On February 19, 2019, the New Jersey Economic Development Authority ("NJEDA") announced the expansion of the existing Business Lease Incentive Program (commonly known as the "BLI Program"). The BLI Program reimburses fifteen percent (15%) of annual lease payments for two (2) years when businesses and nonprofit organizations rent market-rate, first-floor office, industrial, or retail spaces for a minimum 5-year term in designated "Garden State Growth Zone" municipalities in the State of New Jersey (including Atlantic City, Camden, Trenton, Passaic and Paterson). Businesses in the program can lease spaces of any size, but the BLI Program only provides reimbursements on the first 5,000 square feet. The NJEDA launched the BLI Program in 2017 to revitalize commercial corridors around the State by attracting small businesses and incentivizing street-level building improvements.
The NJEDA has now determined to rename and revamp the BLI Program as the "Small Business Lease Assistance Program" ("SBLA Program"), while also adding eight (8) additional qualifying municipalities for which the lease reimbursement incentives are available, including Bridgeton, Jersey City, Millville, Mount Holly, Phillipsburg, Plainfield, Salem, and Vineland.
The SBLA Program is structured as a three (3) year pilot program with $100,000 per year allocated to each of the thirteen qualifying municipalities. To support the expanded initiative, the NJEDA has determined to specifically allocate $3,900,000 to the SBLA Program. In addition, in an effort to ensure maximum impact, the NJEDA and each of the newly added municipalities will coordinate to identify recommended areas of eligibility that fit into the respective municipality's long-term vision, create marketing plans, and establish local contacts in each municipality to assist business owners through the application process.
To the extent you would like any additional information about the SBLA Program offered by the NJEDA for businesses and nonprofit organizations in New Jersey, please contact the attorneys in Parker McCay's Commercial Lending and Corporate Departments at any time.
The content of this post is for informational purposes only and should not be construed as legal advice or legal opinion. You should consult a lawyer concerning your specific situation and any specific legal question you may have.