TRENTON, NJ – Small business in Bayonne, Hoboken, and Jersey City are among those eligible to apply for grants of up to $10,000 to assist with lease costs under the Small Business Lease - Emergency Assistance Grant Program (SBL-EAGP) announced by Governor Phil Murphy.
The program will assist small business owners impacted by the COVID-19 pandemic.
“We are committed to helping small businesses across our state survive this unprecedented crisis,” Murphy said. “A stronger and fairer New Jersey starts from the bottom up. The Small Business Lease - Emergency Assistance Grant Program will infuse much-needed funding into local economies by assisting both small businesses and the landlords that they rent from.”
Set to be managed through the New Jersey Redevelopment Authority (NJRA), the program is being hailed as the first component of a broader Main Street Commercial Corridors Relief Package to be paid for with federal CARES Act funding and specifically targeted to:
Tenants leasing commercial space in mixed-use buildings
Tenants leasing space in commercial buildings
Tenants leasing space to operate a storefront business
“The Small Business Lease Emergency Grant Assistance Program is directly geared toward keeping the mom-and-pop shops on main streets and business centers afloat in this time of need, specifically in our most vulnerable communities in New Jersey,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs and Board Chair of the New Jersey Redevelopment Authority.
The program will be targeted to businesses with 5,000 square feet of leased space or less, and is requiring standard debarment and legal qualifications from applying businesses. Applications will open August 10, 2020, online, and funds will be distributed on a first come, first served basis. $6 million in federal CARES Act funding will be allocated for this program.
“Small businesses and Main Street are the backbone of New Jersey’s local economy,” Assemblyman Nicholas Chiaravalloti (D-Bayonne and Jersey City) said. “I applaud this effort to expand support for small businesses.
Also welcoming the news, while encouraging residents to continue to support their local businesses, was Greg Dell’Aquila, President of the Hoboken Business Alliance (HBA).
“The HBA is happy to hear that the Governor’s Office is continuing to support Main Street,” Dell’Aquila said. “Main Street businesses like the ones we have in Hoboken are the lifeblood of our economy.”
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