- Small businesses and non-profits may apply for grants and forgivable loans of up to $50,000. Businesses with multiple locations in New Jersey may receive more than one grant, totaling no more than $250,000.
- The entity must be considered a “small business” as defined by the U.S. Small Business Administration (SBA), and have more than $25,000 but less than $5 million in gross operating revenues.
- Applicants must show each location sustained at least $5,000 in damages.
- Grants are eligible for working capital (operating expenses), inventory, equipment, machinery, fixtures, furnishings and construction.
- Priority will be given to applicants located in the nine most impacted counties: Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union.
- Grants will be distributed on a first-come, first-served basis.
The grant program is part of the state’s $1.8 billion plan to spend federal Community Development Block Grant disaster assistance funds. The plan was approved by the U.S. Department of Housing and Urban Development, and the EDA approved the first initiatives of that program.