The New Jersey Economic Development Authority‘s Small Business Improvement Grant has awarded close to $13 million to over 500 small businesses in the Garden State since it launched this February.
Businesses received up to $50,000 to reimburse costs associated with making building improvements or purchasing new Furniture, Fixtures and Equipment.
“The Small Business Improvement Grant is a great example of Gov. Phil Murphy’s promise of finding creative ways to help strengthen our economy,” NJEDA CEO Tim Sullivan stated. “In a little over seven months, this program has helped more than 500 New Jersey businesses become more resilient and better position themselves for future growth by offsetting costs they incurred as they adapt to a post-pandemic economy.”
Sullivan also said that 40% of the Small Business Improvement Grant funding will be set aside for those in Opportunity Zone-eligible census tracts.
Businesses and nonprofits that receive funding through the Small Business Improvement Grant are required to pay employees for the grant term the greater of $15 per hour or 120% of the minimum wage. Tipped employees must be paid at least 120% of the minimum wage. Applicants must also commit to remaining in the facility and meeting wage requirements for up to four years following the execution of the grant agreement and depending upon award amount. Awards greater than $25,000 will have a compliance period of four years and grant awards less than $25,000 will have a compliance period of two years.
For more information on the Small Business Improvement Grant, click here.
