Presented by Kathy Guzman, NJEDA Senior Small Business Liaison – April 17, 2025 at OCBA
At the April 17 OCBA lunch meeting, members had the opportunity to hear from Kathy Guzman, Senior Small Business Liaison with the New Jersey Economic Development Authority (NJEDA). Kathy provided an in-depth overview of valuable grants, loans, and support programs available to small businesses across the state.
These tools—many of them free or low-cost—can help local businesses expand, renovate, market, and grow without the burden of traditional financing.
If you’re a startup, a long-established company, a nonprofit, or a sole proprietor, NJEDA offers funding programs designed to help your business grow and succeed. Here are key takeaways from Kathy’s presentation:
Key NJEDA Grant Programs
1. Small Business E-Commerce Support Program
Designed to help businesses build or improve their e-commerce presence. Businesses are required to choose from a pre-approved NJ list of vendors.
- What it offers: A professionally developed website with e-commerce functionality, optimized for Google search.
- Eligibility: Brick-and-mortar businesses (retail, restaurants, personal care, professional services) with a storefront.
- Value: Up to $10,000 in services provided at no cost to the business.
- Best for: Business owners who want a stronger online presence and digital marketing plan.
2. Small Business Lease Grant
Supports businesses signing a new 5-year lease or expanding by at least 250 sq. ft.
- What it offers: Reimbursement of 20% of annual lease payments for the first 2 years (roughly 2.5 months of free rent).
- Eligibility: Ground-floor commercial spaces in New Jersey.
- Requirements: Businesses must agree to stay in the space for 5 years and pay employees at least 120% of the state minimum wage.
3. Small Business Improvement Grant
Helps reimburse expenses related to capital improvements and equipment.
- What it offers: 50% reimbursement up to $50,000 for upgrades such as signage, furniture, tech equipment, or renovations.
- Eligibility: Open to businesses on any floor, as well as home-based businesses (for non-affixed items only).
- Note: Equipment must be new (no used or leased items), and improvements must be made by the business entity—not the property owner.
4. Main Street Acquisition Support Grant
A newer program that reimburses closing costs for businesses that purchase commercial properties.
- What it offers: Up to $50,000 for qualified closing expenses.
- Eligibility: The purchasing entity must match the operating entity (e.g., both owned by the same individuals).
- Key Details: Open to purchases made after October 2024; building must be at least 1,000 sq. ft.
Loan Programs
1. NJ Capital Access Fund
Created for businesses that may not yet qualify for bank loans.
- No collateral or minimum credit score required.
- Interest rate: Between 8%–11%.
- Uses: Working capital, payroll, utilities, marketing, etc.
2. NJEDA Direct Loans & Small Business Fund
- Up to $500,000 based on treasury rates.
- Requires collateral and is intended for equipment purchases, real estate, or working capital.
3. Premier Lender Program
NJEDA partners with banks to provide co-lending options.
- Split funding model: Half of the loan from your bank, half from NJEDA.
- Ideal for larger capital projects when traditional banks are only able to partially fund.
Additional Insights
- Many of NJEDA’s grant programs are non-competitive—if you meet the eligibility and submit the correct documentation, you will be funded, as long as funding remains.
- Businesses may be eligible for multiple programs.
- Applications require detailed documentation and may take time, but NJEDA staff are available to guide you.
Learn More and Apply
To explore these programs or see if your business qualifies, visit the NJEDA’s website www.njeda.com
A huge thank you to Kathy Guzman for an informative and empowering presentation. If you missed this meeting and want to attend future events, request a guest ticket here. OCBA is committed to helping local businesses grow through access to resources, education, and strong professional connections.
