TRENTON, NJ — Gov. Phil Murphy's fiscal year 2022 budget includes $200 million to support New Jersey’s small businesses — the backbone of the state's economy.
Hit hard by the COVID pandemic, small businesses have been forced to adapt to a vastly changed economy. The governor's budget allocates almost $150 million in funding to help small businesses recover and thrive, which bolsters the $50 million allocation from the recently signed Economic Recovery Act. In all, this commitment totals almost $200 million in the form of direct grants, loans, loan guarantees, and other tools for countless small businesses.
This $200 million initiative includes the following components, boosting economic recovery in communities, providing access to capital for minority-owned businesses and helping government support sustainable economic growth:
- $100 million from the recently passed Economic Recovery Act’s Main Street Recovery Finance program ($50 million is available in fiscal year 2021 and another $50 million is proposed for fiscal year 2022).
- $25 million for Economic Development Administration (EDA) lending programs such as Premier Lender and Microbusinesses.
- $20 million for the New Jersey Redevelopment Authority’s Urban Site Acquisition Fund and Redevelopment Investment Fund.
- $15 million for permit modernization across state departments and for local governments.
- $13.5 million for the Department of Transportation’s Local Aid and Economic Development Grants, including the Transit Village, Safe Streets to Transit and Bikeways programs.
- $10 million for EDA’s Black and Latinx Seed Fund initiative.
- $6.5 million for the Depratment of Community Affairs’ Neighborhood Preservation Program and Main Street New Jersey, allowing each to expand in more communities.
- $5 million for the Department of State’s Business Marketing Initiative.
- $3.2 million for the Commission on Science, Innovation and Technology.
- $1 million for EDA’s NJ Ignite.
- $500,000 to double funding for EDA’s Small Businesses Bonding Readiness Assistance program.