There are several construction grants NJ to get capital funding. Recently, the New Jersey legislation approved nearly $90 million in construction loans. With this funding, New Jersey businesses can make improvements and help the community as they grow. As a business owner, you should familiarize yourself with different grants available in NJ. This way, you can select the best ones to apply for and get funding for your projects. Read on to learn about the best construction grants in NJ to get capital funding.
Small Business Improvement Grants
First, you can get a small business improvement grant in NJ. With this grant, the government will reimburse your business for building improvements, furnishing costs and equipment upgrades. This grant can cover half of your total project costs up to about $50,000. To apply, submit an application online with your employer identification number (EIN) and a current tax clearance certification. Understand that you can only submit one application per EIN. In addition, you can use the grant to work on different business locations with one application. Verify you meet SBA small business standards to qualify for a construction financing loan. Surely, a small business improvement grant is one of the best construction loans in NJ.
Rural Construction Grants
In addition, you can apply for a rural construction grant in NJ. This grant provides technical assistance for your small business’ construction. Typically, you must have less than 50 workers and $1 million in revenue to qualify. More so, your project must benefit rural areas with over 50,000 people. Once approved, you can use the grant for project planning, business counseling and market research. Or, you can purchase land, machinery and equipment to improve your business. To make your application stand out, provide evidence that your business creates jobs within your area. Of course, you can get a rural construction grant in NJ.
Environmental Infrastructure Grants
You can also get an environmental infrastructure grant for your construction in NJ. With this grant, your business can construct or improve water quality protection measures. These can include wastewater, storm water or non point source management facilities. In addition, you can use this funding on open space land purchases, remedial action activities and well sealing for your business. Typically, applications are on a rolling basis and offer roughly $200 million each year. Therefore, apply early in the year to secure immediate funding. In short, you can apply for an environmental infrastructure grant for your government-related business construction.
More so, get an agricultural construction grant to complete construction projects in NJ. With these grants, you can complete farming and conservation development projects for your business. If you run a farming business in NJ, you can use these funds to purchase land, crops and livestock. This grant covers operational expenses like heavy machinery, as well. Of course, you must comply with all Grantee requirements to receive approval for this loan. For example, you have to provide your gross income and total project costs when you apply. Certainly, you can apply for an agricultural construction grant.
Multi-Family Residential Construction Grants
Furthermore, apply for a multi-family residential construction grant in NJ. This grant offers developers incentives to build more energy efficient homes at higher standards than regular code requirements. For example, you can get a rebate check for each housing unit you make energy efficient. You just have to submit a form within 60 days of construction completion. Apply for this grant if your housing complexes use natural gas for space and water heating. For approval, provide proof that a licensed professional is creating all project plans and blueprints. In addition, you must replace and upgrade at least two systems to a higher energy code compliance. Definitely, you can get a multi-family residential construction grant in NJ.
There are various construction grants NJ to get capital funding. First, a small business improvement grant offers reimbursement for your business improvements. In addition, you can get a rural construction grant to receive technical assistance for your company’s construction. Also, environmental infrastructure grants allow businesses to improve water quality protection measures. More so, get an agricultural construction grant to complete your conservation development. Furthermore, multi-family residential construction grants offer incentives to implement higher energy standards in housing complexes. Read the points highlighted to learn about the best construction grants NJ to get capital funding.