Applications for the Small Business Lease Assistance program are now available, the New Jersey Economic Development Authority announced Wednesday afternoon.
The program reimburses small businesses and nonprofits 15 percent of annual lease payments, for two years, for market-rate, first-floor office, industrial or retail space rentals for a minimum of five years.
There are no size restrictions, but businesses will only receive reimbursement on the first 5,000 square feet of leased space, the EDA said.
Within each participating municipality, the EDA can approve $100,000, at most, in lease assistance each year, for three years. The organization said it has coordinated with townships on eligibility areas that are consistent with each locale’s local redevelopment plans.
According to the EDA, the initiative is part of the organization’s efforts to revitalize commercial corridors by investing in communities.
“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 Lt. Gov. Sheila Oliver, who also serves as commissioner of the Department of Community Affairs, in a prepared statement.
“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,” she added.
The Small Business Lease Assistance Program is available in 13 cities: The five designated Garden State Growth Zones of Atlantic City, Camden, Trenton, Passaic and Paterson; and eight Urban Enterprise Zones, including Bridgeton, Jersey City, Millville, Mount Holly, Phillipsburg, Plainfield, Salem and Vineland.
Each city has a designated program representative to assist with applications, with questions for a city, and to aid the effort to market the program locally. You can find your city representative at www.njeda.com/LeaseAssistance.