Small businesses can still apply for grants of up to $50,000 under a New Jersey Economic Development Authority program that reimburses business owners for a portion of their closing costs after purchasing the commercial property their business operates from.
The Main Street Acquisition Support Grant program is designed to boost a small business owner’s liquidity during the early stages of property ownership. Launched in October 2024, the $5 million program still has funding available for nonprofit and for-profit businesses.
To be eligible for a grant, the real estate closing must have taken place after the program application was first made available to the public (Oct. 1, 2024) and the grant application date must be no later than one year from date of closing. The small business must occupy at least 1,000 square feet of the useable square footage of the commercial building.
Businesses are not eligible to apply for the Main Street Acquisition Support Grant in advance of their real estate closing. This is to ensure that the business has adequately demonstrated to their lender the ability to repay the mortgage. By reimbursing the property owner after the closing, the program provides a cash liquidity infusion during the early stages of property ownership, a time that can be financially stressful, particularly if the property needs renovations or improvements.
The NJEDA recorded a webinar last fall that provided an overview of the program and a step-by-step walkthrough of the application. To view this recording, go here.
The program will remain open until Oct. 1, 2027, or until all funds have been dispersed, whichever comes sooner, NJEDA said.
