NJ Lt. Gov. Sheila Oliver, left, and Tim Sullivan, NJEDA chief executive officer
TRENTON, NJ—The New Jersey Economic Development Authority is taking applications for the Small Business Lease Assistance Program. The program, which reimburses small businesses a portion of annual lease payments for new or additional space leased in targeted cities around the state, is part of the NJEDA's efforts to invest in communities by revitalizing commercial corridors.
“Bringing small businesses back to New Jersey's main streets and downtown areas is central to creating walkable, transit-accessible neighborhoods where people will choose to live and work,” says Lieutenant Governor Sheila Y. Oliver, who also serves as Commissioner of the Department of Community Affairs. “NJEDA's Small Business Lease Assistance Program will help to attract new businesses, create new jobs, and lend a hand in community revitalization – it's a win-win for New Jersey.”
The Small Business Lease Assistance Program reimburses businesses and nonprofit organizations 15 percent of annual lease payments for two years when they rent market-rate, first-floor office, industrial, or retail spaces for a minimum 5-year term. Businesses in the program can lease spaces of any size but will only receive NJEDA reimbursements on the first 5,000 square feet of leased space.
“Supporting small businesses that create good jobs for residents is a critical component of Governor Murphy's plan to invest in communities,” says NJEDA chief executive officer Tim Sullivan. “The Small Business Lease Assistance Program will provide businesses the support they need to get off the ground, helping to build more vibrant downtown areas that attract more businesses and the talent we need to build a competitive economy.”
The program is available in thirteen cities, including the five legislatively-designated Garden State Growth Zones (GSGZs)—Atlantic City, Camden, Trenton, Passaic, and Paterson—as well as eight Urban Enterprise Zones (UEZs) with Main Streets as designated by the NJ Department of Community Affairs: Bridgeton, Jersey City, Millville, Mt. Holly, Phillipsburg, Plainfield, Salem, and Vineland. Within each municipality, the NJEDA can approve up to $100,000 in lease assistance per year for three years. To ensure the greatest possible impact, the NJEDA has coordinated with the eligible municipalities on specific areas of eligibility within the cities that are consistent with local redevelopment plans and fit into the city's long-term vision.
Each of the cities has also designated a program representative to assist businesses with the application process, questions specific to the city, and to help market the program to local businesses.
“The Small Business Lease Assistance Program is an important tool for creating vibrant, walkable communities,” says Christina Fuentes, director of Small Business Services at the NJEDA. “Small businesses are what make communities unique and helping them thrive is the best way to foster dynamic and inclusive cities and downtown areas that make New Jersey special.”
In addition to the Small Business Lease Assistance Program, the NJEDA also supports small businesses with low-interest loans, bond financing, and educational programming. Many of these programs place a special emphasis on supporting women-, minority-, and veteran-owned businesses.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
