The basics:

• Newark Alliance pilot offers grants of up to $50,000 for retail space fit-outs
• Businesses can receive up to $25,000 in scheduled purchases
• Program targets businesses with 20 or fewer employees
• Applications open through Aug. 28

Newark Alliance is continuing efforts to help strengthen the city’s economy with a newly launched pilot program for small retailers.

The nonprofit is offering grants, recoverable loans, guaranties and technical assistance to assist small businesses. The funding can go toward opening, moving into a new space or getting established in downtown Newark.

According to Newark Alliance, the program’s funding options include:

• A grant covering up to 50% of eligible retail space fit-out costs, capped at $50,000, for a new business or an existing business relocating to a new space
• Up to $25,000 in scheduled purchases of products or services from a business that has not yet opened or has been operating for no more than one year

The Small Business Support Pilot Program is open to new and existing commercial businesses with 20 or fewer employees that have an annual revenue of less than $1 million.

Retail entities situated in key corridors will receive priority, including portions of Halsey Street, Franklin Street, Mulberry Street, Cedar Street, Park Place and Central Avenue, according to Newark Alliance.

Selected businesses may also receive technical assistance and other forms of financing support through the program.

Newark Alliance Chief Real Estate and Investment Officer Jorge Santos told NJBIZ, “Many small businesses are able to identify a promising location but still face a significant funding gap between signing a lease and opening their doors. This pilot is intended to help close that gap by supporting the physical work needed to prepare a space and giving newer businesses an additional source of early revenue.”

“We also want to help create stronger connections between downtown businesses and the people who live, work and visit Newark,” Santos added. “By pairing financial support with tools that can generate customer activity, the program can help entrepreneurs establish themselves while contributing to a more active and occupied downtown.”

The Newark Alliance is a civic leadership organization that draws together leaders from the business, real estate, education, health care, technology, arts and community sectors. Part of its mission to expand economic opportunities for Newark residents and businesses.

Beyond direct financial assistance, Newark Alliance seeks to leverage collective resources and expertise to address issues including entrepreneurship, local hiring, procurement and investment in the city. Other recent initiatives have included the Buy Newark program, which connects city-based suppliers with procurement opportunities from alliance members, along with efforts to boost activity along Halsey Street through events and placemaking.

The new pilot builds on an earlier Newark Alliance program that provided targeted financial and technical assistance to six businesses. Past recipients include Aulo, Fern & Fossil and Honeypot Montessori.