To help small businesses recover in the wake of Superstorm Sandy, the State of New Jersey is providing assistance through the Stronger New Jersey Business Grant and Loan programs, which are administered by the New Jersey Economic Development Authority (EDA).  The Stronger NJ Business Grant program has helped dozens of business owners throughout NJ get back on their feet.  Here are a few of them describing their experience https://www.youtube.com/watch?v=YUAc_4MJ9cI.

Under the Stronger NJ Business Grant program, grants up to $50,000 per business location are available.  The grant program requires that a small business was in existence on October 29, 2012 and sustained a minimum of $5000 in physical damage from the storm.

All business owners whose businesses were damaged by Superstorm Sandy should contact the Economic Development Authority to learn more about the Stronger NJ Business Grants and Loan programs.  Business advisors are available over the phone, in person, at your place of business, and at regularly scheduled workshops throughout the state.  Visit the EDA’s website – www.njeda.gov or call 1-855-SANDY-BZ to learn more.

The Stronger NJ Business Loan Program is available to help small businesses that were damaged by Superstorm Sandy, as well as businesses looking to expand within storm-impacted communities.  Loans up to $5 million per business are available, with no interest for the first 24 months and no principal payments for up to two years.  Loans can be used for renovation, new construction, or equipment.  In addition, loans of up to $500,000 are available for working capital needs. The grant and loan programs are separate and different from the Small Business Association (SBA) programs.

Grant Funds to Support Superstorm Sandy Business Recovery in Hudson, Ocean and Monmouth Counties

TRENTON, N.J. (September 26, 2013) – Demonstrating the Christie Administration’s commitment to the recovery of small businesses in the aftermath of Superstorm Sandy, the NJ Economic Development Authority (EDA) today announced three Stronger NJ Business Grant awards.  Architectural Hardware Inc. (AHI) in Jersey City and The Bentley Inn in Bay Head were each approved for a grant of $50,000.  ShoreGrafx in Highlands is approved for nearly $27,000.

“Very few areas in New Jersey were spared the wrath of Superstorm Sandy and storm-impacted businesses from all parts of the state are encouraged to apply for assistance,” said Michele Brown, EDA CEO..  “While businesses have shown remarkable determination and self-sufficiency throughout their recovery, the Stronger NJ Business Grant Program is here to help businesses stay afloat as they strive to return to their former level of success.” 

The surge from Sandy left family-owned AHI, a wholesale distributor of metal doors, frames, wood doors and finishing hardware, with five feet of water throughout its Jersey City store, resulting in a loss of inventory, equipment, and vehicles.  They reopened two days after the storm, cleaning up and carrying on with their business despite being without electricity for 12 days.  

”Superstorm Sandy was the most unexpected and devastating setback we have faced in the 43 years we have been in business,” according to Mary Capurso, Treasurer, AHI.  “We’re getting back to where we were, but have exhausted many of our resources in the process.  The assistance we have received from the Stronger NJ Business Grant program has been invaluable.”  

The Bentley Inn endured major flooding, wind damage and a loss of utilities.  The historic bed and breakfast located three houses from the ocean in Bay Head is using their $50,000 grant to offset the cost of various repairs, including heating and air conditioning systems, roofing, siding and window frames. 

ShoreGrafx, Inc. established in 1991, a firm specializing web, graphic design and real estate, product, event, and architectural photography services, lost all of the company’s equipment when its Highlands offices were overcome by nearly seven feet of water.

“Established businesses such as ShoreGrafx are the cornerstone of our local economy, and we are happy to see them open and serving the community,” said Carla Cefalo, President, Highlands Business Partnership.  “The Stronger NJ Business Grant program provides a wonderful boost to recovering businesses and we encourage all storm-impacted businesses to contact the EDA for assistance.” 

Beginning May 1, storm-impacted small businesses have been able to apply for EDA administered grants of up to $50,000 through the Stronger NJ Business Grant Program. The program launched two days after the U.S. Department of Housing and Urban Development (HUD) approved New Jersey’s Community Development Block Grant (CDBG) Disaster Recovery Action Plan. Governor Christie called on the EDA to administer $460 million of the state’s CDBG Disaster Recovery allocation to support the recovery of impacted businesses. The Stronger NJ Business Grant program is the first of these CDBG-funded business recovery programs and is utilizing $260 million of the allocation.  The $100 million Stronger NJ Business Loan program makes low-cost loans of up to $5 million available to businesses and non-profits that were impacted by the storm, as well as businesses looking to expand within storm-impacted communities. 

Eligibility for Stronger NJ Business Grants is no longer tied to whether a business has applied for a Small Business Association Loan.  In some cases, businesses may be eligible for reimbursement of repair costs incurred prior to applying for a grant. 

To date, over 70 businesses have been awarded Stronger NJ Business Grants totaling up to $3.7 million.  Once approved for a grant, businesses have up to one year to submit receipts and invoices for eligible expenses, at which point the EDA will issue a disbursement. 

For more information on the Stronger NJ Business Grant program, including the complete list of eligibility criteria and eligible uses of funds visit http://application.njeda.com/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).  Applications must be received on or by October 31, 2013. 

The EDA is hosting a series of workshops designed to help business owners with Stronger NJ Business Grant and Loan applications.  For a calendar of upcoming workshops, visit  https://www.njeda.gov/strongernjbusinessworkshops.

Existing Recovery Programs Available to Seaside Communities

Trenton, NJ – In support of the Christie Administration’s efforts to drive the recovery of Seaside Heights and Seaside Park following last week’s fire, the Board of the New Jersey Economic Development Authority (EDA) today officially approved the allocation of funding to support the rebuilding of these communities that was announced last weekend.  

The Board approved the allocation of $5 million from the Stronger NJ Neighborhood and Community Revitalization (NCR) Program to support post-fire demolition and debris removal of the damaged public and privately owned structures.  Also approved at the meeting was a resolution to allow for mitigation efforts and rebuilding of public infrastructure to the extent allowable by HUD.

Supported through New Jersey’s Community Development Block Grant- Disaster Recovery (CDBG-DR) allocation, the NCR Program was launched last month to provide financial assistance to support 1) development and public improvement projects; 2) main street revitalization; and, 3) Community Development Financial Institutions providing loans to small businesses.

“The area of Seaside Heights and Seaside Park that was impacted by the fire represents a critical hub of business and employment,” said Michele Brown, CEO, EDA.  “The unsafe conditions and additional business losses caused by the fire have not only greatly exacerbated the impact from Superstorm Sandy, but have also created a dangerous health and safety hazard which must be addressed immediately.”

In addition, small businesses previously impacted by the storm and located within the fire-affected areas are encouraged to apply for the EDA’s other CDBG-funded business recovery programs to rebuild and re-open.  Under the Stronger NJ Business Grant Program, grants and forgivable loans of up to $50,000 per impacted location are available. The Stronger NJ Business Loan Program offers loans of up to $5 million, with no interest or principal payments for two years. 

In some cases, this CDBG-DR assistance may be new for the business and in some cases it may be an increase in the level of existing assistance.   With approximately 50 businesses impacted, the EDA expects to advance approximately $10 million of grant and loan funding to these businesses..  All requirements of the Stronger NJ Business programs will remain in effect and consistent with HUD regulations. Any business that does not meet HUD requirements for funding will be reviewed for other assistance with other EDA, non-CDBG resources.

“The steps we have taken to help the victims of the Seaside fire will not adversely affect any Sandy-impacted business that has applied for grant or loan funding. We encourage all business with damage from the storm to apply, as sufficient funds are available to assist any eligible business that needs a Stronger NJ Business grant or loan,” said Brown.

Following the U.S. Department of Housing and Urban Development (HUD) approval of New Jersey’s CDBG- DR Action Plan, Governor Christie called on the EDA to administer $460 million of the state’s allocation to support the recovery of impacted businesses and communities. To speak with a business advisor about the Stronger NJ Business programs, businesses should call EDA’s Sandy Hotline at 1-855-SANDY-BZ (1-855-726-3929) between 8:00 a.m. and 6:00 p.m. Monday through Friday, or visit www.njeda.gov.

TRENTON, N.J. (September 12, 2013) – In support of the Christie Administration’s commitment to fueling economic growth across the State, the Board of the New Jersey Economic Development Authority (EDA) today took action to catalyze innovation, encourage job creation and retention, and maintain New Jersey’s continued record of excellence in education. 

“September’s Board meeting is marked by a range of projects that illustrate how we are working to stimulate business growth and job creation across the State,” said EDA Chief Executive Officer Michele Brown.  “From venture fund investments to bond financing, EDA assistance continues to provide an important financial boost to a broad array of projects critical to our economy.” 

The Board approved an investment of up to $1.3 million in Milestone Venture Partners IV, representing the EDA’s 13th venture fund investment.  Milestone Venture Partners is expected to raise approximately $35 million to invest in technology companies, with a focus on the digital healthcare market.  This investment follows the approval last month of a $2.5 million investment in ff Rose Venture Capital Fund, which is expected to invest in approximately 40 angel-stage internet and technology companies.   Prior to these actions, the EDA had approved investments in 11 venture capital funds in excess of  $40 million; to date, these funds have leveraged the EDA’s investment into New Jersey businesses by more than 62  times. 

The EDA Board also gave approval to 50 companies seeking to share the $60 million allocation available through the State’s Technology Business Tax Certificate Transfer Program in Fiscal Year 2014.   This competitive program enables technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations.  Since the program was established in 1999, more than 500 businesses have been approved for awards totaling over $700 million. The final funding recommendation for the $60 million allocation will be presented to the Board in November.  

The Board took action to encourage other businesses, spanning size and industry, to grow and invest in New Jersey.  

Through the Business Employment Incentive Program (BEIP), the EDA approved a grant to encourage Pursuit Solutions to create 12 new, high-wage positions at its Morris County headquarters.  The Chester-based developer of enterprise software is also considering Boston for this expansion.  A BEIP and Business Retention and Relocation Assistance Grant (BRRAG) were approved to encourage Berlitz Corporation to remain and grow in New Jersey. Two of the corporation’s major operating companies – Berlitz Languages and ELS Educational Services –have their U.S. headquarters in West Windsor.  Berlitz is currently evaluating locations in Pennsylvania for the potential relocation of the headquarters. If New Jersey is chosen, the company would retain its 219 employees and create an estimated 40 new jobs.  

Destination Maternity Corporation, the world’s largest designer and retailer of maternity apparel, is currently deciding between Philadelphia and southern New Jersey for the site of its corporate headquarters and main logistics facility.  The Board approved an award through the Grow New Jersey Assistance Program to encourage the company to move from Pennsylvania to New Jersey. This would involve the creation of 620 new jobs and the private investment of over $49.7 million. 

Through its lending programs, the EDA is supporting small businesses from Atlantic County to Bergen County that are expected to create a total of 45 new jobs.  This includes full service energy conservation contractor GreenLife Energy Solutions, which is using the Premier Lender Program to acquire its property in Egg Harbor. Marlboro-based manufacturer Aurora Multimedia Corp. is utilizing the Small Business Fund to refinance existing debt and obtain working capital.  The Main Street Business Assistance Program is helping Sunwear Fashion purchase the facility in Moonachie it currently leases for its clothing distribution business. 

The Board also approved Qualified School Construction Bonds (QSCBs) for two charter school projects in Newark. University Heights Charter School of Excellence will utilize an $8 million bond to acquire and renovate a facility that will provide an additional 31,000 square feet of space. The school currently serves 250 students in 3rd to 7th grade and will be able to accommodate 450 students as a result of the expansion.  Marion P. Thomas Charter School plans to use its $35 million QSCB to construct a 73,500-square-foot facility featuring modern classrooms, advanced science and computer labs, a theater and culinary arts learning space. The school currently serves 760 children in pre-K through 8th grade and operates out of two facilities. The new building will initially accommodate the school’s middle school population.   

EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton.  The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes. 

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

Approval Follows New Policy Expanding Marina Eligibility Announced Last Month

TRENTON, N.J. (September 12, 2013) – Demonstrating the Christie Administration’s commitment to the recovery of small businesses in the aftermath of Superstorm Sandy, the New Jersey Economic Development Authority (EDA) announced today that Fish Finder Marine in Brigantine is the first marina approved for a $50,000 Stronger NJ Business Grant. In August, the Christie Administration announced the state had finalized a policy broadening eligibility criteria to support marinas impacted by Superstorm Sandy.   

“We worked hard to ensure that New Jersey’s many small and family-owned marinas would be able to take advantage of the Stronger NJ Business Grant Program as they continue to recover and rebuild,” said Michele Brown, CEO of the EDA. “As a key segment of our economy, it is important that every impacted marina in the state knows that funding is available to them. Help is just a phone call away.” 

According to the Marine Trades Association of New Jersey, the state’s marina population suffered a total loss estimated to be $100 million in the storm.  Fish Finder Marine endured over $150,000 worth of damage, including the loss of its service center’s electronic diagnostic equipment, a forklift and major damage to its facilities.  

Kimberly Fumo, Owner, Fish Finder Marine said, “We appreciate the steps the State took to understand our industry’s challenges and clarify our eligibility. We are grateful for the grant, which will help us get back on our feet.” 

To provide disaster relief money to marinas in need while remaining consistent with U.S. Department of Housing and Urban Development (HUD) funding regulations, the Christie Administration and HUD developed a policy to distinguish yacht clubs and marinas supported by private membership from marinas that provide access and services needed to enjoy the waterways. These businesses provide boat slips, public boat ramps, fuel, fishing supplies, restaurants, boat maintenance and more. Notably, marinas that support commercial activities remain eligible for Stronger NJ Business Grant assistance.   

The EDA will host a Stronger NJ Business Grant Workshop for marinas on September 24^th at the Jacques Cousteau National Estuarine Research Reserve, 130 Great Bay Blvd., Tuckerton, NJ. To schedule your appointment with a business advisor, please contact Patience Purdy at (609) 858-6924 or PPurdy@njeda.com.  Appointments are available, but not required. 

The Stronger NJ Business Grant program offers grants of up to $50,000 to New Jersey businesses damaged by the storm.  The program launched in May, following HUD’s approval of New Jersey’s Community Development Block Grant (CDBG) Disaster Recovery Action Plan. Governor Christie called on the EDA to administer $460 million of the state’s CDBG Disaster Recovery allocation to support the recovery of impacted businesses. The Stronger NJ Business Grant Program is utilizing $260 million of the allocation.  The EDA also is administering the $100 million Stronger NJ Business Loan Program and the $75 million Stronger NJ Neighborhood and Community Revitalization Program.  

For more information on these programs, visit http://application.njeda.com/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).   

EDA business advisors are located at One-Stop Career Centers in the nine most impacted counties to help businesses with the application process.  The Atlantic/Cape May County One-Stop is located at 2 South Main Street, Pleasantville, NJ.  It is open Monday – Friday, 8:30 a.m. to 4:30 p.m.  The Ocean County One-Stop is located at 1027 Hooper Ave, Building 6, Toms River, NJ.  Hours are Monday, Wednesday, and Friday, 8:30 a.m. to 4:30 p.m.  Appointments are suggested, but not required.