The popular Small Business Improvement Grant was launched in 2022. This is a reimbursement grant that will pay you 50% of your spend on construction/capital improvements or purchase and/or installation of new furniture, fixtures, and equipment. It includes a two-year lookback period, so you can apply after your project has been completed. While NJEDA says this program is amply funded and that funding won’t run out, due to the volume of applications it can take 8-12 months for them to even look at your application. Home-based businesses are NOT eligible for reimbursement for renovation or improvement projects.
For this grant, you must certify at application that you are willing to pay wages that are the greater than $15/hour or 120% of the minimum wage rate. Tipped employees are required to be paid only 120% of minimum wage rate. You must remain in the location for at least two years for grants up to $25,000, or at least four years for all other grant award amounts.
Improvement project must meet the following eligibility requirements:
- Interior or exterior building improvements, or purchase and/or installation of furniture, fixtures, and equipment (FFE).
- Total project cost must be at least $5,000.
- Work must be complete on or after March 9, 2020, and or within 2 years of application date.
- Projects with total costs over $50,000 are subject to Green Building Standards for lighting and/or mechanical work.
- Projects utilizing contractors with 4 or more employees (total workforce, not specific to project) may be subject to Affirmative Action requirements.
Details: https://www.njeda.gov/small-business-improvement-grant/
