NJEDA - Small Business Lease Grant Program - Applications NOW OPEN!
Hello Union County Business Community,
We are sharing information about the NJEDA - Small Business Lease Grant Program. The goal of this grant and program is to help revitalize downtowns and main streets in New Jersey by offsetting a portion of the cost associated with businesses and nonprofits leasing street-level space. This grant is specifically to support small businesses that have signed leases within the last 12 months and covers 20% of their total annual lease payments for (2)-two years.
Please see additional details as well as the application link provided below.
Eligible Leases
• 250 – 10,000 s.f. of office, commercial or retail space. A lease of more than 10,000 s.f. is eligible, but the program will only provide grant funding to support 10,000 s.f.
• Must be a new lease, lease amendment, or lease extension. New or amended leases must be for space at least 250 s.f. larger than prior space.
• Must include first-floor (street-level) space. Leases that include two floors are eligible, but must include first-floor space.
• Must be a minimum 5-year term.
• Leases must be executed within 12 months of application.
• Lease must be market-rate based on comparable commercial real estate
Fees
Approval Fee: $100
Payable after EDA approval and prior to execution of the grant agreement
Additional Requirements
The full statutory text of the program can be found in sections 82-88 of the Economic Recovery Act of 2020. A Division of Taxation Tax Clearance Certificate is required. Certificates may be requested through the State of New Jersey’s Premier Business Services (PBS) portal online. Under the Tax & Revenue Center, select Tax Services, then select Business Incentive Tax Clearance. If the applicant’s account is in compliance with its tax obligations and no liabilities exist, the Business Incentive Tax Clearance can be
printed directly through PBS.
Exclusions
• Businesses currently operating under an existing Small Business Lease Assistance Program grant agreement are not eligible to apply, but may opt out of their existing grant agreement to pursue this grant.
• Grantees that default on lease payments or leave the space during their grant term are no longer eligible for the incentive and must repay any funding they received from the NJEDA.
• High Tech and Business Incubator members in Not-for-Profit facilities would not be eligible for independent lease incentives.
• Landlord cannot have an ownership interest in the applicant.
For more information or to ask a specific question please send an email to