NJEDA Lease Assistance Program
The Jersey City Economic Development Corporation (JCEDC) is facilitating the Small Business Lease Assistance Program offered by the New Jersey Economic Development Authority (NJEDA). The program goal is to enhance commercial corridors through business attraction and retention.
The NJEDA Small Business Lease Assistance Program will reimburse for-profit businesses and non-profit organizations 15 percent of annual lease payments for two consecutive years of a five-year lease in eligible Jersey City areas. The funding is for new rentals of 500 up to 5,000 square feet of market-rate, first-floor office, industrial or retail space. (A business or organization may lease more than 5,000 square feet of space, but only the first 5,000 square feet is eligible.) Incentive payments, when combined with other governmental grants, may not exceed 80 percent of the annual lease payment.
The application for the program may be accessed at www.njeda.com/LeaseAssistance. Leases signed before grant approval are ineligible. Applicants for the NJEDA Small Business Lease Assistance Program must occupy the space for the full year under which the reimbursement is being requested. Landlord and tenant cannot be related. High Tech and Business Incubator members in not-for-profit facilities are not eligible. Additional terms may apply. The application fee is $250 for non-profit organizations; the for-profit small businesses fee is $500. Applicants are subject to an annual administrative fee equal to 1 percent of the lease incentive.
For information on eligible Jersey City locations, please email Florence Baron, JCEDC Development Officer at firstname.lastname@example.org. As the Jersey City representative for the NJEDA Lease Assistance Program, she must review and certify applications for completeness prior to NJEDA considering the application for approval.