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-19 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:

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  • $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 Department 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

 

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