The New Jersey Economic Development Authority (NJEDA) Board has approved a new initiative aimed at supporting small businesses through the Small Business Liquor License Grant Program. This program, with funding of $10 million, is designed to reimburse eligible small businesses up to $100,000 for purchasing an inactive plenary retail consumption liquor license within the last year. The goal is to reactivate over 1,300 inactive licenses.
Governor Phil Murphy expressed his support for the program by stating, “The Small Business Liquor License Grant program is an important step in removing financial barriers for our small businesses and will give them the opportunity to grow and transform their business with a liquor license.” Earlier this year, Governor Murphy signed legislation aimed at reforming New Jersey's outdated liquor license laws.
Tim Sullivan, NJEDA Chief Executive Officer, commented on the importance of this initiative: “Under Governor Murphy’s leadership, the NJEDA has prioritized the support of small businesses through the Main Street Recovery Finance Program, ensuring that entrepreneurs across the state have the tools and funding they need to thrive.” He emphasized that this grant would alleviate financial burdens associated with obtaining a liquor license and contribute to economic opportunities for restaurant owners.
The newly established grant program aims to reimburse 50 percent of a license's purchase price up to $100,000. To qualify, businesses must hold an inactive plenary retail consumption liquor license as defined by the New Jersey Division of Alcoholic Beverage Control (ABC), which must remain active for at least five years. Furthermore, 40 percent of grant funds are allocated specifically for applicants located in Opportunity Zone census tracts. Applications are expected to be available in early 2025.
This grant forms part of a broader set of initiatives under NJEDA's Main Street Recovery Finance Program focused on fostering growth among New Jersey's small businesses.
###
