Program will Provide Grants up to $250,000 to Assist Small-Scale Developers in Gaining Access to Capital
TRENTON, N.J. (March 8, 2024) – The New Jersey Economic Development Authority (NJEDA) will host in-person and virtual information sessions to introduce the newly established $20 million Emerging Developers Grant pilot program.
The Program will help developers gain access to capital and build additional capacity to expand their existing portfolio by providing grants of up to $250,000 for pre-development soft costs. Applications are expected to launch in April.
WHAT: The Emerging Developer Fund aims to address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios. Specifically, this includes access to capital due to barriers caused by predatory lending, excessive carrying costs, and predevelopment expenses that result in projects being stalled, and in some cases underutilized. These deterrents in the development industry have created financial setbacks and limited portfolios for emerging development entities that lack the required capital to cover soft costs.
WHO: The program will support small-scale developers that have completed at least two – but no more than five – commercial and/or mixed-use properties of similar scope
WHEN/ WHERE: VIRTUAL EVENT
Tuesday, March 19, 2024
6:00 p.m. – 7:00 p.m.
IN-PERSON EVENTS
Tuesday, March 12, 2024, 6:00 p.m. – 8:00 p.m.
Hilton Garden Inn, Camden Waterfront
1 Penn St., Camden, NJ 08102
Register at: http://bit.ly/EmergingDevelopers2
Wednesday, March 20, 2024 6:00 p.m. – 8:00 p.m.
Thomas Edison State University
111 W. State St.
Trenton, NJ 08608
Register at: bit.ly/EmergingDevelopers3
For More Information:
Visit: www.njeda.gov/emerging-developers/
Email: emergingdevelopers@njeda.gov
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
