TRENTON, NJ - Paterson businesses and non-profits are among those in 13 cities that can now apply for financial assistance through the New Jersey Economic Development Authority’s (EDA) Small Business Lease Assistance Program.
According to a statement, the program, which reimburses 15 percent of annual lease payments for two years when they rent market-rate, first-floor office, industrial, or retail spaces for a minimum 5-year term, is part of NJEDA’s efforts to invest in communities by revitalizing commercial corridors. Businesses in the program can lease spaces of any size, but will only receive NJEDA reimbursements on the first 5,000 square feet of leased space.
“Bringing small businesses back to New Jersey’s main streets and downtown areas is central to creating walkable, transit-accessible neighborhoods where people will choose to live and work,” said Lieutenant Governor Sheila Y. Oliver, who also serves as Commissioner of the Department of Community Affairs. “NJEDA’s Small Business Lease Assistance Program will help to attract new businesses, create new jobs, and lend a hand in community revitalization – it’s a win-win for New Jersey.”
Within each municipality, the NJEDA can approve up to $100,000 in lease assistance per year for three years. To ensure the greatest possible impact, the NJEDA has coordinated with the eligible municipalities on specific areas of eligibility within the cities that are consistent with local redevelopment plans and fit into the city’s long-term vision.
Paterson businesses in the Urban Enterprise Zone are considered eligible. A detailed map of eligible locations is available here.
“Supporting small businesses that create good jobs for residents is a critical component of Governor Murphy’s plan to invest in communities,” said NJEDA Chief Executive Officer Tim Sullivan. “The Small Business Lease Assistance Program will provide businesses the support they need to get off the ground, helping to build more vibrant downtown areas that attract more businesses and the talent we need to build a competitive economy.”
“Mayor Sayegh is setting Paterson on a course to experience a renaissance, and in many ways that starts by making sure our business community is a vibrant one” Mike Powell, the city’s director of economic development told TAPinto Paterson. “This program shows that the State of New Jersey is a partner in our efforts, and we once again welcome their assistance.”
For more information about how local businesses can benefit from this and other UEZ programs email Penni Forestieri, Director, UEZ, by clicking here.
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