The Board of the New Jersey Economic Development Authority (NJEDA) has approved the creation of a pilot program that will help boost small business owners’ liquidity following the purchase of a commercial property.
Approved at the NJEDA’s Board meeting last week, the Main Street Acquisition Support Grant will reimburse applicants for a portion of closing costs after they have purchased an existing New Jersey commercial property from which their small business will operate.
As part of the Main Street Recovery Fund, created under the Economic Recovery Act of 2020 (ERA), the program will be funded initially with $5 million to provide grants of up to $50,000, limited to one grant per business per Employer Identification Number, and for one eligible location. Based on demand, the program may be expanded to $10 million.