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Large Business & Development
Large Business & Development

The EDA offers a full range of programs to help support large corporations that are creating or retaining jobs in New Jersey. Our incentives are attractive to existing large companies in the state, as well as those considering New Jersey as a future home. Low-interest financing through bonds, direct loans, loan participations/guarantees, and tax incentives rank among the key reasons for large corporations to conduct business in New Jersey.

The EDA also offers powerful resources to spur economic development and self-sufficiency across New Jersey, particularly in New Jersey’s urban areas. With lower borrowing costs and the ability to bridge financing gaps for municipalities, developers, businesses and community groups in urban areas, the EDA is a flexible and effective business partner.

We invite you to contact EDA to discuss your project details and whether any of the below list of programs is applicable to your business or redevelopment project.
 

Grow NJ Assistance Program

Grow NJ is a powerful job creation and retention incentive program that strengthens New Jersey's competitive edge against tax incentive programs in surrounding states.  Businesses that are creating or retaining jobs in New Jersey may be eligible for up to tax credits ranging from $500 to $5,000 per job, per year; with bonus credits ranging from $250 to $3,000 per job, per year  (award amounts vary based on applicable criteria.)

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Economic Redevelopment and Growth (ERG) Program

The Economic Redevelopment and Growth (ERG) Program is an incentive for developers and businesses to address revenue gaps in development projects, defined as having insufficient revenues to support the project debt service under a standard financing scenario.  It can also apply to projects that have a below market development margin or rate of return. The grant is not meant to be a substitute for conventional debt and equity financing, and applicants should generally have their primary debt financing in place before applying.  In order for a project to be approved, it needs to undergo a rigorous analysis of the sources and uses of funds, construction costs and projected revenues.

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Bond Financing

Creditworthy manufacturing companies, 501(c)(3) not-for-profit organizations, and exempt facilities in New Jersey may be eligible for long-term financing under the Bond Financing Program.

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Hazardous Discharge Site Remediaton Fund (HDSRF)

Businesses operating in New Jersey, individuals, or municipalities that are required to, or volunteered to, perform remediation and/or cleanup of contaminated and underutilized sites may be eligible to secure financing through loans and/or grants under the Hazardous Discharge Site Remediation Fund (HDSRF).

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Higher Education Institution Public-Private Partnerships Program Information

The Higher Education Institution Public-Private Partnerships Program permits a state or county college to enter into a private-public partnership and allows a private entity to assume full financial and administrative responsibility for an on-campus construction, reconstruction, repair, alteration, improvement or extension of a building, structure, or facility of the institution so long as the college retains ownership of the land, and the project is 100% privately financed.

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Loans to Lenders Program

The Loans to Lenders Program makes capital available to financial intermediary organizations who can effectively reach small businesses in local markets including: micro lenders, Community Development Financial Institutions (CDFIs), and Urban Enterprise Zones (UEZs).

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Brownfields and Contaminated Site Remediation Program

Developers in New Jersey who need financial assistance to clean up and redevelop polluted sites and closed municipal landfills may enter into a redevelopment agreement with the EDA and be eligible to recover a portion of their remediation costs.

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Municipal Landfill Closure and Remediation Reimbursement Program

Eligible developers seeking financial assistance in the closure, remediation and redevelopment of municipal landfill sites in New Jersey may qualify for reimbursement of 75% of the closure or cleanup costs associated with the remediation and redevelopment of a municipal solid waste landfill.

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Real Estate Impact Fund

The goal of the Real Estate Impact Fund is to support and foster redevelopment in strategic urban and other significant locations that would not otherwise occur in the near term and to strengthen existing and catalyze future development opportunities and private investment. The Fund will advance economic development by supporting projects consistent with local redevelopment plans or strategies, attract private investment, and by creating or retaining jobs.

 

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