Main Street Acquisition Support Grant
Main Street Acquisition Support Grant helps New Jersey small businesses cover closing costs on commercial buildings bought for their own operations, easing financial pressure early in property ownership.
Funder: New Jersey Economic Development Authority
Due Dates: Rolling (within one year after property closing) | October 1, 2024 (program opened)
Funding Amounts: Up to $50,000 in closing-cost reimbursement per EIN for one location; five-year compliance term
Summary: Reimburses eligible New Jersey small businesses for closing costs on commercial properties purchased for their own operations.
Key Information: Recipients must retain ownership and occupy at least 1,000 commercial square feet under a five-year deed restriction.
Description
The New Jersey Economic Development Authority (NJEDA) administers this pilot program under the Main Street Recovery Fund. It reimburses closing costs for eligible for-profit and nonprofit small businesses that have purchased a New Jersey commercial building from which they will operate. Support is available only after a completed real estate closing, not as advance financing for an acquisition.
The program provides liquidity during the early stages of property ownership, when businesses may face financial pressure, particularly if their buildings need renovations or improvements. Although the grant reimburses transaction costs rather than directly funding those improvements, it supports businesses that have already made a substantial property investment and demonstrated their ability to repay a mortgage through conventional lender underwriting.
