After opening Executive Cuts 20 years ago, Debra Hoy now is working with the New Jersey Economic Development Authority to enhance both her salon on Lafayette Street and the greater community of Trenton.
“I love being part of the downtown Trenton community and am very excited that the upgrades we’re making will contribute to the overall beautification of the area,” Hoy, owner of Executive Cuts, said.
With support from the NJEDA’s Business Improvement Incentive Program and its Business Lease Incentive Program, Hoy said she will now renovate the 600-square-foot salon with new flooring, paint, light fixtures and counters, as well as repair the sidewalks outside of the facility.
“Support from the (programs) will enable me to preserve precious capital, which I will be able to use for other things, such as hiring a new stylist and assistant,” Hoy said.
The BII program supports the growth of first-floor retail and services businesses operating in eligible commercial areas of Trenton, Atlantic City, Camden, Passaic and Paterson by granting up to 50 percent of total costs between $5,000 and $20,000 for improvements to small businesses’ property.
The BLI Program offers reimbursement of 15 percent of annual lease payments for two years to for-profit businesses and nonprofit organizations in eligible areas that plan to lease between 500 and 5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum of five years.
“The economic vibrancy of New Jersey cities is dependent on the sustainability of small businesses like Executive Cuts,” Christina Fuentes, director of small business services at NJEDA, said. “We encourage entrepreneurs to discover how the BII and BLI programs can help them prosper and contribute to economic momentum in downtown areas.”
For general program questions and more information about eligible locations, contact Ken Hart, NJEDA Business Development Officer, at (609) 858-6661 or firstname.lastname@example.org, or visit www.njeda.com/lending.