NEW JERSEY — Earlier this week, Gov. Phil Murphy unveiled his Fiscal Year 2022 Budget, which included $200 million to support New Jersey’s small businesses, the backbone of New Jersey’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 our 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 FY2021 and another $50 million is proposed for FY2022).
- $25 million for EDA’s lending programs such as Premier Lender and Microbusinesses;
- $20 million for the NJRA’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 Dept. 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 DCA’s 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; and
- $500,000 to double funding for EDA’s Small Businesses Bonding Readiness Assistance program.
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