Camden is getting another economic development boost, this time from the state’s Economic Development Authority. The EDA has announced that it will give grants to small businesses to expand in or locate to selected areas of the city.
The expansion zone is on Market Street, Cooper Street and Fifth Street in Cooper Grant, roughly 12 blocks of Federal Street and downtown neighborhoods, according to an announcement by the EDA and the office of Camden Mayor Dana Redd.
The small business grants will be given as part of the EDA’s Business Lease Incentive and Business Improvement Incentive programs that were launched when the state’s legislature approved of the creation of Garden State Growth Zones under the Economic Opportunities Act of 2013. The Act was passed to give approval and incentives for big-ticket projects across the state.
So far, it has helped cities such as Newark, Camden, Trenton and Jersey City engage in major economic development projects.