The New Jersey Economic Development Authority (NJEDA) announced that in 2024, it allocated over $32 million in grants and loans to more than 1,200 small businesses through the Main Street Recovery Program. This initiative was established under Governor Phil Murphy’s Economic Recovery Act (ERA) to support small businesses across New Jersey.
Since its inception in 2021, the NJEDA has distributed approximately $167 million to over 5,000 small businesses throughout the state. Including the $700 million provided as pandemic relief before the program's launch, nearly $1 billion has been invested to aid small businesses in New Jersey.
Tim Sullivan, Chief Executive Officer of NJEDA, stated: “Under Governor Murphy’s leadership, New Jersey remains committed to supporting small businesses with a range of resources designed to equip them for success.” He added that during the pandemic, NJEDA worked diligently through the Economic Recovery Act to develop programs that injected millions into local economies. "Today, the Main Street Recovery Program continues to assist thousands of small businesses by helping them grow, expand, and thrive," he said.
Initially designed to help small businesses remain operational during the pandemic and foster their growth post-pandemic, the Main Street Recovery Program continues its mission years after the peak of COVID-19. It supports local enterprises along New Jersey’s main streets.
The suite of programs under Main Street Recovery aims at sustaining these efforts.
