The New Jersey Economic Development Authority (“NJEDA”) released the Small Business Improvement Grant (the “Grant”) on February 10, 2022, at 10:00 a.m. The Grant will allow small businesses and nonprofits to obtain up to 50% reimbursement for building improvements or purchases/installation of new furniture, fixtures, and equipment (“Projects”). Only one award will be granted per Employer Identification Number in an amount not to exceed $50,000.
To qualify, the Project must adhere to several requirements including, but not limited to: totaling at least $5,000; have been incurred on or after March 9, 2020; and have been completed two (2) years prior to the date of application. The applicant too must meet specific requirements, such as: be in good standing with the Department of Labor and the Department of Environmental Protection; must rent/own and operate from the facility wherein the Project was completed; remain in the location for a specified amount of time after issuance of any award; and must meet the definition of a Small Business. For more information on eligibility requirements, to learn more about how you and your business can potentially benefit from this grant, and to apply for this grant, visit the NJEDA’s website at: https://www.njeda.com/small-business-improvement-grant/.
Contact us today if you require any assistance or have additional questions.