TRENTON, N.J. (September 8, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that it will host a series of three virtual small business resource workshops to present information on available resources to support the growth of the state’s small businesses.  The workshops will be held during National Small Business Week (NSBW), which runs from September 13 to 17 and will connect business owners with the people and information they need to start or grow their businesses with building their long-term resilience in mind as we emerge from the COVID-19 pandemic.

The hour-long workshops will offer small businesses, startups, and nonprofits an opportunity to connect with government representatives, small business advocates, and financial lenders and advisors who will offer their expertise on areas of interest that include: financial resources; how to properly register a business in New Jersey; how to certify a business as women-, minority-, or veteran-owned; and ways to access free available technical assistance, federal resources, and mentorship opportunities, among other relevant topics.

“We encourage small business owners to take advantage of the opportunity these free virtual workshops  offer to network with other small business entrepreneurs and learn about available resources from small business partners and various government entities,” said NJEDA Chief Executive Officer Tim Sullivan. “In line with Governor Murphy’s commitment to building a stronger, fairer New Jersey economy, these workshops will help small business owners take another step forward on their path to start, grow or maintain their businesses, with the ultimate goal of creating thriving enterprises that will make their communities stronger and more resilient.”

Click the link below to register for the workshop in your region.

In addition to NJEDA staff, panelists will include representatives from the US Small Business Administration (SBA), the New Jersey Small Business Development Center (SBDC), SCORE, the New Jersey Business Action Center (BAC), the New Jersey Department of Treasury, the New Jersey Division of Taxation, and local Community Development Financial Institutions (CDFIs). 

“Small business ownership can be challenging under the best of circumstances, and these workshops will help to ensure entrepreneurs understand the financial, technical, and educational resources available to them,” said State Treasurer Elizabeth Maher Muoio. “They will also help to raise awareness of recent steps the state has taken to ease some of the hurdles to building a stable and sustainable business, including Treasury’s decision to waive the fee for certification as a Small, Minority, Women, or Veteran-owned Business Enterprise.”

Workshop participants will give a two-minute introduction and then enter a breakout session to further discuss their organization and what they offer. There will be three breakout sessions: one for the SBA, SBDCs, SCORE; one for the BAC, Treasury and Taxation; and one for the CDFIs. Local service providers and lender representatives will also attend each workshop to present information about their technical assistance services and resources.

“The Business Action Center is excited to work with partners across the state to deliver these sessions as businesses regroup from the impact of the pandemic and position themselves more securely to withstand future economic stressors,” said Melanie Willoughby, Executive Director, BAC. “There is an abundance of resources available to New Jersey businesses in all stages and these workshops will help business owners identify potential solutions to their unique challenges.”

About the New Jersey Economic Development Authority

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (August 11, 2021) – The New Jersey Economic Development Authority (NJEDA) Board today approved rules for the Main Street Recovery Program. Created under the Economic Recovery Act of 2020 (ERA), the Main Street Recovery Program is a $100 million small business support program that will fund multiple financial assistance products aimed at supporting the growth and success of small businesses in New Jersey. More information is available at https://www.njeda.gov/main-street-recovery-fund/.

“Supporting small businesses is the centerpiece of Governor Phil Murphy’s plan for a stronger, fairer recovery from the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “The Main Street Recovery Program approved today will build on the NJEDA’s successful COVID-19 relief programs to provide new resources tailored specifically to help business owners recover from the impacts of the pandemic and prepare for long-term success.”  

The rules approved today create two grant products funded by the Main Street Recovery Program: the Small Business Lease Assistance Grant and the Small Business Improvement Grant.

The Small Business Lease Assistance Grant is a $10 million program that will provide grants to businesses entering new or amended leases with at least five-year terms that include at least 250 square feet of street-level space. This grant funding will offset a portion of annual lease payments for two years.

The Small Business Improvement Grant is a $15 million program that will provide grants up to $50,000 to reimburse businesses for a portion of costs associated with improvements and/or the purchase or installation of furniture, fixtures, and equipment since March 9, 2020.  

Applications for these programs are currently under development. The NJEDA will announce the application timeline for both programs soon.

In addition to the Small Business Lease Assistance Grant and the Small Business Improvement Grant, the NJEDA intends to pilot additional products to be funded through the Main Street Recovery Program. The Authority anticipates these pilot programs will include financing to help microbusiness lenders provide more low-cost loans and technical assistance for microbusinesses and an expansion of the NJEDA’s existing Micro Business Loan Program through which the Authority will provide low-cost financing directly to eligible microbusinesses.

In line with Governor Murphy’s commitment to a stronger, fairer recovery from the COVID-19 pandemic, 40 percent of all Main Street Recovery Program funds are reserved for businesses located in census tracts that were eligible to be designated as Opportunity Zones. Providing dedicated funding for these census tracts helps to ensure equitable access to resources for communities and businesses that have historically struggled to access resources.

The Main Street Recovery Program is part of a suite of programs created or expanded under the ERA that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.

About the New Jersey Economic Development Authority

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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91 Previous Program Participants Have Already Qualified for $33 Million in Surety Bonds

Trenton, N.J. (July 13, 2021) – The New Jersey Economic Development Authority (NJEDA) and the African American Chamber of Commerce of New Jersey (AACCNJ) today announced that 23 participants have fully completed the class work that kicked off earlier this year and are ready to graduate from the Small Business Bonding Readiness Assistance Program. This round of participants completed the program with ten small businesses qualifying for surety bonding, which totals more than $11.5M at this time. This will help these small business owners compete for city, county, and state contracts and expand their portfolios of projects, which in turn helps them grow their business. 

The program was launched in 2018 by the NJEDA and the AACCNJ, to help prepare small, minority, and women-owned business owners to obtain bonds, a crucial step in competing for state and federal government contracts. The most recent class was held entirely virtually due to COVID-19. Including this latest class, 91 small-, minority-, and women-owned businesses have participated in the Small Business Bonding Readiness Assistance Program and 46 of them have qualified for over $33.0M in surety bonds. Furthermore, the recently approved State budget for Fiscal Year 2022 includes $500,000 for the Small Business Bonding Readiness Program, doubling what was allocated in prior years.

“Under Governor Murphy’s leadership, we have prioritized connecting small-, minority-, and women-owned businesses with the resources they need to succeed and the Small Business Bonding Readiness Assistance Program is a tremendous asset in achieving that goal,” said NJEDA Chief Executive Officer Tim Sullivan. “We applaud the perseverance and determination these business owners have shown throughout this Program, as they obtain the tools and knowledge necessary to help them remove the obstacles that once would have kept them from bidding on state and federal contracts.”

The Small Business Bonding Readiness Assistance Program provides a comprehensive series of classes, workshops, and strategic counseling sessions covering a variety of topics relevant to small businesses in all sectors, including bonding and insurance, business development, financial presentation, construction and contract law, construction management, estimating, and credit. At the end of the program, all participating businesses receive a Bonding Readiness Segment Report, which provides an in-depth assessment of their strengths and weaknesses to help them plan for the future. The Fall 2021 class is slated to begin in early September. Anyone interested in participating in this free program should submit an application, which can be found at https://www.aaccnj.com/bonding-program—sbbrap.html. A representative from the African American Chamber will follow-up with you to discuss the review process to be accepted into the program.  

“Empowering businesses owned by blacks, women and people of color to vie for state and federal contracts is key to re-opening our post-COVID economy in an equitable and inclusive manner,” said John E. Harmon, Sr., IOM, AACCNJ, Founder, President and CEO. “We congratulate the most recent class of graduating students and we encourage other small business owners interested in furthering their growth to take advantage of these invaluable resources available through the Small Business Bonding Readiness Assistance Program.”

About the New Jersey Economic Development Authority

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.

About the African American Chamber of Commerce of New Jersey

The AACCNJ performs an essential role in the economic viability of New Jersey. While providing a platform for New Jersey’s African American business leaders, to speak with a collective voice, the AACCNJ advocates and promotes economic diversity fostering a climate of business growth through major initiatives centering on education and public policy. The Chamber serves as a proactive advocacy group with a 501(c) 3 tax exemption, which is shared by the National Black Chamber of Commerce.  

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (July 7, 2021) – The New Jersey Economic Development Authority (NJEDA) today released for public feedback a draft rule proposal for the new Main Street Recovery Finance Program, as established under the New Jersey Economic Recovery Act of 2020 (ERA). The Main Street Recovery Finance Program is a $100 million fund, under which grants, loans, and technical assistance will be made available to support small and micro businesses in New Jersey. The Main Street Recovery Finance Program will not only provide grants directly to businesses, but will also develop pilot programs over time that will provide loans to other micro business lenders like Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), increasing their lending capacity to support more New Jersey micro businesses.

Members of the public are encouraged to review the preliminary rules and submit written feedback through an online form available on the Economic Recovery Act website. The NJEDA will also be hosting three listening sessions for public input on the draft rules.

“While the COVID-19 pandemic has been challenging for everyone, few have faced tougher challenges than small business owners and their employees,” said NJEDA Chief Executive Officer Tim Sullivan. “The Main Street Recovery Finance Program is an important new program that will provide much-needed financial support and technical assistance to help businesses get back on their feet and prepare for a strong recovery.”

Draft Main Street Recovery Finance Program rules are available now for review at https://www.njeda.gov/economicrecoveryact/program-specific-feedback/.

Members of the public can also provide input during the NJEDA’s public listening sessions, which are scheduled for the following times:

  • Monday, July 12th at 5:00 p.m.
  • Tuesday, July 13th at 2:00 p.m.
  • Thursday, July 15th at 10:00 a.m.

Members of the public can access the listening sessions at https://tinyurl.com/MainStreetListening; Passcode: Main.

Members of the media interested in attending the session or submitting questions are asked to email media@njeda.com.  

In addition to the Main Street Recovery Finance Program, the Economic Recovery Act creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.

For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.gov/economicrecoveryact/.

About the New Jersey Economic Development Authority

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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 Las pequeñas empresas y las organizaciones sin fines de lucro que no presentaron solicitudes anteriormente, tienen otra oportunidad

TRENTON, N.J. (26 de mayo de 2021) – La Autoridad para el desarrollo económico de New Jersey (NJEDA) anunció hoy que reabrió la preinscripción para la Fase 4 del Programa de subsidios de asistencia de emergencia para pequeñas empresas esta mañana a las 9:00 a.m. En línea con su compromiso con una recuperación más sólida y más justa, el Gobernador Phil Murphy anunció recientemente la asignación de $200 millones en fondos adicionales para ayudar a cubrir las solicitudes de subsidios de la Fase 4. Los propietarios de pequeñas empresas y organizaciones sin fines de lucro que no hayan presentado una solicitud anteriormente para los subsidios de la Fase 4, podrán preinscribirse como paso previo a la solicitud de subsidios de hasta $20,000.

Los $200 millones en fondos adicionales se destinarán a apoyar a las empresas más afectadas en New Jersey, incluidos $20 millones para bares y restaurantes, $120 millones para microempresas, $10 millones para proveedores de cuidado infantil y $50 millones para otras pequeñas empresas y organizaciones sin fines de lucro con hasta 50 empleados equivalentes a tiempo completo. Desde el lanzamiento del Programa de subsidios de asistencia de emergencia para pequeñas empresas en abril de 2020, la NJEDA distribuyó más de $259 millones en ayuda para unas 55,000 empresas de todo el estado.

“Hemos visto a decenas de miles de propietarios de pequeñas empresas en New Jersey beneficiarse de este programa de subsidios que ofrece la NJEDA desde su lanzamiento en abril del año pasado, y estamos muy agradecidos por poder recibir fondos adicionales que nos ayudarán a cubrir muchas más solicitudes de asistencia financiera”, expresó el Director Ejecutivo de la NJEDA, Tim Sullivan. “Reabrir la Fase 4 permitirá que las pequeñas empresas y las organizaciones sin fines de lucro elegibles de New Jersey presenten solicitudes de subsidios de hasta $20,000 para que puedan reponer los ingresos perdidos durante la pandemia y mantener sus puertas abiertas”.

Los fondos de la Fase 4 están destinados a restaurantes, microempresas y proveedores de cuidado infantil, y también a otras pequeñas empresas. Para asegurarnos de que los subsidios lleguen a las empresas de las comunidades más afectadas, incluidas comunidades de color, la NJEDA asignó un tercio de los fondos a empresas con sede en una de las 715 áreas censales elegibles para ser designadas como Zonas de oportunidad. 

Los propietarios de empresas y las organizaciones sin fines de lucro interesadas deberán preinscribirse aquí para acceder al formulario de solicitud. La preinscripción reabrió hoy, miércoles 26 de mayo de 2021 a las 9:00 a.m. EDT, y permanecerá abierta por cinco semanas, hasta el miércoles 30 de junio a las 5:00 p.m. EDT. Los formularios de solicitud estarán disponibles luego del período de preinscripción y se les solicitará a los preinscritos que regresen a programs.njeda.com/en-US/ para completar un formulario de solicitud según el siguiente cronograma:

  • Restaurantes (Servicios de alimentos y bebidas, el código NAICS comienza con 722), Proveedores de cuidado infantil (código NAICS 624410) y Pequeñas empresas (6-50 empleados equivalentes a tiempo completo): 7 de julio de 2021, 9:00 a.m. EDT. 
  • Microempresas (5 empleados equivalentes a tiempo completo o menos): 8 de julio de 2021, 9:00 a.m. EDT.  

Se podrán presentar solicitudes hasta el 15 de julio de 2021 a las 5:00 p.m. EDT y se aceptarán en el orden en que se reciban, según la fecha y la hora a las que la Autoridad recibe un formulario de solicitud completo. Los solicitantes deben completar toda la solicitud para que se los pueda considerar para el subsidio.

Los subsidios se calcularán en función de la cantidad de empleados equivalentes a tiempo completo (FTE) que la empresa tenga contratados: Las microempresas con cinco FTE o menos y las sociedades unipersonales recibirán hasta $10,000; las empresas con 6 a 25 FTE recibirán hasta $15,000 y las empresas con 26 a 50 FTE recibirán hasta $20,000. Puede encontrar una calculadora de monto de subsidio aquí.

Las pequeñas empresas y las organizaciones sin fines de lucro deberán demostrar que han sido negativamente afectadas durante el estado de emergencia declarado para poder ser elegibles para este subsidio. Esto incluye empresas que han cerrado temporalmente, han tenido que reducir horas, han sufrido una disminución de al menos el 20% en las ganancias, han sido afectadas materialmente por empleados que no pueden trabajar debido al brote, o tienen una cadena de suministro que se ha visto obstaculizada y, por lo tanto, se redujo la producción a nivel de la firma durante la pandemia).

La NJEDA sigue trabajando con los legisladores de Trenton para evaluar la necesidad permanente de asistencia financiera y buscar fondos adicionales para cubrir todas las solicitudes elegibles durante la extensión del plazo de la Fase 4.

Además, la NJEDA seguirá ofreciendo la preinscripción y la solicitud en línea en inglés y español, ofrecerá a los postulantes acceso a servicios de interpretación para asistir a personas en diez idiomas adicionales: árabe, chino (mandarín y cantonés), guyaratí, hindi, italiano, coreano, polaco, portugués y tagalo.

Además del Programa de subsidios de asistencia de emergencia para pequeñas empresas, la NJEDA administra una variedad de programas de asistencia técnica y financiamiento a bajo costo para pequeñas y medianas empresas afectadas por la COVID-19. Las empresas y organizaciones sin fines de lucro pueden usar el Asistente de elegibilidad para identificar los programas de asistencia de emergencia que podrían considerar según las necesidades específicas de la empresa. Puede encontrar más información sobre estos programas y otros recursos de apoyo del estado en business.nj.gov/covid o llame al 844-965-1125.
 
Acerca de la Autoridad para el desarrollo económico de New Jersey


La Autoridad para el desarrollo económico de New Jersey (NJEDA) es la agencia principal del Estado para impulsar el desarrollo económico. La NJEDA tiene el compromiso de hacer del Estado de New Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible al centrarse en estrategias claves para ayudar a construir comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de New Jersey y ofrecer oportunidades para una economía más sólida y justa. Mediante asociaciones con diversas partes interesadas, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y la calidad de vida en el Estado y para fortalecer la competitividad económica a largo plazo de New Jersey.
 
Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter, Instagram y LinkedIn.
 

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Phase 4 provides short-term, immediate payroll and working capital support to NJ small and medium businesses and non-profits

TRENTON, N.J. (April 14, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced Phase 4 of the Authority’s Small Business Emergency Assistance Grant Program, adding $85 million in funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Phase 4 will provide short-term operating support to a broad group of New Jersey small and medium sized businesses and non-profits that have been negatively impacted during the declared state of emergency. More information is available here.

Interested business owners will need to pre-register here to access the application. Pre-registration will begin on Monday, April 19, 2021 at 9:00 a.m. and will close on April 29, 2021 at 5:00 p.m.  The application will be available via a phased approach following the end of the pre-registration period, as detailed below. Applicants must complete the full application to be considered for grant funding.

In line with Governor Murphy’s commitment to a stronger, fairer recovery, Phase 4 funding will be allocated to support the most adversely affected businesses, including restaurants, micro-businesses, and child care providers, as well as other small businesses. To ensure grants reach businesses in the hardest hit communities, including communities of color, one-third of funding will be targeted to businesses with a primary business location within the 715 census tracts designated as eligible to be selected as an Opportunity Zone. 

“The economic impact this pandemic has wreaked in New Jersey is still being felt one year after it started, and it has disproportionally affected woman- and minority-owned businesses. The $85 million in additional funds committed to Phase 4 of the Small Business Emergency Assistance Grant Program will directly and expeditiously help these businesses stabilize their operations and minimize potential furlough or layoffs,” said NJEDA Chief Executive Officer Tim Sullivan. “Businesses that are still struggling cannot wait for assistance and we are working uninterruptedly at the NJEDA to ensure that our communities don’t just survive the pandemic, but emerge from it stronger, fairer, and ready to rebuild.”

The Small Business Emergency Assistance Grant Program was created to provide funding as efficiently and quickly as possible to small and medium-sized businesses that needed payroll and working capital support as a result of adverse economic impacts following the March 9, 2020 declaration of a State of Emergency and a Public Health Emergency. Since the launch of Phase 1 of the program on April 6, 2020, the Authority has approved nearly 44,000 grant applications representing over $214 million in total grant funding awarded through Phases 1 – 3.  The program has evolved with each phase to offer expanded eligibility and award amounts.

Phase 4 funds aim to reimburse lost revenue as result of the business interruption caused by the pandemic between March 1, 2020 and the date of the grant agreement, providing the necessary resources to any eligible business that has been temporarily shut down, has been required to reduce hours, has had at least a 20 percent drop in revenue, has been materially impacted by employees who cannot work due to the outbreak, or has a supply chain that has materially been disrupted and therefore slowed firm-level production during the pandemic.

Phase 4 once again increases the amount of funding available to businesses. Grant awards will be calculated based on the number of full-time equivalent employees (FTEs) businesses employ. Micro-businesses with five or fewer FTEs and sole proprietorships will receive up to $10,000; businesses with six to 25 FTEs will receive up to $15,000; and businesses with 26 to 50 FTEs will receive up to $20,000. A grant size estimator is available here.

To maximize the funding businesses can receive in Phase 4, grant awards will be based on the peak FTE count from a business’s past eight quarters of WR-30 filings. Businesses must use funds from the Grant Program for reimbursement of lost revenue as a result of business interruption caused by the pandemic. Businesses may not use grant funds for capital expenses.

The $85,000,000 in funds available through Phase 4 will be allocated as follows:

  • Restaurants: $35 million of funding to support businesses classified as “Food Services and Drinking Places” under NAICS code 722, given the disproportionate impact these businesses have experienced due to the pandemic, including caps on on-location dining and unusual costs they incurred to adapt their business models for safe operations.
  • Child Care Providers: $10 million of funding to support businesses classified as “Child Day Care Services” under NAICS code 624410, given the disproportionate impact these businesses have experienced due to the pandemic, including caps on capacity numbers and unusual costs they incurred to adapt their business models for safe operations.
  • Micro-businesses: $25 million of funding to support businesses that have had 5 or fewer FTEs in each of their past eight quarters of WR-30 filings (including businesses with no FTEs), given the unique financial vulnerability experienced because of the pandemic by micro-businesses, which typically have lower financial reserves.
  • Other small businesses (6-50 FTE): The remaining $15 million of funding will support businesses that are not eligible under the micro-business category.

Applications will become available on a rolling basis following the pre-registration period (April 19, 2021, 9:00 a.m. to April 29, 2021, 5:00 p.m.) Pre-registered applicants will need to return to https://programs.njeda.com/en-US/ to complete an application based on the following schedule:

  • Businesses that did not apply for, or were not approved for Phase 3 funding – 9:00 a.m. on May 3, 2021
  • Restaurants and child care providers – 9:00 a.m. on May 5, 2021
  • Micro businesses (five or fewer FTEs) – 9:00 a.m. on May 10, 2021
  • All other small businesses, excluding restaurants, micro businesses, and child care providers – 9:00 a.m. on May 12, 2021

Applications for each category will be open for a period of one week and will be accepted on a first-come, first-served basis, based upon the date and time the Authority receives a completed application submission.

The NJEDA is partnering with three leading marketing agencies to coordinate strategic outreach to targeted communities. Tara Dowdell Group, Medina=Citi, and 360 Marketing and PR were selected to support these outreach efforts based on their established connections to diverse communities across the state. All three firms are minority- and/or woman-owned.

The NJEDA is providing the online pre-registration and application in English and Spanish and offering applicants access to interpretation services to support speakers of ten additional languages – Arabic, Chinese (Mandarin and Cantonese), Gujarati, Hindi, Italian, Korean, Polish, Portuguese, and Tagalog.

In addition to the Small Business Emergency Assistance Grant Program, the NJEDA administers a variety of technical assistance and low-cost financing programs for small and mid-sized businesses impacted by COVID-19. More information about these programs and other State support is available at https://business.nj.gov/covid or call 844-965-1125.


 
About the New Jersey Economic Development Authority


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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.
 

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TRENTON, N.J. (11 de marzo de 2021) – La Junta directiva de la Autoridad para el desarrollo económico de New Jersey (NJEDA) anunció ayer que ha aprobado la creación de un Programa de subsidios de apoyo a microprestamistas. Este programa piloto de $2 millones pondrá fondos de subsidio a disposición de organizaciones que prestan dinero a las micro y pequeñas empresas de New Jersey. Estos fondos ayudarán a las entidades elegibles al apoyar los costos asociados con ampliar sus operaciones y ofrecer asistencia directa a empresas con sede en New Jersey. Esto es esencial ahora que la pandemia del COVID-19 ha creado una necesidad abrumadora entre las microempresas. 

A lo largo de la pandemia del COVID-19, la NJEDA ha proporcionado más de $250 millones en apoyo para pequeñas empresas y comunidades que han enfrentado dificultades económicas. La Autoridad ha proporcionado un total de $11.25 millones en apoyo a instituciones financieras para el desarrollo comunitario (CDFI) de New Jersey que específicamente apuntan a financiar mercados y poblaciones desatendidos. Esto incluye una asignación de $10 millones para el Fondo de reserva para pérdidas de préstamos de CDFI y $1.25 millones en fondos de subsidio a través del Programa de subsidios de asistencia de emergencia de CDFI. A la fecha, estos programas han permitido que las CDFI de New Jersey proporcionen más de $8 millones en fondos a 349 micro y pequeñas empresas en todo el estado. El programa piloto aprobado ayer construye sobre este éxito al proporcionar fondos adicionales y ampliar el grupo de posibles colaboradores con los que la NJEDA puede aliarse de cara al futuro.

“Las pequeñas empresas son los pilares de las comunidades, y el Gobernador Murphy ha priorizado el apoyo a estas empresas que han sido las más golpeadas por la pandemia del COVID-19. Las CDFI y otros prestamistas que específicamente apoyan a las microempresas han sido han sido esenciales para ayudar a que estas empresas se mantengan en operación, pero los desafíos continuos de la pandemia han generado presión sobre estas organizaciones”, dijo el director ejecutivo de NJEDA, Tim Sullivan. “El programa de subsidios de apoyo a microprestamistas proporcionará los recursos tan necesarios para ayudar a las CDFI y otros prestamistas a seguir apoyando a las pequeñas empresas que necesitan ayuda mientras aumentan su capacidad para atender aún a más empresas en necesidad.”

Las CDFI han proporcionado apoyo crítico a empresas que enfrentan dificultades con el impacto económico de la pandemia del COVID-19. Sin embargo, la persistente necesidad sin precedentes de apoyo en el último año ha provocado que muchas de estas organizaciones enfrenten desafíos operativos y limitaciones de capacidad.

El Programa de subsidios de apoyo a microprestamistas pondrá $2 millones adicionales a disposición para proporcionar subsidios de hasta $200,000 a CDFI, sociedades depositarias de minorías (MDI) y otros prestamistas elegibles según lo identificado en la Ley de recuperación económica (Economic Recovery Act). Este programa piloto está previsto para identificar y asistir aliados elegibles. Los fondos del subsidio recibidos a través del programa se pueden usar para financiar gastos operativos asociados con atender a microempresas y la reducción de tasas de intereses de los préstamos que se ofrecen a las microempresas. Las CDFI y MDI con sede fuera de New Jersey, que atienden a empresas de New Jersey, serán elegibles para recibir fondos, lo que reducirá la carga financiera sobre las CDFI de New Jersey y creará nuevas oportunidades de financiamiento para las empresas de New Jersey.  

La NJEDA anticipa el lanzamiento de una aplicación para el Programa de subsidios de apoyo a microprestamistas el 19 de abril de 2021. Las organizaciones interesadas en obtener más información acerca del programa deben comunicarse con smallbusinessservices@njeda.com. 

Acerca de la Autoridad para el desarrollo económico de New Jersey

La Autoridad para el desarrollo económico de New Jersey (NJEDA) es la agencia principal del Estado para impulsar el desarrollo económico. La NJEDA tiene el compromiso de hacer del Estado de New Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible al centrarse en estrategias claves para ayudar a construir comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de New Jersey y ofrecer oportunidades para una economía más sólida y justa. Mediante asociaciones con diversas partes interesadas, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y la calidad de vida en el Estado y para fortalecer la competitividad económica a largo plazo de New Jersey.

Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter, Instagram y LinkedIn.

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TRENTON, N.J. (March 10, 2021) – The New Jersey Economic Development Authority (NJEDA) Board of Directors today approved the creation of the Micro Lender Support Grant Program. This $2 million pilot program will make grant funding available to organizations that lend to New Jersey small and micro businesses. These funds will help eligible entities by supporting the costs associated with scaling up their operations and offering direct assistance to New Jersey-based businesses. This is critical now as the COVID-19 pandemic has created overwhelming need among micro businesses.  

Throughout the COVID-19 pandemic, the NJEDA has provided more than $250 million in support for small businesses and communities that have faced economic hardship. The Authority has provided a total of $11.25 million in support to New Jersey-based Community Development Financial Institutions (CDFIs) that specifically target financing to underserved markets and populations. This includes a $10 million allocation for the CDFI Loan Loss Reserve Fund and $1.25 million in grant funding through the CDFI Emergency Assistance Grant Program. To date, these programs have enabled New Jersey-based CDFIs to provide more than $8 million in financing to 349 small and micro businesses throughout the state. The pilot program approved today builds on this success by providing additional funding and expanding the pool of potential partners the NJEDA can partner with going forward.

“Small businesses are the bedrock of communities, and Governor Murphy has prioritized supporting those businesses that have been hit the hardest by the COVID-19 pandemic. CDFIs and other lenders that specifically support micro businesses have been crucial to helping these businesses keep the lights on, but the ongoing challenges of the pandemic have strained these organizations,” said NJEDA Chief Executive Officer Tim Sullivan. “The Micro Lender Support Grant Program will provide much needed resources to help CDFIs and other lenders continue supporting small businesses that need help while increasing their capacity to serve even more businesses in need.”

CDFIs have provided critical support for businesses struggling with the economic impact of the COVID-19 pandemic. However, the unprecedented and persistent need for support over the past year has caused many of these organizations to face operational challenges and capacity limitations.

The Micro Lender Support Grant Program will make an additional $2 million available to provide grants of up to $200,000 to CDFIs, Minority Depository Institutions (MDIs), and other eligible lenders as identified in the Economic Recovery Act. This pilot program is meant to identify and assist eligible partners. Grant funds received through the program can be used to fund operating expenses associated with servicing micro businesses and the buying down of interest rates of loans offered to micro businesses. CDFIs and MDIs based outside New Jersey that service New Jersey businesses will be eligible to receive funds, which will reduce the financial burden on New Jersey-based CDFIs and create new financing opportunities for New Jersey businesses.   

The NJEDA anticipates launching the application for the Micro Lender Support Grant Program on April 19, 2021. Organizations interested in learning more about the program are encouraged to contact smallbusinessservices@njeda.com.  

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About the New Jersey Economic Development Authority

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (February 5, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced that pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program will be deferred. Pre-registration was scheduled to open on Wednesday, February 10, 2021. The Authority has not announced a new date for the program.

The Authority deferred the launch of the program to accommodate the rollout of additional federal Paycheck Protection Program (PPP) financing for small businesses, which had not been announced when the NJEDA was preparing to launch the Small Business Emergency Assistance Loan Program. To date, more than $2.1 billion has already been loaned to New Jersey businesses through the PPP. The deferral will allow the NJEDA to tailor the Emergency Assistance Loan Program to address gaps in the availability of federal financing and more effectively meet businesses’ unique needs.

The NJEDA will share additional updates on the Emergency Assistance Loan Program and other COVID-19 relief resources as they become available. Information will also be shared on the COVID-19 Business Hub: https://cv.business.nj.gov.  

About the New Jersey Economic Development Authority

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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As we head into Small Business Saturday, the charts below help us understand COVID-19’s impact on small businesses, a sector of the New Jersey economy that has been hit especially hard by the pandemic. The good news for local small businesses is that COVID-19 presents a double-edged sword in terms of local spending. The pandemic has created challenges for small businesses, but it has also caused most NJ residents to stay close to home and enticed new residents into the state, which means a larger portion of these residents’ consumer dollars are also staying closer to home and supporting local businesses. In addition, the New Jersey Economic Development Authority (NJEDA) has created new programs to provide small businesses with much-needed financial support and technical assistance to help get them through these rough times.

Indicator 1 – Small Business Revenue

Source: Opportunity Insights Economic Tracker

This first economic indicator shows New Jersey small business revenue for all industries and revenue broken out by two specific areas of industry: retail and transportation, and leisure and hospitality. Here, small businesses are defined as businesses with annual revenue below U.S. Small Business Administration thresholds[1]. The chart depicts changes in revenue relative to where it was right before COVID-19 arrived in New Jersey to give a picture of how small business revenue has been impacted by the pandemic.

There are a few readily apparent narratives illustrated in the chart. One is that small business revenue has taken a huge hit. As of the first week of November, small business revenue was down more than 30 percent relative to January. This revenue decline actually represents a significant recovery from the depths of the economic shutdown, when revenue was down nearly 60 percent. But after recovering a good portion of lost revenue through the summer, small business revenue levels have been relatively stagnant, signaling a lack of momentum in the small business economy. The chart also shows that, as the COVID-19 new case rate has risen back to levels seen in April, small business revenue is suffering another downturn. Since late October, small business revenue has deteriorated from around -24 percent to -32 percent.

A third and clearly apparent narrative is that COVID-19 has had differential impacts on several industries. For instance, the pandemic has had an especially large impact on the leisure and hospitality industry, where revenues are down more than 50 percent, while in retail and transportation, revenue had essentially recovered to pre-COVID levels. Unfortunately, as virus cases are rising sharply, retail and transportation revenue is again declining sharply.

Indicator 2 – Cash on Hand

Source: US Census Bureau

In the context of this latest surge in virus cases, it is important to consider the breadth of small business cash levels as indication of how prepared these businesses are to weather another demand decline. This chart shows the percentage of small businesses that report having cash levels that can cover one month or more of expenses. The data is pulled from the Small Business Pulse, which is a survey that measures the effect of changing business conditions during the pandemic on small businesses.

As the chart shows, coming into May, a little more than 30 percent of small businesses in New Jersey reported having cash levels to cover a month or more of expenses. Then, as the Paycheck Protection Program (PPP) provided much needed cash to small businesses, cash levels improved markedly. According to the survey, approximately 70 percent of New Jersey small businesses received PPP loans. At its high point, almost 55 percent of small businesses reported having cash levels to cover one month or more of expenses. But as PPP becomes more of a distant memory, cash levels have deteriorated. In the latest weekly survey, only 43 percent of small businesses reported having one month or more of cash in reserve. And as COVID cases are on the rise and activity slows, we’re almost certain to see cash levels deteriorate further. This will create a pressing need for additional funding support for small businesses. At the time of this publication, the NJEDA in 2020 had approved over $150 million in grants to New Jersey’s small businesses, of which over $85 million were approved since the beginning of November. This recent surge in funds will help provide much needed resources to the small business community.

Indicator 3 – Small Business Ownership by Race, Ethnicity, and Sex

Source: US Census Bureau

Small Businesses provide significant economic opportunities to more economically marginalized groups. These businesses are more likely to be minority- or woman-owned than larger businesses, which means the drop in small business activity has had an outsized economic impact on minorities and women. This is especially true in the accommodations and food services industries, where significantly higher shares of businesses are minority- and woman-owned (approximately 37 percent and 33 percent respectively). Unfortunately, accommodations and food services has been amongst the hardest hit industries, with revenue down more than 50 percent from pre-pandemic levels. This has an outsize impact on historically marginalized groups and creates an even more pressing need for economic assistance that specifically supports these communities. Once again, the NJEDA has been working to help these communities. Of the over $150 million in grants approved this year, approximately 24 percent has been to minority-owned businesses, 26 percent to women-owned businesses, and 30 percent to small businesses in opportunity zones. Note these are non-mutually exclusive shares that have a significant amount of overlap.

[1] https://www.sba.gov/sites/default/files/2019-08/SBA%20Table%20of%20Size%20Standards_Effective%20Aug%2019%2C%202019_Rev.pdf