Opportunities for incentives and economic development programs continue to present themselves in Atlantic City

by Kenneth J. Calemmo, Jr.

On Tuesday, August 8th starting at 9:00 a.m. in City Council Chambers (2nd Floor) 1301 Bacharach Blvd, the City of Atlantic City, through the Mayor’s office the City will be holding a Business Summit.  The program will go over a variety of programs that businesses and residents can take advantage of for help with financing projects, homes and businesses.

One of the programs that will be rolled-out at the Summit is a new offering from New Jersey Economic Development Authority known as the Business Lease and/or Business Improvement Incentive Programs. This is a grant pilot program wherein Atlantic City has qualified for up to $200,000/year for the next three years.  These programs are available to businesses located in a designated commercial corridor – that being Atlantic Ave from Massachusetts to Michigan Avenues and South Carolina to MLK – Atlantic Ave to the Boardwalk.  ***(these are the only two programs that are restricted by a designated area – other programs below apply to all Atlantic City businesses and residents).

In summary:

Business Lease Incentivewww.njeda.com/BLI  – This incentive provides for 15% reimbursement for new or additional space of a businesses annual lease for two years on a five year lease.  The leased space can be office, industrial or retail but must be located on the first floor.

Business Improvement Incentivewww.njeda.com/BII – This incentive provides grants of up to 50% of total project cost not to exceed $20,000.  These grants must also be for businesses located in the designated corridor and on the first floor of the building.

Both programs are being offered on the first-come first-serve basis until the funds are fully committed.

In addition, the Business Summit will be offering numerous other opportunities for businesses in Atlantic City to include:

  • Access to NJEDA Capital through – Bank Partnerships, Bond Financing, Small and Mid-sized Business Loans, Small Business Fund, as well as Technical Assistance.
  • Section 108 Loans and Micro Loans – Loans for qualified business for up to $400,000 or 40% of a project cost whichever is lower.  This can be used for Working Capital, Renovation or New Construction, Acquisition, new Equipment or re-fi of existing debt.
  • First Time Home Buyer Program  – this is a new program for qualified first time home buyers who will receive $16,000 in loan forgiveness if the owner remains in the home for 5 years or more.

If you are a business in Atlantic City, a Banker, Realtor, Property Owner these are all tools for you and your clients to take advantage of in the City.  Please joins us on Tuesday, August 8, 2017, at 9:00 a.m. in Council Chambers in City Hall.

Until next time – KEEP MOVING FORWARD!!

Ken
kcalemmo@cooperlevenson.com

Date Published: August 1, 2017


Written by: Kenneth J. Calemmo