NEW JERSEY ASSET ACTIVATION PLANNING GRANT

Open in new Tab NEW JERSEY ASSET ACTIVATION PLANNING GRANT Grant requests for the New Jersey Asset Activation Planning Grant currently exceed available funding, and applications are now paused until pending reviews and award determinations are completed. Please check this site for status updates. The New Jersey Asset Activation Planning Grant will award grants of up to $100,000 to non-profit entities, for early-stage planning and analysis that will demonstrate viability of projects that activate under-utilized public assets that benefit their communities and the regional economy AMOUNT Fixed Assets (Owner Occupied Commercial Real Estate or Equipment) $2,000,000.01-$5 million ………. Working Capital $750,000.01- $1 million ………. Line of Credit Guarantee $750,000.01 – $1 million ………. Refinancings are capped at $2.5 million. BENEFITS Higher Loan Limits: Access up to $5 million in financing for owner-occupied commercial real working capital needs. ………. Flexible Financing Options: Finance your project through direct NJEDA loans or, in partnership with NJEDA Premier Lenders, through loan participations or line of credit guarantees. ………. Favorable Loan Terms: Terms up to 30 years for real estate, 10 years for equipment, 7 years for working capital. ………. NJEDA fixed interest rates based on Treasury rates. ELIGIBILITY New Jersey-based small businesses in operation for at least two full years (nonprofits for at least 3 full years) that: Have no more than 750 employees. ………. Commit to the retention and/or creation of one new full-time job for every $65,000 of NJEDA exposure within 2 years of closing. ………. Meet a 1.1x global debt service coverage ratio; 1.0x debt service coverage for nonprofits. ………. Secure the loan with fixed assets ( real property and machinery/ equipment). ………. Homebased businesses are ineligible. ………. Additional eligibility requirements are outlined in the NJ LEND board memo and product specifications. PROGRAM DETAILS ELIGIBILITY AWARD SIZE FEES PROGRAM DETAILS The New Jersey Asset Activation Planning Grant Program will provide grants of up to $100,000 directly to grantees for pre-development planning that will demonstrate viability of projects that activate under-utilized public assets that benefit their communities and the regional economy. Proposed plans may include, but are not limited to: Conceptual Design Feasibility Study Economic Analysis Market analyses Redevelopment Needs Assessment and/or Plan Proposals must demonstrate to what extent the utilization of a public asset will be improved by the proposed project and how development or use of a public asset will benefit the regional economy and the community. Proposals should target vacant infrastructure owned by a authority, public agency, or other political subdivision or public body. Plans should demonstrate a strong connection to the State’s development objectives through project elements, such as: Creating or catalyzing a new business sector, or target industry Driving economic growth and equity Creating an innovative use for distressed public assets, unutilized or underutilized public property or unutilized public lands Expanding access to public transportation or public services Attracting employers and a diverse, talented workforce Expanding entrepreneurial opportunities and support local businesses Improving land use efficiency and sustainability ELIGIBILTY Qualified applicants are defined as a New Jersey: New Jersey Agencies, or Independent Authorities, Non-profit entities that meet additional criteria detailed below, and hold a valid New Jersey tax clearance certificate, or Private, for-profit entity that meet additional criteria detailed below and holds a valid New Jersey tax clearance certificate.