The New Jersey Economic Development Authority (NJEDA) distributed more than $32 million in grants and loans to over 1,200 small businesses in 2024 through the Main Street Recovery Program. The program, created under Governor Phil Murphy’s Economic Recovery Act (ERA), provides financial support to small businesses across the state.
Since its launch in 2021, the NJEDA has allocated approximately $167 million to more than 5,000 businesses. Including the $700 million in pandemic relief provided before the program’s launch, total small business funding has reached nearly $1 billion.
“Under Governor Murphy’s leadership, New Jersey remains committed to supporting small businesses with a range of resources designed to equip them for success,” said NJEDA Chief Executive Officer Tim Sullivan. “When the pandemic struck, the NJEDA, through the Economic Recovery Act, worked tirelessly to develop programs that infused millions of dollars into New Jersey’s local economies. Today, the Main Street Recovery Program continues to assist thousands of small businesses by helping them grow, expand, and thrive.”
The Main Street Recovery Program
The Main Street Recovery Program was originally designed to help small businesses stay open during the pandemic and support their growth in its aftermath. The program continues to assist local businesses through a series of initiatives:
- Small Business Lease Grant: Covers a portion of lease payments for businesses and non-profits leasing new or additional space.
- Small Business Improvement Grant: Offers reimbursement for building improvements, furniture, fixtures, and equipment.
- Main Street Lenders Grant: Provides funding to micro business lenders to develop or supplement loan products and technical assistance.
- Main Street Acquisition Support Grant: Offers up to $50,000 to reimburse closing costs for businesses purchasing commercial property.
- Small Business E-Commerce Support Program: Provides e-commerce and digital marketing consulting for small businesses in certain industries.
- Main Street Micro Business Loan: Offers financing up to $50,000 for businesses with 10 or fewer full-time employees and annual revenues under $1.5 million.
Several businesses have benefited from the program. Reach for the Stars, LLC, a pediatric speech therapy provider in Cranford, Union County, used the Small Business E-Commerce Support Program to develop a new website.
“As a small business owner, we are often forced to choose one essential project over another because of financial limitations. I was truly honored that my business was selected to receive a grant for a new website, and I couldn’t be happier with the end results,” said Reach for the Stars owner Lisa Jiannetto-Surrusco. “The grant enabled me to get this project done, while allocating the saved money for vital necessities like therapy and testing materials, professional development for the staff, and potential expansion of our menu of services.”
YMCA of the Pines Lake Stockwell Day Camp in Medford, Burlington County, used the Small Business Improvement Grant to install a concrete apron and fencing, expanding activity options for children.
“This NJEDA funding was an absolute game changer for YMCA of the Pines Lake Stockwell Day Camp,” said Mark R. Dibble, Chief Executive Officer of YMCA of the Pines. “This money allowed us to make necessary upgrades to the camp entrance, creating a beautiful and safe environment for all the campers and families we serve.”
Asbury Park Brewery in Monmouth County used the Small Business Lease Grant to open a new taproom on Cookman Avenue.
“The Small Business Lease Grant provided us with support to open our new taproom on Cookman Avenue while continuing to produce high-quality ales, beers, and stouts,” said Bob McLynn, owner of Asbury Park Brewery. “We are very grateful for this assistance, so that it’s possible to continue entertaining and serving our community, hopefully for years to come.”
The Potential in US, a business in Woodbury, Gloucester County, revamped its website through the Small Business E-Commerce Support Program.
“We had access to the website developer, who worked with us and comprehended our specific needs as small business owners,” said The Potential in US owner Anita Barringer. “It was a pleasure to work with such a great company and an even better developer.”
The Main Street Recovery Finance Program includes multiple initiatives with different eligibility requirements. More information and applications are available on the NJEDA website.
About NJEDA
The New Jersey Economic Development Authority (NJEDA) is the state’s principal agency for economic growth. It focuses on building strong communities, creating jobs, and supporting a fairer economy through partnerships and initiatives aimed at long-term economic competitiveness.