The New Jersey Economic Development Authority (NJEDA) today released for public feedback a draft rule proposal for the new Main Street Recovery Finance Program, as established under the New Jersey Economic Recovery Act of 2020 (ERA). The Main Street Recovery Finance Program is a $100 million fund, under which grants, loans, and technical assistance will be made available to support small and micro businesses in New Jersey. The Main Street Recovery Finance Program will not only provide grants directly to businesses, but will also develop pilot programs over time that will provide loans to other micro business lenders like Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), increasing their lending capacity to support more New Jersey micro businesses.
Members of the public are encouraged to review the preliminary rules and submit written feedback through an online form available on the Economic Recovery Act website. The NJEDA will also be hosting three listening sessions for public input on the draft rules.
“While the COVID-19 pandemic has been challenging for everyone, few have faced tougher challenges than small business owners and their employees,” said NJEDA Chief Executive Officer Tim Sullivan. “The Main Street Recovery Finance Program is an important new program that will provide much-needed financial support and technical assistance to help businesses get back on their feet and prepare for a strong recovery.”
Draft Main Street Recovery Finance Program rules are available now for review at https://www.njeda.com/economicrecoveryact/program-specific-feedback/.
Members of the public can also provide input during the NJEDA’s public listening sessions, which are scheduled for the following times:
- Monday, July 12th at 5:00 p.m.
- Tuesday, July 13th at 2:00 p.m.
- Thursday, July 15th at 10:00 a.m.
Members of the public can access the listening sessions at https://tinyurl.com/MainStreetListening; Passcode: Main.
Members of the media interested in attending the session or submitting questions are asked to email email@example.com.
In addition to the Main Street Recovery Finance Program, the Economic Recovery Act creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.
For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.com/economicrecoveryact/.
Article Courtesy of the NJEDA