Industrial & Economic Development
NJEDA Small Business Grants - Round 3
NJEDA will award a total of $70 million in federal CARES Act funding to small businesses. Any business or nonprofit located in New Jersey, including home-based businesses, with 50 or fewer full-time equivalent employees (FTEs) is eligible to receive grant funding during Phase 3. Businesses that received funding in previous phases of the program are eligible to receive Phase 3 funding.
Grant awards will be calculated based on the number of FTEs businesses employ.
· Eligible Micro-businesses with five or fewer FTEs and sole proprietorships will receive up to $5,000
· Eligible Businesses with six to 25 FTEs will receive up to $10,000
· Eligible Businesses with 26 to 50 FTEs will receive up to $15,000.
For businesses that are classified as “Food Services and Drinking Places” (NAICS code 722) ONLY:
· Eligible Businesses in this classification with five or fewer employees will receive up to $10,000
· Eligible Businesses with six to 25 FTEs will receive up to $15,000
· Eligible Businesses with 26 to 50 FTEs will receive up to $20,000
Mandatory Pre-Registration and application period
Pre-Registration closes at next Tuesday, October 27 at 5 pa.m. To be eligible for Phase 3 funding a business MUST pre-register. Access the Pre-Registration here.
Phase 3 of the Grant Program will likely be oversubscribed. To streamline the application process, the Authority is requiring all applicants to pre-register online. Applications will become available on a rolling basis following the pre-registration period.
Pre-registered applicants will need to return to complete an application based on the following schedule:
Restaurants – 9:00 a.m. on Thursday, October 29, 2020
Micro businesses – 9:00 a.m. on Friday, October 30, 2020
All other businesses, excluding restaurants and micro businesses – 9:00 a.m. on Monday, November 2, 2020
CITY COVID-19 EMERGENCY ASSISTANCE
The City of Millville is an Entitlement Community under the US Department of Housing and Urban Development Community Development Block Grant program. The City receives grant funding annually to support the primary objective of Title I of the Housing and Community Development Act of 1974 to develop viable urban communities, in this application particularly, through expanded economic opportunities principally for low-and moderate-income persons.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized additional direct grant funding to Entitlement Communities which was allocated using the same annual formula. The City of Millville received $175,747, of which, $90,747 has been allocated for economic development activities that support small business recovery in response to the Coronavirus pandemic.
- The business must be located within the City of Millville.
- The business must meet the National Objective of benefiting Low-to Moderate Income persons and retain or create at least one permanent job held by such. The applicant will be required to certify and document how the business meets the national objective.
- The selection will not be based on first-come, first-serve, but will be selected based on need, previous profitability, ability to continue operations seamlessly upon reopening, etc.
- All businesses must be willing to participate in a small business needs assessment that includes: the business's current marketing strategies; promotional strategies; etc.
- The applicant must certify that benefits are no duplicated (i.e. funding is allocated for separate uses) by other funding sources.
Use of Funds
- Eligible Expenses include rent, mortgage, utilities, marketing, equipment, payroll, inventory restocking, and general supplies necessary for recovery.
- Maximum award amount of $5,000.
- Funds are to be spent within 6 months of award.
Remember to check back frequently as items are added and updated. Please contact Samantha Silvers for assistance.
(856) 825-7000 ext. 7341
Please click here for information pertaining to additional Federal, State, and other financial assistance opportunities during the COVID-19 crisis.
General COVID-19 information can be found here.