The New Jersey Economic Development Authority (NJEDA) has announced that applications for the Main Street Acquisition Support Grant will open on October 1, 2024. This pilot program aims to enhance small business owners' liquidity following the purchase of a commercial property in New Jersey.
The grant will reimburse small business applicants up to $50,000 for a portion of closing costs incurred after purchasing an existing commercial property from which their business will operate. The closing must occur after the application opens to the public, and the grant application must be submitted within one year from the date of closing.
An informational webinar detailing the program is scheduled for September 30, 2024, at 2:00 p.m. To register or obtain more information about the webinar, interested parties can visit NJEDA's website.
Small businesses applying for this grant must occupy at least 1,000 square feet of usable space in the purchased building. All loans must be closed in an arm’s length commercial transaction with a conventional lender.
Applications for the Main Street Acquisition Support Grant will officially open on October 1, 2024.
