The New Jersey Economic Development Authority (NJEDA) is developing a new grant program to support small businesses in acquiring inactive plenary retail consumption liquor licenses. This initiative aligns with Governor Phil Murphy's recent legislation aimed at reforming the state's liquor license laws.
Governor Murphy commented, "Earlier this year I was proud to sign into law legislation that will overhaul New Jersey’s antiquated liquor license laws that have been a burden to small businesses across the state for far too long. Now, we are continuing to take steps to remove these barriers for our small businesses, so that we may provide them financial peace of mind and the opportunity to flourish."
The new $10 million program will be part of the Main Street Recovery program established under the Economic Recovery Act of 2020. The NJEDA Liquor License Acquisition program is being drafted in consultation with the Division of Alcoholic Beverage Control (ABC) and will align with relevant provisions as they become effective. The NJEDA plans to present this grant product to their Board in fall 2024, with applications expected to open in early 2025.
Tim Sullivan, NJEDA Chief Executive Officer, stated, "Under Governor Murphy’s leadership, the NJEDA is focused on ensuring small business owners have every tool necessary to succeed and providing opportunities for them to grow and thrive. Giving restaurants the opportunity to transform their business by aiding in the purchase of a liquor license will have a major impact on their long-term economic success, will relieve unnecessary financial burdens, and further increase the vitality of our downtowns and main streets."
The proposed program will offer grants up to $100,000 or no more than 50 percent of the license purchase price. Eligible applicants must possess a recently purchased inactive plenary retail consumption license at the time of application, be open and operating for 12 months prior to application, and meet the SBA definition of a small business. Applications will be accepted on a rolling basis for three years or until funds are exhausted.
The NJEDA serves as New Jersey's principal agency for driving economic growth. It aims to make New Jersey a model for inclusive and sustainable economic development through partnerships with various stakeholders.
For more information about NJEDA resources for businesses, contact NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov.
