The New Jersey Economic Development Authority announced on Friday that more than 20,000 businesses in the state have been approved for COVID-19 relief since the start of the pandemic in mid-March.
In total, the EDA approved 20,073 businesses for more than $74.2 million worth of grants, low-cost grants, partnerships with investors and Community Development Financial Institutions, and technical assistance programs.
The EDA also has lists of which companies and nonprofits got grants — and for how much.
Be warned: The list is 492 pages long. And that’s just for phase 2 of the program.
The good news: The list is broken down by county – and then by municipality in each county. So, it’s easy to see who benefited in your town and/or county
“(Gov. Phil) Murphy has made supporting small businesses a central focus of our state’s response to the COVID-19 crisis, and the NJEDA team has worked tirelessly to support these 20,000 businesses at a time when that help is so badly needed,” NJEDA CEO Tim Sullivan said. “The economic impact of this pandemic is extraordinary and ongoing – and our efforts to do all we can to support small businesses must continue as well.”
A breakdown of the distribution to date:
- Small Business Emergency Assistance Grant Program, which provides grants to small businesses impacted by the pandemic. So far, 19,166 small businesses have been approved for grants $56.8 million with an average grant size of $3,000;
- Small Business Emergency Assistance Loan Program, which provides working capital loans of up to $100,000 to businesses with less than $5 million in revenues. So far, 133 businesses were approved for grants worth a total of $9.12 million.
- CDFI Initiative, a partnership between the EDA and six New Jersey-based CDFIs to provide low-cost financing to small and microbusinesses. So far, 258 loans worth a total of $6.07 million have been approved.
- NJ Entrepreneur Support Program, which encourages continued capital flows to new companies by providing 80% loan guarantees for working capital loans to entrepreneurs. So far, this program has supported investments into 12 companies with $1.84 million in guarantees.
- Technical assistance: The department has partnered with the African American Chamber of Commerce of New Jersey, the Statewide Hispanic Chamber of Commerce of New Jersey, the New Jersey State Veterans Chamber of Commerce and Rising Tide to provide assistance to 447 businesses that that are applying to federal Small Business Administration support.
- Free business consulting on Opportunity Zones for microbusinesses and training on e-commerce solutions for retail and restaurants. So far, 57 businesses are participating.