Main Street Acquisition Support Grant

Welcome to the NJEDA’s Main Street Acquisition Support Grant application. We look forward to helping you grow your business in New Jersey!

Program Description:

Before you get started with your application, please review the product specifications and frequently asked questions to ensure that your business is eligible. For this application, the applicant is the small business that purchased the commercial property and will operate from at least 1,000 square feet of total usable square footage of the building devoted to commercial use. If the commercial property was purchased through a real estate holding company, the real estate holding company will be the co- applicant and the small business that occupies the building will be the applicant. The small business applicant must either wholly own the real estate holding company or the ownership for both entities, and percentage of ownership for both entities is required to match in order to be eligible.

Please note:

The maximum grant amount available for each eligible business under the Main Street Acquisition Support Grant is $50,000 for the closing on a single eligible location.

There is a limit of one grant per business entity, as determined by the Employer Identification Number (EIN).

Grants under the Main Street Acquisition Support Grant may be used for the reimbursement of closing costs to eligible New Jersey small businesses that have purchased a New Jersey commercial property from which their business will operate.

Please carefully review the below criteria to determine if you are eligible for the Main Street Acquisition Support Grant:

• The small business applicant must operate from at least 1,000 sq ft of the total usable square footage of the building devoted to commercial use.
• Awardee must certify that for the term of the five year grant, that it will operate its commercial business from the NJ project location/building that was purchased.
• Property purchased must be located in NJ.
• Closing on the purchased property must have occurred after application was open to the public on 10/01/2024.
• Grant application date must be no later than one year from date of closing.
• Vacant land or property purchased for residential use only would not be eligible.
• Applicant must meet the SBA definition of small business based on NAICS code.
• Applicant must provide current Tax Clearance Certificate from the NJ Division of Taxation prior to receiving NJEDA approval.
• Applicants must be in substantial good standing prior to approval with NJEDA, the NJ Department of Labor, and NJ Department of Environmental Protection, with all decisions of substantial good standing at the discretion of those entities.
• Only a new purchase is eligible; the closing cannot be a refinance of an existing loan.
• If the property was purchased through real estate holding company, the small business must either wholly own the real estate holding company, or the ownership of both entities, and percentage of ownership, must be the same. If the holding company that purchased the property does not have the same owners or ownership percentage as the small business or is not wholly owned by the applicant, then the applicant will be ineligible for this product.
• Applicant must have purchased the property in an arm’s length transaction with a conventional lender (SBA, CDFI, MDI, bank, credit union, or any State of New Jersey, New Jersey County, New Jersey City administered loan with underwriting standards accepted). Properties purchased in cash, using seller financing or hard money financing are not eligible.
• All awardees are required to permit NJEDA to file a deed restriction on the purchased property to ensure the ownership and use stays the same for 5 years after they receive their grant.

By checking this box, you acknowledge that you have reviewed all applicant and borrower eligibility requirements as outlined in the Main Street Acquisition Support Grant Board Memo, and Main Street Acquisition Support Grant Program Specifications and Main Street Acquisition Support Grant Application Checklist

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