The New Jersey Economic Development Authority has launched two programs to support the growth of new and expanding retail and service businesses in Trenton and other Garden State Growth Zones.
In 2014, Gov. Chris Christie’s administration designated the five lowest median family income cities in the state as GSGZs: Camden, Trenton, Atlantic City, Passaic and Paterson, and targeted them for state-run economic development programs. One such economic development is the State Office Building project in Trenton, which aims to pave way for new private investment along Warren and Market streets.
The Business Improvement Incentive program will offer grants of up to 50 percent of total project costs – but not exceeding $20,000 – to businesses operating within the first floor of a commercial corridor in GSGZs that are planning to make building improvements, with a minimum project cost of $5,000.
The Business Lease Incentive program will reimburse a percentage of annual lease payments for two years to businesses and non-profits that plan to lease between 500- to 5,000-square-foot of first floor office, industrial or retail space for a minimum five-year term.
“These programs are designed to help attract private investment in Trenton, which could be the impetus for growth in surrounding business hubs,” Melissa Orsen, EDA’s chief executive said in a press release. “The BLI and BII programs serve as a complement to these efforts as they help to position small businesses to capitalize on the increased activity.”