Small Business Grants In New Jersey

Last Updated on January 31, 2024 by Lori Pace

Are you a small business owner in New Jersey looking for financial assistance? Look no further!

In this article, we will provide you with valuable information about the various small business grants available in the state. As a small business owner, you understand the challenges and obstacles of running your own enterprise, especially during these uncertain times.

Fortunately, New Jersey offers a range of grants and funding opportunities to help you navigate through these challenges and thrive in the local economy. Resources are available to support your business, from grants that require no repayment to programs aimed at promoting growth and resilience.

Keep reading to learn more about the eligibility requirements, application guidelines, and alternative resources to help you take advantage of these small business grants. 

Small Business Lease Grant

The Small Business Lease Grant is a financial assistance program designed to support small businesses by providing grants to help cover a portion of their lease expenses. The grant is available to a wide range of businesses, including home-based businesses and women-owned businesses, and it aims to alleviate the financial burden of rent payments.

To qualify for the grant, the applicants must acquire a property that is either new, newly amended, or an extension. The size must be larger by 250 square feet or more than the original leased space. Moreover, the property must have a minimum of five years lease term. 

New Jersey State Trade Expansion Program (STEP)

The New Jersey State Trade Expansion Program (STEP) offers entrepreneurs an incredible opportunity to expand their ventures internationally and tap into new markets. This program supports small businesses in New Jersey that are looking to increase their export activities.

By participating in STEP, businesses can receive financial assistance to cover costs such as trade show participation, travel expenses, website localization, and market research. In addition to financial support, STEP also offers training and counseling services to help businesses navigate the complexities of international trade. 

Small Business Improvement Grant Program

The Small Business Improvement Grant Program provides an excellent opportunity for small businesses to receive funding for exterior building improvements, installing new fixtures, and purchasing new furniture and equipment.

The program aims to help businesses thrive by providing financial assistance for projects that will enhance the appearance and functionality of their buildings. The grant amount to be awarded is $50,000 maximum. The program is open to all businesses, including disadvantaged businesses, and it’s a great way to invest in your business’s future. 

Main Street Micro Business Loan Program

The Main Street Micro Business Loan Program in itself does not give direct grants. Instead, it offers long-term, low-interest loans to early-stage small and micro businesses. Thus, providing them with a flexible financing option they need to grow and thrive. You can loan up to $50,000, which is payable with an annualized interest rate of only 2% and a maximum of 10-year term. 

Whether you’re a female entrepreneur, a minority-owned business, or a rural business incubator, the Main Street Micro Business Loan Program can support your long-term business strategic plan. No collateral is required to avail of the loan. However, your business must be already existing for at least 6 months prior to application. 

African American Chamber of Commerce of New Jersey

The African American Chamber of Commerce of New Jersey provides valuable support and assistance to African American entrepreneurs in the New Jersey area. The chamber offers various services to help you overcome growth challenges and achieve your business goals.

With their extensive network and expertise, they can connect you with other like-minded entrepreneurs and potential customers in the central Jersey area. The chamber also provides small business grants in New Jersey, with grant award amounts that can significantly impact your company’s development. 

Black and Latino Angel Investment Fund of New Jersey

Maximize your potential for growth and success by tapping into the resources offered by the Black and Latino Angel Investment Fund of New Jersey. This investment group is dedicated to supporting small businesses owned by individuals from the Black and Latino communities in the state. 

Through its partnership with various angel investors, the group aims to help these businesses acquire the capital they need to thrive and contribute to the local economy. Through the fund, eligible businesses can access grants and investments that can be used for various purposes, such as expanding operations, purchasing equipment, or hiring additional staff.

The Black and Latino Angel Investment Fund of New Jersey also offers mentorship and networking opportunities, connecting entrepreneurs with experienced professionals who can provide valuable insights and support. Take advantage of this valuable resource and advance your small business. 

Grameen America

Explore the transformative opportunities offered by Grameen America, an organization that empowers individuals through microloans and financial training to break the cycle of poverty and build sustainable businesses.

With small business grants in New Jersey becoming increasingly competitive, Grameen America offers a unique funding opportunity for disadvantaged enterprises, particularly black, Latino, immigrant, and female-owned businesses.

Through its microloan program, Grameen America provides individuals with the necessary capital to start or expand their businesses, helping them overcome the financial barriers that often hinder their success.

Additionally, Grameen America offers business training, counseling, and coaching to help entrepreneurs develop solid business plans and navigate various business processes and services. 

Institute for Entrepreneurial Leadership (IFEL)

By partnering with the Institute for Entrepreneurial Leadership (IFEL), you can access resources and support to develop your business skills and enhance your entrepreneurial endeavors. IFEL also focuses on supporting businesses owned by women of color, recognizing their importance in driving economic growth and job creation.

IFEL offers a range of programs and services designed to assist small businesses in New Jersey. They provide guidance on business development, access to capital funding and financial assistance, and help navigate the process of applying for government grants. 

Small Business Fund

The Small Business Fund offers a unique opportunity for female and minority entrepreneurs in New Jersey to access financial resources and support to fuel their growth and success.

As part of the government grant programs, this fund provides small business grants in New Jersey and government loans of up to $500,000 to eligible businesses. By receiving funding from the government, female entrepreneurs can alleviate some of the financial burden and focus on expanding their businesses.

To qualify for the program, the business must be in operation for at least 1 full year and has a revenue equal to or less than $3 million. 

Cooperative Business Assistance Corporation

The Cooperative Business Assistance Corporation offers a unique opportunity for aspiring entrepreneurs to access support and resources to fuel their dreams and create thriving businesses.

They provide business grants specifically tailored for small businesses in New Jersey. By partnering with the Cooperative Business Assistance Corporation, you can receive funding to cover various project costs, including equipment, marketing, and hiring employees.

This CDFI organization offers flexible microloans and free grant referrals to small businesses and aims to assist them in achieving success. Moreover, they offer guidance on finding the right business location, connecting with experienced business leaders, and creating equity within the business sector. 

Eligibility Requirements for Small Business Grants in New Jersey

To be eligible for these loans, businesses must meet certain criteria. For example, they must be located in New Jersey and have been operating for at least six months or one year. Additionally, they must have a business plan demonstrating the need for funding.

Furthermore, businesses must be able to demonstrate their ability to repay the loan, if ever, and show that the funds will be used for eligible purposes, such as equipment purchases, exterior building improvements, or working capital.

By offering low-cost loans, these grants aim to provide an equitable small business initiative supporting New Jersey businesses’ growth and success. If you’re in need of capital for your small business, consider exploring the options available through these programs and other government loan issuers in New Jersey.

These grants and low-cost loans can provide the financial support you need to take your business to the next level. 

Application Guidelines for Small Business Grants in New Jersey

To successfully apply for small business grants in New Jersey, you’ll need to carefully follow the application guidelines provided by the state government and ensure that you meet all the necessary requirements. Here are some important things to keep in mind:

  • Obtain a business incentive tax clearance from the New Jersey Division of Taxation to demonstrate that your business is in good standing with the state.
  • Consider exploring rural business incubators, which provide support and resources to small businesses in rural areas of the state.
  • Develop strong and innovative business ideas that align with the goals and priorities of the grant programs you’re applying to.
  • Follow the application step-by-step, ensuring that you provide all the required documents and information accurately.
  • Be prepared to pay an application fee, which may vary depending on the grant program.
  • Familiarize yourself with the various government agencies that offer grants and understand their specific eligibility criteria.
  • Utilize application guides and resources the state government provides to help you navigate the application process effectively.
  • Pay attention to factors such as your employee count, building permits, and bank financing, as these may be considered during the evaluation of your application.

By carefully following the application guidelines and addressing all the necessary requirements, you can increase your chances of securing a small business grant in New Jersey. 

Alternative Resources for Small Businesses in New Jersey

There are other options available in the state of New Jersey to support and assist small businesses. In addition to small business grants, resources are specifically designed for midsized businesses and those looking to start a new business venture.

For example, there are programs and incentives available for cannabis businesses, which is an emerging industry in the state.

Furthermore, the government of New Jersey provides critical support in navigating various government processes and accessing federal government money.

Additionally, small businesses can explore credit-building opportunities and access bank loans to support their growth and sustain their operations, including employee salaries.

The Commerce of New Jersey is committed to fostering a thriving business environment and offers various alternative resources to complement small business grants. 

Frequently Asked Questions

Can I apply for multiple small business grants in New Jersey at the same time?

Yes, you can apply for multiple small business grants in New Jersey at the same time. This increases your chances of receiving funding from different sources and helps you secure the financial support you need for your business.

How long does it typically take to receive a decision on a small business grant application in New Jersey?

Typically, it takes a few weeks to a few months to receive a decision on a small business grant application in New Jersey. The exact timeframe may vary depending on the specific grant program and the volume of applications being reviewed.

Are there any restrictions on how the grant funds can be used for my small business?

Some restrictions exist on how grant funds can be used for your small business. It’s important to review the guidelines and requirements the grant program provides to ensure compliance with their rules.

Can non-profit organizations apply for small business grants in New Jersey?

Yes, non-profit organizations can apply for small business grants in New Jersey. These grants are designed to support and provide financial assistance to both for-profit and non-profit businesses in the state. 


In conclusion, small business grants in New Jersey provide a valuable opportunity for entrepreneurs to access financial support and resources to help their businesses thrive.

With a diverse range of grants available, from the Small Business Lease Grant to the Main Street Micro Business Loan Program, there are options for businesses of all sizes and industries.

By meeting the eligibility requirements and following the application guidelines, entrepreneurs can increase their chances of securing grant funding.

It’s important for small business owners to explore these grant opportunities and take advantage of the resources available. Whether it’s funding for lease expenses, international trade expansion, or business improvements, these grants can provide the necessary boost to overcome challenges and drive growth.

By leveraging these resources, small businesses can navigate the ever-changing business landscape and position themselves for success in New Jersey’s vibrant economy.

Lori Pace
Lori Pace

Lori Pace is a single mother of three daughters ages 7 and under. As a working mom from home, she balances kids, work and two crazy dogs with humor and love. Follow Lori as she honestly gives tips and advice based on her own experiences as a single mom!