NJEDA to Host Information Session at Kean University for New Emerging Developers Grant
TRENTON, N.J. (May 31, 2024) – The New Jersey Economic Development Authority (NJEDA) will host an in-person information session at Kean University on Wednesday, June 5th to introduce the newly established $20 million Emerging Developers Grant pilot program.
The Program will help developers gain access to capital and build additional capacity to expand their existing portfolio by providing grants of up to $250,000 for pre-development soft costs. Applications are expected to launch on June 24, 2024.
WHAT: The Emerging Developers Grant Program 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.
WHO: The program will support small-scale developers that have completed at least two – but no more than five – commercial, residential and/or mixed-use properties of similar scope.
WHEN/WHERE: The information session will be held at Kean University’s North Avenue Academic Building on Wednesday, June 5th, from 6 p.m. to 8 p.m. To register, click here.
Applications for the Emerging Developers Grant Program are expected to launch on June 24, 2024
For More Information:
Visit: www.njeda.gov/emerging-developers/
Email: emergingdevelopers@njeda.gov
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.
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