Thinking of buying some commercial real estate for your business to operate in? You might want to wait a few weeks to get up to $50,000 towards your closing costs.
NJEDA’s Main Street Acquisition Support Grant is opening IMMINENTLY, as in July or August 2024. One of the qualifications for this grant is that your closing on the commercial owner-occupied real estate must take place after the grant’s launch date. Only
Opening later this year in the second half of 2024 is the Main Street Acquisition Support Grant. This program will reimburse your closing costs up to $50K for an owner-operated building. , and requires the purchase of a commercial property from which their business will operate. This program is open to both small businesses and non-profits
This is NOT a backward-looking application and closing must have taken place after the application was open to the public (July 2024 or later), and the grant application date must be no later than one year from date of closing. Additionally, businesses are not eligible to apply in advance of a scheduled closing. Only a new purchase is eligible, not a re-finance.
The NJEDA requires that the property remain occupied by the grantee for a minimum of five years. If the property is sold, fully leased, or the applicant no longer occupies their minimum square footage prior to the end of the five-year compliance period, then the grant recipient will be required to repay a pro-rated portion of the grant. Repayment of the grant will be prorated based on the years of compliance, with 20% reductions for each full year the applicant is compliant with the terms of the grant.
As with all NJEDA grants, applicants must provide a current Tax Clearance Certificate from the NJ Division of Taxation and must be in substantial good standing with NJEDA, the NJ Department of Labor, and NJ Department of Environmental Protection.
Details: https://www.njeda.gov/main-street-acquisition-support-grant/
