This has been a tough time for small businesses. However, at a board meeting last April, the CRDA (Casino Reinvestment Development Authority) agreed to work with the NJEDA (New Jersey Economic Development Authority) to give $2 million to help the Small Business Emergency Grant Program. This donation will come from the CRDA’s General Fund. To sum up, they’ll transfer the money over to the NJEDA. Then, they’ll use this money to give out grants through the Small Business Emergency Assistance Grant Program. As such, they’ll use this money to help small businesses that are currently struggling due to the crisis. All and all, this is a very important move as these grants will help out the local area and aid the Tourism District, hopefully.
Helping the economy
As you know, the NJEDA is a vital body in New Jersey. It’s there to help drive forward the economy. It’s also the only body that’s qualified to give out these grants to small companies that have been hit by the economic crisis. In essence, the EDA has recently authorized a number of initiatives. The most important of these right now is the Small Business Emergency Assistance Grant Program. This will give out grants of up to $5,000 to small businesses. Generally, they help companies in industries such as arts, entertainment, retail, the food and drink industry, and more. The aim is to minimize the number of job losses and furloughs which are skyrocketing nowadays.
Without a doubt, the recent economic crisis has hit The Garden State badly. This is because many of its businesses are in the hospitality and entertainment industry. And so, the CRDA and NJEDA are ready to step in and help out. But now, it’s down to the NJEDA to decide whether or not a small business fulfills the criteria to access a grant. Surely, in these times, the organization will demonstrate flexibility. After all, the CRDA is there to help out New Jersey’s economy to thrive. As you know it manages the 1.25% mandatory tax casinos must re-invest in the community. 1.25% that has seen much controversy when Former Governor Chris Christie oversaw it. But now, it’s time to shine.