NJ EDA Grant – Overview
NJ EDA Grant – stimulate commercial & industrial growth. EDA grants program plays a key role in supporting the small businesses of New Jersey.
But, applying for these grants is not an easy task. Before becoming eligible for the grant, you need to put a lot of work and effort into your business.
Also, many companies would be applying for the same grant; thus, the competition is high. Government, NGOs, and other private organizations receive hundreds of applications every day.
If you are looking for an EDA grant, you are right. Here are the EDA grants that you may be looking for.
EDA Grants: A Small Explanation
EDA stands for Economic Development Authority. It helps boost the state’s economy by creating job opportunities & catalyzing investments.
EDA works in collaboration with local government and NGOs. Companies can use these funds during the start-up phase of the business for expansion. It will also improve job opportunities.
New Jersey Economic Development Authority (NJEDA) is a leading government-based organization providing grants.
One of the benefits of the Grants is that you do not have to repay them. It will not damage your credit score, nor will you have to worry about paying it back to the lender.
But, there are certain eligibility criteria for who can apply for grants. You should also have the receipts and invoices of your business as evidence of good cash flow.
Let’s look here at the top economic development grants in New Jersey.
NJ EDA Grant- Look at the Best Available options
1. Small Business Improvement Grant Program:
This grant program is under the New Jersey Economic development authority (NJEDA). The small business improvement grant program will provide 50% of the total reimbursement cost.
It will be for property renovation or buying furniture. A Grant of $15 million is to improve the small business of New Jersey.
This grant program is open to all small and non-profit organizations. The cost of the project should be at least $5000. The applicant must be an owner of a property or have a rented property that needs improvement.
The approval fee is $100, provided at the time of the grant agreement.
Apply for the grant by clicking on programs.njeda.com.
2. Main Street Lenders Grant:
NJEDA provides this grant to micro-business lenders. The lenders can use it to create a new loan for micro-business or provide loans to an existing business.
The lenders will also be able to provide technical assistance to small businesses. It will give them a much-needed boost.
The grant amount is $1 million per eligible entity. The lenders applying for the grant must have ten years of experience as small business lenders.
The money is for loan products and technical assistance for New Jersey-based businesses.
The lender must be a Community Development Financial Institution (CDFI) member.
To know more, click on the main-street-lenders-grant.
3. New Jersey Asset Activation Planning Grant:
This grant program will award $50,000 to the private sector or NGOs developing public assets. The grant’s goal is to activate the underutilized public assets. It should also be helpful to the community.
The eligible candidates for this grant are:
- Non-profit entities, or
- State redevelopment agencies
Do not forget to add experience, knowledge, and skills to your application. It will provide an extra advantage in producing analyses and reports on your project.
The Application fee for this grant is $1000.
To know more, click on the asset-activation-planning-grant.
4. NJ Ignite Rental Support Grant:
New Jersey wants to boost its economy by supporting start-ups and small businesses.
Governor Phil Murphy wants to make New Jersey home for innovation. Reducing the financial barriers of start-up firms is the best way to do this.
This grant program provides rent support for 2 to 6 months to start-up companies. Early-stage technology and research companies in New Jersey are eligible for this grant.
There is no application fee for this grant.
To know more, click on application.njeda.com.
So, these were a few of the grants that are available that can enhance the economic prosperity of the community.
As a result, supporting small businesses and start-ups is the key to the state’s economic development.
Therefore, the business owners who have a vision and want to boost their business must use this opportunity.
Apply for grants by clicking on the link to get in early. It is the most effective way to put your best foot forward during the application process. Don’t wait. Get ready now!