NJ Grants Available to Small Businesses in 2023
New Jersey leads the Mid–Atlantic region in Net Business Growth, according to NJBIA, which measures the number of new private establishments each year. Although New Jersey often receives pressure in national surveys about business taxes, the state offers several grants and deductions that can help small businesses grow.
Visit the NJ Business Action Center or NJ Office of Innovation websites to learn more about application deadlines and qualifications.
Financing, Tax Exemptions, and Loans
New Jersey State Trade Expansion Program (NJSTEP)
What is it? Financial awards to offset certain export costs from New Jersey
Who or what is it for? Small businesses that currently sell their goods and services to other countries.
Angel Investor Tax Credit Program
What is it? Tax credits
Who or what is it for? Qualified investments in NJ emerging technology businesses
Bond Financing
What is it? Tax–exempt bond financing
Who or what is it for? Manufacturing companies, 501(c)(3) nonprofit organizations, and other facilities in NJ conducting projects that benefit local, county, and state governments and for capital improvements and expansions.
Direct Loans
What is it? Loans up to $2 million
Who or what is it for? Job creation or retention in New Jersey.
Golden Seeds Investments in Women–Led Startups
What is it? Investment opportunities
Who or what is it for? Female–led businesses in the beta stage of development
Sales and Use Tax Exemption Program and the Small Business Fund
What is it? Sales tax exemptions for construction and renovation costs
Who or what is it for? Qualified businesses that construct or renovate a business location.
Industry–Specific Programs
FY23 Business Marketing Initiative
What is it? Two $5 million grants
Who or what is it for? A marketing initiative to encourage businesses to relocate and expand in New Jersey.
Aspire (formerly Economic Redevelopment and Growth Grant)
What is it? Financing to fill gaps in funding
Who or what is it for? Commercial, mixed–use, and residential real estate development projects in designated areas of the state.
Catalyst R&D Voucher Program
What is it? $25,000 to offset the cost of research and development
Who or what is it for? Advance the development of technology in NJ from the research stage into commercially viable technologies.
Child Care Facilities Improvement Program
What is it? Grants from $50,000 to $200,000
Who or what is it for? Construction, labor, and materials fees for eligible facility improvements at DCF–licensed childcare centers.
Clean Tech R&D Voucher Program
What is it? Up to $15,000 to offset the cost of research and development
Who or what is it for? Early-stage clean tech and clean energy companies, to offset the cost of accessing equipment and labs at universities or federal institutions.
Digital Media Tax Credit
What is it? A tax credit for production expenses
Who or what is it for? Companies producing digital media content in New Jersey.
Edison Innovation Angel Growth Fund, Growth Stars Fund, and VC Growth
What is it? Investment funds
Who or what is it for? Early–stage, emerging technology businesses.
Film Tax Credit Program
What is it? Tax credits up to 35% of qualified expenses
Who or what is it for? Production companies that film movies, TV series, and TV shows (22 minutes or longer) in New Jersey.
Historic Property Reinvestment Program
What is it? Tax credits up to 40% of eligible costs
Who or what is it for? The construction work or rehabilitation of historic, income–producing properties in New Jersey.
NJ CoVest Fund
What is it? Seed funding up to $250,000
Who or what is it for? Technology and life science companies moving from product development into commercialization.
NJ Ignite
What is it? Rent support grants
Who or what is it for? Early–stage technology and life science companies with 10 or fewer employees.
Emerge Program
What is it? Annual tax credits per job per year for investing private capital and creating new or retaining existing full–time jobs in NJ
Who or what is it for? Companies within target industry sectors, in certain locations.
Venture Fund Investments
What is it? Investment capital commitments up to $10 million
Who or what is it for? Venture funds that are actively investing in innovative industries in NJ.
Environmentally Friendly Programs
Drinking Water State Revolving Fund Program
What is it? Low–interest financing
Who or what is it for? Nonprofit, non–community water systems replacing and updating drinking water infrastructure.
Hazardous Discharge Site Remediation Fund
What is it? Grants and loans
Who or what is it for? The investigation, remediation, and cleanup by businesses, individuals, or municipalities, of contaminated and underutilized sites.
It Pays to Plug In: Electric Vehicle Workplace Charging Grant Program
What is it? Grants to offset the cost of purchasing electric vehicle charging stations
Who or what is it for? Public, workplaces, and multi–unit residential dwellings.
NJ Clean Construction Program
What is it? Up to $100,000 to install or replace pollution control devices
Who or what is it for? Businesses and non–profits that own non–road construction equipment.
NJ Zero Emission Inventive Program (NJZIP)
What is it? Vouchers of up to $100,000 to support purchases of new, medium–duty zero–emission vehicles
Who or what is it for? Businesses and institutions in certain areas of NJ.
New Jersey Water Bank Program
What is it? Low–cost financing
Who or what is it for? The design, construction, and implementation of projects that protect and improve water quality, and ensure safe and adequate drinking water.
New Jersey’s Clean Energy Program
What is it? Funding toward energy conservation measures and efficiency upgrades.
Who or what is it for? Different subsets of this program target large energy users, residential new construction, on–site power generation, and commercial/industrial new construction.
Offshore Wind Tax Credit Program
What is it? Tax credits on qualified investments
Who or what is it for? Private capital investment and growth in major, off–shore wind industry projects.
School and Small Business Energy Efficiency Stimulus Program
What is it? Grants covering 75% of eligible costs to improve air quality and energy efficiency in schools and small businesses
Who or what is it for? School districts and small businesses installing certain HVAC systems, energy efficient fixtures, and water–conserving appliances.
Small Business Improvement Grant and Lease Grant
What is it? Reimbursement for costs associated with building improvements, and grant awards subsidizing a lease
Who or what is it for? Small businesses and nonprofits.
Hiring and Training Programs
Disadvantaged Business Enterprise Support Services Program
What is it? Hiring and employee training support
Who or what is it for? Minority, disadvantaged, and women–owned businesses seeking contracts with the New Jersey Department of Transportation (NJDOT) on highway and highway–related projects.
Return and Earn: Employer Grants for Hiring Unemployed
What is it? Grants subsidizing up to 50% of the wages, up to 6 months, of a new employee
Who or what is it for? Companies with 100 or fewer employees that hire, train, and provide new skills to unemployed workers.
Tax Credit for Hiring Veterans and Other Target Groups
What is it? Tax credits of $2,400–$9,600 per employee hired
Who or what is it for? Businesses that hire and retain veterans and individuals from other target groups in NJ.
Federal Bonding Program: Assurance for Hiring Risk Workers
What is it? Up to $25,000 federal bond insuring against theft, forgery, larceny, or embezzlement for 6 months
Who or what is it for? Businesses hiring employees with inconsistent work or credit history, substance abuse, public assistance, or parole.
Upskill: Free Incumbent Worker Training Programs
What is it? Grants up to $100,000 for group–based training to improve employees’ skills
Who or what is it for? Businesses with existing employees seeking to meet current and future workforce demands.
Resources:
Grant opportunities (n.d.). New Jersey Business Action Center, Department of State. nj.gov
Grow funding (n.d.). NJ Office of Innovation. business.nj.gov
NJBIA Releases 2022 Indicators of Innovation Report (Aug. 30, 2022). New Jersey Business & Industry Association. njbia.org
Reitmeyer, J. (Sept. 6, 2022). Is NJ a good place for business? Depends who’s asking. NJ Spotlight News. njspotlightnews.org
