The New Jersey Economic Development Authority (NJEDA) announced the first approvals under the Ida/Henri Business Assistance Grant Program. The NJEDA anticipates approving relief awards for hundreds of additional businesses and nonprofits in the coming weeks.
“The damage caused by the remnants of Hurricanes Ida and Henri was a tragic and unexpected challenge for communities that were rebounding strongly in the wake of COVID-19,” said NJEDA Chief Executive Officer Tim Sullivan. “The Ida/Henri Business Assistance Grant Program is providing much-needed immediate support to help businesses and nonprofits rebuild, and the NJEDA is working closely with Governor Murphy to provide additional resources to support his vision for a stronger, fairer recovery.”
Created in early September to support communities that were impacted by the remnants of Hurricanes Ida and Henri, the Ida/Henri Business Assistance Grant Program is a $10.5 million program that provides grants of $1,000 to $5,000 to businesses and nonprofits that were damaged by the extreme weather that passed through New Jersey in late August and early September.
Grants awarded through the program are provided in the form of reimbursement of August rent or mortgage payments.
To ensure grants reach businesses in the hardest hit communities, including communities of color, one-third of the funding available through the program is targeted to businesses with a primary business location within a census tract that was designated as eligible to be selected as an Opportunity Zone.
Applications for the Ida/Henri Business Assistance Grant Program were open from September 17th through September 24th. The NJEDA is currently reviewing all submitted applications and distributing funds to eligible businesses and organizations.
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.