NJEDA to Host Information Sessions for New Emerging Developers Grant

Program will Provide Grants up to $250,000 to Assist Small-Scale Developers in Gaining Access to Capital

TRENTON, N.J. (March 11, 2024) – The New Jersey Economic Development Authority (NJEDA) will host in-person and virtual information sessions 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 in April.

WHAT:           The Emerging Developer 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.

WHO:             The program will support small-scale developers that have completed at least two – but no more than five – commercial and/or mixed-use properties of similar scope

WHEN/WHERE:        

VIRTUAL EVENT

Tuesday, March 19, 2024

6:00 p.m. – 7:00 p.m.

Register at: bit.ly/Emerging Developers

IN-PERSON EVENTS

Tuesday, March 12, 2024, 6:00 p.m. – 8:00 p.m.

Hilton Garden Inn, Camden Waterfront

1 Penn St., Camden, NJ 08102

Register at: http://bit.ly/EmergingDevelopers2

Wednesday, March 20, 2024 6:00 p.m. – 8:00 p.m.

Thomas Edison State University

111 W. State St.

Trenton, NJ 08608

Register at: bit.ly/EmergingDevelopers3

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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