Business Grants in New Jersey [Updated for 2024]

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Updated: February 22nd, 2024

Business Grants in New Jersey [Updated for 2024]

If you’re planning to launch or open a business in New Jersey, you can consider applying for a business grant. In general, business grants are one of the essential things to consider when developing a startup business, especially if you don’t have enough money as capital to start your business. You can find business grants in New Jersey and apply for one to help your business.

In this article, we’ll walk you through everything you need about business grants in New Jersey. We’ll include different ones to fit any starting business for various owners. This way, you’ll have a starting point if you need starting capital through grants.

Without further ado, let’s get into it!

Best Business Grants in New Jersey

Below are some of the best business grants in New Jersey. If you’re starting a business and need some funding for capital, you can consider applying for any of these grants.

American Express and Main Street America’s Inclusive Backing Grants

During four cycles in 2022, AmEx and Main Street America will give out 300 grants of $5,000 each to small businesses in older or historic commercial districts.

It comes with preference given to businesses run by LGBTQ+ members, Hispanic veterans, and women and people of color who are also owners.

The fourth award cycle is open to business owners who identify as Native American, Hispanic, LGBTQ+, immigrants, and refugees. Membership in the National Main Street Center is optional.

Apply for American Express and Main Street America’s Inclusive Backing Grants

Small Business Improvement Grant

In the Small Business Improvement Grant program, you can obtain reimbursement for costs related to building improvements, furniture purchases, fixtures, and equipment purchases. In total, $15 million will be allocated to the Small Business Improvement Grant as part of the Main Street Recovery Finance Program.

Until funding is exhausted, applications will be accepted on a rolling basis. A business or nonprofit may be reimbursed for capital improvements, furniture, fixtures, or equipment. There is no eligibility for landlords.

Only one applicant may use each federal Employer Identification Number (EIN). Multi-location applicants with a single EIN would be restricted to one application per EIN but could pool project costs from multiple locations into one application.

Apply for Small Business Improvement Grant

Kapitus’ $250K Building Resilient Businesses Contest

Kapitus' Creating Resilient Companies competition will award $100,000 to one first-place winner, $50,000 to one second-place winner, and $20,000 to five third-place winners.

Simply upload a handmade, two-minute video outlining your company, how it survived over the past two years, and how you would spend the $100,000 to be eligible.

Any US small companies that have been in operation for at least a year and generate less than $5 million in yearly revenue are eligible to enter the competition, including New Jersey.

Apply for Kapitus’ $250K Building Resilient Businesses Contest

Small Business Grants in New Jersey

Most business grants offered to business owners in New Jersey are only for small businesses. As such, you’ll find plenty of options when starting a small business in this state. Moreover, a small business will have better chances of getting a business grant approval in New Jersey. Here are some options to consider:

The Small Business Lease Grant

Grants are being administered by the NJ Economic Development Authority (NJEDA) to assist small companies and nonprofit organizations with physical sites to pay their rent.

The state's Main Street Recovery Financing Program provides funding for the $10 million initiative, which was made possible by the NJ Economic Recovery Act approved in 2021.

The program's goal is to help fill vacant properties around the state and promote the expansion of local companies.

Candidates must have a minimum 250-square-foot lease that is either new or recently updated. Further, it should be more spacious than its former location, and the lease must last at least five years. The deadline is continuous, and the amount of money is determined by the company.

Apply for The Small Business Lease Grant.

Main Street Micro Business Loan Program

NJEDA likewise manages the Main Street Micro Business Lending Program. Even though it's not a grant program, it provides long-term, low-interest loans to small businesses with fewer than ten employees and revenues under $1.5 million. These loans have a maximum period of 10 years and a yearly interest rate of 2%. A minimum of six months must have passed since the applicants' establishment. The loan has no requirement for collateral.

Apply for Main Street Micro Business Loan Program

Small Business Grants in New Jersey for Minorities

Business grants are always geared towards minorities who plan to start a small business, and New Jersey offers various business grants. For this reason, you can consider these grants if you want to start a small business in New Jersey.

Skip Monthly Business Grant

As a component of YoGov.org, Skip is a social media firm with headquarters in California. This company facilitates access to information and services provided by the government for both individuals and organizations.

Since March 2020, Skip has given $1,000 awards to small company owners along with free services and information, all using the money it makes from its YouTube channel.

Every third Wednesday of the month, the winner is revealed on the company's YouTube account.

Apply for Skip Monthly Business Grant

NJEDA Small Business Improvement Grant Program

NJEDA offers grants up to $50,000 to help small businesses repair and enhance their buildings and buy new furniture, office equipment, and fixtures.

The project must have cost at least $5,000, and it must have been completed up to two years before the application deadline.

Applicants who use at least four employees may be liable to favorable action regulations, and total project expenses above $50,000 will be subject to green building regulations.

The recipients will be chosen in the order in which applications are received. There is no stated application deadline.

Apply for NJEDA Small Business Improvement Grant Program

New Jersey State Trade Expansion Program (STEP)

The port of Camden in South Jersey, the Container Terminal in Port Newark, and Port Jersey in Jersey City have previously made New Jersey a major international trade hub.

The NJ State Trade Expansion Program (STEP) in collaboration with the US Small Business Administration, offers grants to small firms in the state interested in or already engaged in international trade.

At the time of application, candidates must have been in operation for at least a year and produce items or render services with at least 51% American content.

Apply for New Jersey State Trade Expansion Program (STEP)

Business Grants in New Jersey for Women

Another common factor for business grants is for women who are business owners. As such, if you’re a woman who’s planning to start a business in New Jersey and in need of funding, you can consider applying for one of the following grants:

WomensNet Amber Grant

The WomensNet program awards four $1,000 grants and one $10,000 grant each month to women-owned businesses in various fields.

These fields include creative arts (January), hair care and beauty goods (August), and skilled crafts (October).

At the end of each year, the website awards $25,000 in rewards to two firms that previously received $10,000 monthly grants. Applicants must submit their applications by the last day of each month.

Apply for WomensNet Amber Grant

Frequently Asked Questions

Below are some of the frequently asked questions you may have about business grants in New Jersey.

How Can I Get Financial Help for My Business in New Jersey?

Business grants vary from state to state, and New Jersey has a specific business grant suited to approved applicants and business owners.

Every New Jersey small business owner is entitled to financial assistance from federal and state agencies.

As such, if you’re planning to start a business in New Jersey, you can apply for a business grant through the federal and state agencies that cover this state.

How Much Is the New Jersey Grant?

The amount of financial help you can get from business grants offered in New Jersey depends on the type of business you have and your eligibility for approval.

However, you can get as much as $50,000 if you conduct development and research with the state’s federal agencies.

Also, it will depend on your application’s approval, as the state agency will determine how much grant they’ll offer for your business.

What Is the New Jersey Grant For?

New Jersey’s Federal Government isn’t publicly provided, meaning not every startup business is automatically given grants. As such, you’ll likely need to apply for such and wait if you get approved or not.

Nonetheless, the New Jersey Grant is primarily available for small business owners planning to start and grow their ventures.

While most grants require paying back the funding, some grant beneficiaries from the New Jersey Government do not require such. Thus, you can grow your business in New Jersey without actually paying back the grant after some time.

Conclusion

Starting a business from scratch requires hard work, research, and funding. As such, many people need more funding to maintain or even launch a business. With business grants, the state government will take care of the capital you need or the fund you need for your business research.

As such, you only need to worry about your business structure and do the work to keep it growing. With this information, we hope you find a business grant in New Jersey and get approved for one to help you grow your business.

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Pat Walls

I'm Pat Walls and I created Starter Story - a website dedicated to helping people start businesses. We interview entrepreneurs from around the world about how they started and grew their businesses.

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