Listen to this article

The New Jersey Economic Development Authority (NJEDA) announced Feb. 3 highlights from its Main Street Recovery Program in 2024.

The agency says it issued more than $32 million in grants and loans to over 1,200 small businesses through the program last year. The initiative launched under Gov. Phil Murphy’s Economic Recovery Act.

The Main Street Recovery Program provides a suite of products to support New Jersey small businesses, including:

• Small Business Lease Grant
• Small Business Improvement Grant
• Main Street Lenders Grant
• Main Street Acquisition Support Grant
• Small Business E-Commerce Support Program
• Main Street Micro Business Loan

The effort originally aimed at helping small businesses during the pandemic, as well as supporting their growth and success in the post-pandemic period.

Since its 2021 launch, the NJEDA has awarded nearly $167 million to more than 5,000 small businesses across the state. Including the $700 million in pandemic relief distributed to small businesses before the program’s establishment, the NJEDA says it has distributed a total of nearly $1 billion to support small businesses throughout the state.

In a press release, NJEDA Chief Executive Officer Tim Sullivan said that the efforts and results affirm the Murphy administration’s commitment to supporting small businesses with a range of resources designed to equip them for success.

“When the pandemic struck, the NJEDA, through the Economic Recovery Act, worked tirelessly to develop programs that infused millions of dollars into New Jersey’s local economies,” said Sullivan. “Today, the Main Street Recovery Program continues to assist thousands of small businesses by help them grow, expand, and thrive.”

More information on the Main Street Recovery Program – and how to apply – can be found here.

Small business support:

• Bill advances to support small businesses during ops interruptions
• 16 small businesses graduate Invest Newark accelerator
• Devils, Citizens open apps for Jersey Shops program