What State-level financial assistance programs are available to my business?
Recent Regulations and Resources
New Jersey Economic Development Authority Overview
The New Jersey Economic Development Authority (NJEDA) grows the state’s economy and increases equitable access to opportunity by supporting high-quality job creation, catalyzing investment, and fostering vibrant, inclusive community development. The NJEDA works in partnership with a diverse range of stakeholders to implement programsand initiatives that improve quality of life, enhance economic vitality, and strengthen New Jersey’s long-term economic competitiveness. Learn more about the NJEDA’s current programs at https://www.njeda.com/activeprograms.
New Jersey Department of Environmental Protection
Hazardous Discharge Site Remediation Fund (HDSRF)
Loans are available to businesses or homeowners who cannot obtain funding from another lending institution for 100 percent of the cost to remediate a discharge of hazardous substances up to $1 million per year, per site. The interest rate is 2 points below the Federal Discount Rate with a minimum of 5 percent, which is determined by the New Jersey Economic Development Authority (NJEDA). The maximum loan term is 10 years.
There are three categories of grants: innocent party, innovative technology and limited restricted/unrestricted use. Eligibility for a grant is not contingent upon the inability to obtain funding or any hardship.
Innocent Party Grants are available to any party who meets the following criteria:
• Having acquired the property before Dec. 31, 1983
• Not having used the hazardous substance found at the site and
• Not having discharged the hazardous substance found at the site
If a party meets these criteria, they would be eligible for 50 percent of the total costs of the remediation, up to $1 million. The additional 50 percent can be obtained from the Hazardous Discharge Remediation Fund (HDSRF) through a loan or outside conventional financing.
Innovative Technology Grants are available to any qualifying person, who has a net worth of not more than $2 million and received the approval of the New Jersey Department of Environmental Protection for a proposed innovative technology. If a qualifying person meets the criteria, they would be eligible for up to 25 percent of the total costs, up to a maximum of $1 million for the remediation.
Limited Restricted Use/Unrestricted Use Grants are available to any qualifying person who has a net worth of not more than $2 million and receives the approval of the New Jersey Department of Environmental Protection for the implementation of a limited restricted use remedial action or an unrestricted action. The qualifying person would be eligible for up to 25 percent of the total costs, up to a maximum of $1 million for the remediation.
Other Eligible Entities (specific eligibility requirements apply)
• Tax-exempt, non-profit organizations with fewer than 100 paid employees
• Duly incorporated volunteer fire, ambulance, first aid emergency or rescue companies
• Independent colleges and universities of New Jersey
Assistance for New Jersey Technology Companies
New Jersey Commission on Science, Innovation and Technology
The New Jersey Commission on Science, Innovation andTechnology (CSIT) is responsible for strengthening the innovation economy within the state, encouraging collaboration and connectivity between industry and academia and the translation of innovations into successful high growth businesses
CSIT has been established to exercise oversight for the responsibility of implementing, evaluating, and formulating long-range plans and programs for science, innovation, and technology in New Jersey.
Learn more about the support available from CSIT at https://www.njeda.com/csit/.