The urban areas of New Jersey are home to numerous small businesses, but these businesses are facing a number of challenges that can make it difficult for them to survive. From high rent costs to a scarcity of available spaces, small business owners in cities like Newark, Jersey City, and Elizabeth are struggling to keep their doors open. The COVID-19 pandemic has only made these challenges more difficult to overcome. However, there are funding solutions available to help these businesses overcome these obstacles and thrive.
One of the biggest challenges faced by brick-and-mortar businesses in urban New Jersey is the cost of rent. With real estate prices on the rise, many small business owners are finding it increasingly difficult to afford the cost of renting a space. In order to address this challenge, the New Jersey Economic Development Authority (EDA) offers funding and incentives to help small businesses acquire and improve real estate.
Another challenge faced by small businesses in urban areas is the scarcity of available spaces. Many cities in New Jersey are experiencing a shortage of commercial spaces, which makes it difficult for small business owners to find suitable locations for their operations. To address this issue, the EDA provides funding and incentives to help small businesses acquire and develop commercial properties.
A shortage of capital is another major challenge faced by brick-and-mortar businesses in urban areas. Many small business owners struggle to access the financing they need to grow and expand their businesses. To address this challenge, the EDA has partnered with federal, state, county, and local agencies to provide funding and financing options for small businesses.
In addition to these challenges, brick-and-mortar businesses in urban areas also face competition from online retailers, difficulties in attracting and retaining customers, and a shortage of skilled labor. To help address these challenges, the EDA and other agencies have established programs and initiatives to support small businesses and help them thrive.
The EDA offers several different types of grants and loans to small businesses in the state. These include the Business Status Incentive Program (BSIP) grants, the Micro Loan Program, the Technology Business Tax Certificate Transfer (NOL) Program, the Urban Transit Hub Tax Credit Program, and the Angel Investor Tax Credit Program. By utilizing these programs, small business owners can overcome the challenges they face and continue to grow and thrive in the state.
To sum up, the challenges faced by brick-and-mortar businesses in urban New Jersey can be overwhelming. However, with the support of the New Jersey Economic Development Authority (EDA) and other agencies, small business owners can access the funding and resources they need to overcome these obstacles and succeed. By utilizing the various grants and loans offered by the EDA, such as the Business Status Incentive Program (BSIP) grants, Micro Loan Program, Technology Business Tax Certificate Transfer (NOL) Program, Urban Transit Hub Tax Credit Program, and Angel Investor Tax Credit Program, small business owners can continue to grow and thrive in the state. By supporting our small businesses, we can help to ensure the success and growth of these essential elements of our communities.
Anna D. Banks, MAS, CHBC