Newark Small Business Support Grant
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Newark Small Business Support Grant
Newark Alliance
ABOUT THE GRANT
The Newark Alliance Small Business Support Pilot Program (SBSP) provides Newark, New Jersey small retail businesses with a combination of grant funding and product purchase commitments totaling up to $75,000 to help open, relocate, or establish operations in downtown Newark. Administered by Newark Alliance, a nonprofit focused on Newark's economic vitality, the pilot program is designed to bridge financing gaps that are not always covered by traditional small business financing programs, and to support retail businesses filling storefronts in Newark's downtown core.
The program is structured around two forms of support. The Facility Fit-Out Subsidy is a grant covering up to 50 percent of eligible retail space fit-out costs (capped at $50,000) for either a new business or an existing business relocating to a new space. The Product Purchase commitment offers up to $25,000 in scheduled purchases of products or services from a business that has not yet opened or has been operating for no more than one year, structured as a decreasing purchase amount each month over a defined period. Newark Alliance has also indicated that the broader program may offer recoverable loans, guaranties, and technical assistance in future cycles.
To qualify, applicants must operate a new or existing commercial business with 20 or fewer employees and annual revenue of less than $1 million. Applicants must submit financial statements, profit and loss statements covering the most recent 12 months (if applicable), a 12-month financial projection, and a comprehensive marketing plan with strategic marketing research. Award recipients are required to participate in technical assistance as prescribed in the Grant Agreement furnished in the event of an award.
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NOTES
We haven't added commentary on this grant yet. In the meantime, the fundor's website (linkeded above) is the best source for application details and eligibility specifics.
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