The New Jersey Economic Development Authority will host both in-person and virtual information sessions to introduce the newly established $20 million Emerging Developers Grant pilot program in the next 10 days.
The Emerging Developer Fund aims to help developers gain access to capital and build additional capacity to expand their existing portfolio by providing grants of up to $250,000 for predevelopment soft costs. Applications are expected to launch in April.
The program is for small-scale developers that have completed at least two — but no more than five — commercial and/or mixed-use properties of similar scope.
The fund aims to address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios.
Specifically, this includes access to capital due to barriers caused by predatory lending, excessive carrying costs and predevelopment expenses that result in projects being stalled, and in some cases underutilized. These deterrents in the development industry have created financial setbacks and limited portfolios for emerging development entities that lack the required capital to cover soft costs.
The meetings
When: Tuesday (6-8 p.m.)
Format: In person
Where: Hilton Garden Inn, Camden Waterfront
Register: Here
When: Tuesday, March 19 (6-7 p.m.)
Format: Virtual
Register: Here
When: Wednesday, March 20 (6-8 p.m.)
Format: In person
Where: Thomas Edison State University, Trenton
Register: Here
