Types of NJ Small Business Grants – Overview
Small businesses look for additional funds to grow. Since the customer base of small businesses is low, they need more funds to arrange marketing and other things.
If we talk about the present times, small businesses are worst affected due to an ongoing pandemic. Today, we will share a list of NJ Small Business Grants with you.
The NJ Small Business Grants listed below include the government’s free grant programs as well as grants and loans offered by Non-profit organizations and private institutions to small businesses in their respective industry.
Why Small Businesses are Important?
Small Businesses are the backbone of every state’s economy. They run a smooth cycle of businesses that eventually helps the overall economy of the state. The pandemic has disturbed everything.
Many small enterprises collapsed due to coronavirus. To support such businesses, NJ Small Business Grants are there.
If you live in New Jersey and looking for an opportunity to fund your small enterprises for renovation, redevelopment, payroll, or anything else, you should check out the below-given resources and information first.
Let’s find out what resources are available for you and your business!
6 Types of NJ Small Business Grants
New Jersey’s Economy Development Authority announced several grants and loans for businesses.
With the collaboration of government agencies, NGOs, and private organizations, the below-given resources will help the small enterprises seek financial aid to support their businesses.
Let’s find out the open grants and loans for small enterprises in New Jersey.
1. Small Business Emergency Assistance Grant Program
The Small Business Emergency Assistance Grant is a $5 million program designed to support small enterprises. The program will provide a direct financial aid of $5,000 to small businesses.
Small businesses of arts, entertainment, production, reselling, restaurant, food services, recreation, accommodation should apply for the grant of $5,000 through Small Business Emergency Assistance Grant program.
The received funds should be utilized for renovation, remodeling, redevelopment, expansion, buying equipment, etc. If your business stops due to less funding, you can use the same fund to get the required push.
2. Small Business Emergency Assistance Guarantee Program
The Small Business Emergency Assistance Guarantee is a $10 million grant program for small businesses as well as big enterprises. This guarantee program is designed to provide a 50 % guarantee on active capital loans. The fees on the availed loan will be waived off.
3. Technical Assistance Program
The Emergency Technical Assistance Program is designed for technical support and assistance to small businesses. It is a $150,000 program designed for all the enterprises of New Jersey.
Companies that have applied for the Emergency Loans from the Government’s Small Business Administration portal should get the opportunity to get funding for technical assistance through this program.
4. Small Business Lease Grant
If you have a rented business and looking for grants to ease the monthly rental, then Small Business Lease Grant is the right option for you.
The Small Business Lease provides 20% of the annual lease of a business. It also provides grants to newly registered non-profit institutions looking for financial aid to pay the rent.
The Small Business Lease Grant is a $10 million program. New NGOs and small businesses with lease amendments and other documents should receive a total of two grants that provides 20% of the annual rent.
This grant aimed to provide financial aid to small enterprises. Many small enterprises shut down due to pandemics.
To help them kickstart their business, the Small Business Lease Grant was designed. For more information about the grant and its application process, head over to its official portal now!
5. Small Business Street Recovery Program
The Small Business Street Recovery is a $100 million program that is designed to support small businesses. As the name suggests, the program is designed to help small businesses recover faster.
This program aims to strengthen the economy of the state by boosting the production and market through small businesses.
Small Businesses got affected widely due to the coronavirus pandemic. To help them redevelop their business and to boost their production, the Small Business Street Recovery Program is designed.
The official website will give you more information about this program and its application process.
6. New Jersey Small Business Grants
The official portal of New Jersey Small Business Grants provides all the information about the grants that are available for small enterprises in New Jersey.
There are over 200,000 small businesses established in New Jersey out of which 50% of businesses were affected due to the coronavirus pandemic.
The main reason behind businesses shutting down is due to lack of money. The New Jersey Small Business Grants are therefore designed.
These grants are there to help small businesses of different industries and sectors who can seek financial help by completing the application process.
The funding opportunities, the application procedure, and the business criteria are listed on the official portal. Visit the portal for more information about the available resources with some factual data that every business owner should know!
The Bottom Line!
Businesses need to search for the available resources over the web if they need financial support. Out of free government grants, there are many private entities available to provide financial support to such businesses at low-interest rates.
Just search for the resources, know about their application process and apply for it online! Most resources are now accepting applications online.
You need to keep the digital copies of your documents handy so that you can fill in the application quickly and get it approved ASAP!