Applications for New Jersey’s Small Business Lease Grant program open Wednesday, October 20th.
Applications will be accepted on a rolling basis Apply here.
Two grant awards of 20% of the total annual lease payment.
• This program is open to businesses and nonprofits. Applicants with multiple locations are limited to one application per location. Applicants cannot terminate an existing lease and enter into a new lease for the same square footage in order to pursue this grant.
• Be a commercial business or nonprofit
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• Provide certification from the landlord showing they are current on lease payments.
• Be in good standing with Department of Labor and Department of Environmental Protection.
• Certify at time of application that they are not in default of any other NJEDA or State assistance.
• Certify at application the applicant will pay wages that are the greater of $15/hour or 120% of the minimum wage rate for the term of the grant agreement (five years). Tipped employees are only required to be paid 120% of minimum wage rate.
• Commit to remaining in the facility for at least five years.
A lease must meet the following eligibility requirements:
• Square footage: between 250 to 10,000 square feet – over 10,000 is still eligible however, over 10,000 square feet will not be incentivized. For lease extensions, renewals, or amendments, the applicant must expand or add a minimum of 250 square feet.
• Must include first-floor (street-level) space. Leases that include two floors are eligible, but must include first-floor (street-level) space.
• Lease payments can only include the leasing of square footage (equipment cannot be included)
• Must be a minimum 5-year term.
Leases must be executed on or after March 9, 2020 and within 12 months of application.
• Must be market-rate based on commercial real-estate information.
Approval Fee: $100
Payable after EDA approval and prior to execution of the grant agreement.
•Businesses currently operating under an existing Small Business Lease Assistance Program grant agreement are not eligible to apply, but may opt out of their existing grant agreement to pursue this grant.
• Grantees that default on lease payments or leave the space during their grant term are no longer eligible for the incentive and must repay any funding they received from the NJEDA.
• High Tech and Business Incubator members in Not for Profit facilities would not be eligible for independent lease incentives.
• Landlord cannot have an ownership interest in the applicant.
• Additional information can be found in Appendix B-Small Business Lease Grant Program Specifications document.
To ask a specific question please send an email to the NJEDA help desk [email protected]