main Streets,” mentioned Governor Murphy. “As we move from pandemic to endemic, we must continue to support small businesses as they recover from the devastating impact of COVID19. I am proud to support small businesses in New Jersey and look forward to seeing their resilience and continued contributions to our economy and our communities.
“During Governor Murphy’s tenure, we have made historic progress in driving economic growth and supporting small businesses in the face of the continuing effects of the COVID-19 pandemic,” mentioned Tim Sullivan, President and CEO of NJEDA. “We are already seeing the impact of the Main Street recovery program, as new businesses open their doors, hire new employees and move their local communities forward. »
The Main Street Recovery Program is budgeted to provide $100 million to support the growth and success of New Jersey small businesses. In just over six months, more than 200 small businesses have been approved for the Small Business Lease Grant and 32 small businesses have been approved for the Small Business Improvement Grant since February. The Small Business Lease Grant provides funding to help businesses that have leased or expanded their commercial space in the past twelve months, while the Small Business Improvement Grant reimburses recipients for 50% of the cost of capital improvements, furniture, fixtures and fittings. fixtures and fittings of their facilities. .
Recognizing the need for access to flexible capital for micro business start-ups, NJEDA will open Main Street micro business loan applications in early June. The Main Street Micro Business Loan will offer repayable working capital loans with a 2% interest rate, with no interest or payment due in the first year. Eligible New Jersey micro-businesses with 10 or fewer full-time employees and no more than $1.5 million in annual revenue will be able to apply for funding of up to $50,000. The micro-business loan will be available to for-profit, non-profit, and home-based businesses with a business location in New Jersey that have been in operation for at least six months. Funding will be available on a first come, first served basis.
Seeking support for improvements, kosher restaurant Times of crisis was repaid through Small Business Improvement Grant funding for upgrades to its facilities before it opened in mid-2020 to transform the restaurant known for its burgers, sandwiches, soups and more into the Lakewood community.
“Our vision was to transform an old bakery into a lively and attractive place for families to come together and share a meal”, mentioned Eliezer Kadoch, owner of Crunch Time. “We are grateful that NJEDA Small Business Enhancement Grant funding has been made available to support our dream.”
Another success story of support through NJEDA funding is Dreamweaver Equine Center, a Ringoes non-profit that provides horse-assisted activities and social and emotional learning for people of all abilities and ages, from the age of two. With support from the NJEDA Small Business Improvement Grant, the minority, women-owned nonprofit has improved accessibility throughout the property.
“When we opened our doors in 2020, we knew people were looking for ways to stay connected while staying safe and having fun,” mentioned Ali Cho, founder and director of the Dreamweaver Equine Center. “Our family learning environment has been extremely well received by the community, and we are very grateful for that. Improvements to our facilities with the support of NJEDA will allow our farm to accommodate more people seeking opportunities to connect with our horses and farm creatures, furthering our mission to promote mental health and wellness in Hunterdon County and all of our surrounding communities.