EDA releases rules of $100M Main Street Recovery Program — seeks feedback

Gov. Phil Murphy and the New Jersey Economic Development Authority have put a lot of emphasis on the $100 million Main Street Recovery Finance Program — feeling it can have a dramatic input on towns across the state.

The program, born from the Economic Recovery Act of 2020, will provide grants and loans and make technical assistance available to support small and microbusinesses. It also will develop pilot programs over time that will provide loans to other microbusiness lenders, such as Community Development Financial Institutions and Minority Depository Institutions — increasing their lending capacity to support more New Jersey microbusinesses.

That’s why the EDA wants to get the rules of the program right.

A draft of the rules now is available for review (see them here). The EDA is encouraging members of the public to review the preliminary rules and submit written feedback through an online form available on the EDA website.

The NJEDA also will be hosting three listening sessions for public input on the draft rules.

  • 5 p.m. July 12;
  • 2 p.m. July 13;
  • 10 a.m. July 15.

Members of the public can access the listening sessions at tinyurl.com/MainStreetListening using passcode: Main.