PHILADELPHIA (KYW Newsradio) — Registration is opening for two grants from New Jersey's Economic Development Authority. One is for small businesses and another for towns and municipalities.
Small business owners with fewer than 50 full-time employees are encouraged to apply for grants to cover revenue shortages due to the pandemic. New Jersey Economic Development Authority CEO Tim Sullivan says it's open both to businesses that had support previously as well as those that need help for the first time.
"You can pre-register right now, from now until June 30, to be eligible to apply for those grant funds that have already been able to support nearly 70,000 small businesses in the state," Sullivan said.
Many of those helped have been restaurants and child care facilities, but he encourages anyone who can show revenue shortfalls to pre-register.
Some of these businesses are located in malls, strip malls and other commercial complexes where vacancy is an increasing problem. The NJ EDA wants to help redevelop or reimagine those underutilized properties.
Sullivan says grants worth up to $50,000 are designed to give town officials an opportunity to figure out the best use of the space.
"Come up with a vision to see what they want. It makes it a little easier for the development community as well if a town says, 'Hey, we want X, Y and Z. Can you please help us build that?'"
He says more and more people want mixed use spaces, unlike giant corporate headquarters sites New Jersey is known for, with only one company on site. The modern corporate complex will have offices as well as shops, gyms, restaurants and apartments all in the same area.
For more information or to pre-register, visit NJEDA.com.