Mayor W. Reed Gusciora sent a message to Trenton businesses impacted by the COVID-19 pandemic encouraging them to look into the Small Business Lease Emergency Assistance Grant Program or SBL-EAGP. Announced by Governor Phil Murphy last week, the SBL-EAGP allows businesses in 64 eligible municipalities (Trenton included) to apply for grants up to $10,000 for lease costs.
“COVID-19 has had a profound impact on our city’s business community and local economy,” said Mayor Gusciora. “We’re grateful for the Murphy administration’s leadership in this effort and encourage all Trenton small business owners impacted by COVID-19 to take advantage of this first come, first serve lease relief program when it opens on August 10. In the meantime, our Trenton Business Emergency Loan program is still available to businesses who need help with payroll, utilities, or other expenses.”
The SBL-EAGP which is managed by the New Jersey Redevelopment Authority (NJRA), has been the first part of a broader Main Street Commercial Corridors Relief Package to be paid for with federal CARES Act funding. Through the SBL-EAGP, small businesses located in NJRA’s 64 eligible municipalities that have been adversely impacted by COVID-19 will be able to apply for up to $10,000 to assist with lease payments. Grants will be available to:
- Tenants leasing commercial space in mixed-use buildings
- Tenants leasing space in commercial buildings
- Tenants leasing space to operate a storefront business
The SBL-EAGP – which is backed by $6 million in federal CARES Act funding – targets businesses with 5,000 or less square feet of leased space and requires standard debarment and legal qualifications from applying businesses. Applications will open online at www.njra.us on Aug. 10, 2020. Funds will be distributed on a first come, first serve basis.
Trenton businesses can also access additional city resources through the Trenton Business Emergency Loan program sponsored by the City of Trenton and Greater Trenton Inc. This program provides loans of up to $20,000 with generous repayment terms to help Trenton businesses cover expenses, including payroll, rent, mortgage payments and utility costs. Loans are 0% interest the first year and 2% thereafter. To date, 17 emergency loans totaling $331,800 have successfully closed, with another 13 emergency loans totaling $223,500 in underwriting. For more information on how to apply, visit: https://www.trentonnj.org/586/Business-Recovery-Center.