The InvestNJ Business Grant Program is a new limited-time program designed to provide new capital investment and employment grants to help expand and improve New Jersey's economic and job growth and business retention capabilities during a challenging economic period. The program offers incentives under two separate components: capital investment and job creation. Companies may benefit from either component or a combination of the two.

Eligible businesses may benefit from up to a 7 percent grant on qualified capital investments. Awardees may benefit from up to a total of $1 million under the Capital Investment component. 

Qualified capital investments include expenses of at least $5,000 incurred for the direct use and operation of a business.  This includes costs for site preparation and construction, renovation, improvement, equipping of, or obtaining and installing fixtures and machinery, apparatus or equipment.  Capital investments do not include soft costs such as financing or design, furniture or decorative items such as artwork or plants.  Capital investments also do not include any equipment with a useful life of less than five years, as defined by the Internal Revenue Code (IRC).

To qualify for the Capital Investment component, a company must meet the following criteria:

• Have operated continuously for at least the prior two years
• Make a capital investment in New Jersey after December 9, 2008, but before January 1, 20011
• Will maintain the capital investment in New Jersey for one year after the grant award

Companies currently benefiting from state assistance through the Business Employment Incentive Program (BEIP), Business Retention and Relocation Assistance Grant (BRRAG) Program, Urban Transit Hub Tax Credit (UTHTC) or any retail sales purchase exemption, including, but not limited to Urban Enterprise Zone, manufacturing, and research and development (R&D), at the site of the capital investment are not eligible for grants under the Capital Investment  component of the program.

Eligible businesses may benefit from a $3,000 grant per each new full-time job created and maintained in New Jersey.  Awardees may benefit from up to a total of $500,000 under the Job Creation component.  To qualify, a company must meet the following criteria:

• Have operated continuously for at least the prior two years
• Create an eligible position after December 1, 2008, but before January 1, 2011, for a period of 12 consecutive months
• Eligible positions must be covered under the company's group health plan

Positions benefiting from the Business Employment Incentive Program (BEIP), Business Retention and Relocation Assistance Grant (BRRAG) Program or Urban Transit Hub Tax Credit (UTHTC) are not eligible for grants under the Job Creation component of the program.

Additional program information for both Capital Investment and Job Creation Components:

• Applications must be submitted prior to January 1, 2011
• Company must employ at least 5 full-time employees
• Funding is provided on a first come, first served basis
• There are not fees associated with this program

To complete an application for the InvestNJ Business Grant Program, visit www.njeda.com/InvestNJApplication. 

To learn more or to get more information on how you may qualify  for one of EDA's financing programs, call 800-537-7397.