Information Session for New NJEDA Emerging Developers Grant Announced

On May 31, 2024

The New Jersey Economic Development Authority (NJEDA) will host an in-person information session at Kean University on Wednesday, June 5 to introduce the newly established $20 million Emerging Developers Grant pilot program.

The program was created to help developers gain access to capital and build additional capacity to expand their existing portfolio by providing grants of up to $250,000 for pre-development soft costs. It aims to address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios. Specifically, this includes access to capital due to barriers caused by predatory lending, excessive carrying costs, and predevelopment expenses that result in projects being stalled, and in some cases underutilized. These deterrents in the development industry have created financial setbacks and limited portfolios for emerging development entities that lack the required capital to cover soft costs.

With applications are expected to launch in June, the program will support small-scale developers that have completed at least two – but no more than five – commercial, residential and/or mixed-use properties of similar scope.

The information session will be held at Kean University’s North Avenue Academic Building on Wednesday, June 5, from 6 p.m. to 8 p.m. To register, click here.

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