NJEDA’s Main Street Acquisition Support Grant has just recently opened its application process for buyer-users of a commercial property; the grant pays up to $50,000 of your closing costs: https://www.njeda.gov/main-street-acquisition-support-grant/.
One key aspect of this grant is that they’re looking for closed deals that stand on their own merits. Closing must take place while the grant program is active, and according to what the NJEDA has said about sufficient funding, you have at least a 6- to 12-month window to buy and still be eligible for the grant. Look for ways to shift some financial burden to your closing costs, since that’s what the grant covers (up to $50K).
Since this is a reimbursement grant, you may incur some financial risk in having to pay for your closing costs prior to even applying for the grant. The good news is that this is considered a non-competitive grant, so as long as you qualify and submit your application while the program is live, you’re pretty much guaranteed to get the grant. The NJEDA says there is sufficient funding for the program for the foreseeable future. However, as with most of their popular grant programs, expect to wait 6- to 12-months for a decision on your application from NJEDA.
