Small businesses have long been the foundation of New Jersey’s economy, fueling innovation and creating job opportunities across the state. Recognizing their importance, the New Jersey Economic Development Authority (NJEDA) supports their growth and success through initiatives like the Small Business Improvement Grant, designed to strengthen and revitalize small enterprises across the Garden State. Your NJ-based business might be eligible for this economic incentive.
The Grant provides businesses and nonprofits reimbursement for costs associated with making interior or exterior building improvements or purchasing and installing new furniture, fixtures, and equipment. Landlords are not eligible.
Small businesses, as defined by statute, will be reimbursed for 50% of eligible total project costs incurred after March 9, 2020, but no more than 2 years prior to the time of application, with a total grant amount not to exceed $50,000. Only one award is allowed per EIN for the life of the program.
Additionally, to meet eligibility for the Small Business Improvement Grant…
- The project cost must be at least $5,000
- You must provide a current tax clearance certificate prior to approval
- Your business must be in good standing with the Department of Labor and the Department of Environmental Protection
- You must certify at the time of application that you are not in default of any other EDA or State assistance
- Your business must remain in the location for at least two years for grants up to $25,000, or at least four years for all other grant award amounts
Read more about the Small Business Improvement Grant specifications.
Apply for the Small Business Improvement Grant.
Counter Point supports your small business. When you thrive, we thrive! To learn more about our payroll and HCM solutions that can be tailored to meet your unique goals, schedule a call with us.
