New Jersey small businesses and nonprofits that bought the commercial building they operate in (closing after Oct 1, 2024, occupying 1,000+ sq ft) can be reimbursed up to $50,000 of closing costs. Apply within a year of closing.
Reimburses closing costs (based on line 1400 of the HUD-1, excluding the purchase price and payoffs) for New Jersey small businesses and nonprofits that bought the commercial property they operate from. Applicants may request up to $50,000, one grant per EIN and location, with a $500 fee due at approval. NJEDA is currently accepting applications; the closing must have occurred after October 1, 2024 and the application must be filed within one year of closing.
For-profit or non-profit entities
Must meet the SBA definition of a small business based on NAICS code
Closing must have taken place after 10/1/2024 and the application must be no later than one year from the date of closing (no applications before closing)
Small business must occupy at least 1,000 square feet of total usable square footage of the building
New purchase only (no refinance); property cannot be residential-only or vacant land
Current Tax Clearance Certificate required before approval; must remain in the property for a five-year compliance period
Cannabis license or certification holders are ineligible
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