I'LL BE READY. OKAY. OKAY. LET'S GO. OKAY. OKAY. GOOD AFTERNOON EVERYONE. MY NAME IS NINA SINGH, 
          [NJEDA information Session on Grants and Loans for Small Businesses on November 12, 2024.]
          [00:00:15]
MAYOR OF MONTGOMERY TOWNSHIP, AND I'M DELIGHTED TO WELCOME YOU ALL TODAY. IT IS MY PLEASURE TO INTRODUCE OUR ESTEEMED GUEST, KATHY GUZMAN FROM THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY. 
          EARLIER THIS MORNING, KATHY, ALONG WITH JESSICA FROM THE COUNTY OF SOMERSET, AND MATT, OUR MONTGOMERY TOWNSHIP, WHILE MATTHEW REALLY BUT MATT, OUR MONTGOMERY TOWNSHIP BUSINESS ADVOCATE, VISITED LOCAL BUSINESSES TO SHARE INFORMATION ABOUT THE NJEDA PROGRAMS AND OFFER OUR SUPPORT AND THEIR SUPPORT. WE ARE ALSO ACTIVELY COLLABORATING WITH THE STEM COMMUNITY IN MONTGOMERY AND THE LOCAL BUSINESSES TO ATTRACT MORE LIFE SCIENCES ENTERPRISES. FOR MONTGOMERY TOWNSHIP. THIS COLLABORATION IS PART OF OUR COMMITMENT TO FOSTERING INNOVATION, ECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENT WITHIN OUR TOWNSHIP. BY WORKING WITH STEM COMMUNITY, WE AIM TO CREATE AN ECOSYSTEM THAT SUPPORTS CUTTING EDGE RESEARCH, DEVELOPMENT AND COMMERCIALIZATION OF NEW TECHNOLOGIES. MONTGOMERY TOWNSHIP OFFERS A UNIQUE BLEND OF RESOURCES, INCLUDING A HIGHLY EDUCATED WORKFORCE, PROXIMITY TO MAJOR RESEARCH INSTITUTIONS LIKE PRINCETON, RUTGERS AND OTHERS, AND SUPPORTIVE BUSINESS ENVIRONMENT, MAKING IT AN IDEAL LOCATION FOR LIFE SCIENCES BUSINESSES. AND OF COURSE, THE SAME APPLIES TO OUR SMALL BUSINESSES. I THINK I'M GOING TO JUST GO A LITTLE OFF TOPIC HERE TO SAY I'VE HAD PEOPLE ASK ME MANY TIMES, HOW DO I START A SMALL BUSINESS? BECAUSE ESPECIALLY THE MINORITY COMMUNITY, THEY ARE NEW TO THE COUNTRY AND THEY DO HAVE THIS DESIRE TO OWN A BUSINESS. SO I THINK TODAY'S SESSION IS GOING TO BE SO INFORMATIVE, AND I'M SO GLAD THAT WE ARE RECORDING THAT, THAT WE CAN SHARE WITH OTHERS IN THE TOWNSHIP. I KNOW IT'S TOUGH TO COME IN THE AFTERNOON WHEN YOU'RE RUNNING A SMALL BUSINESS, BECAUSE YOU'RE THE PERSON WHO HAS TO BE THERE AS WELL. SO AND OF COURSE, I AM SO GLAD KATHY IS HERE. KATHY BRINGS A WEALTH OF KNOWLEDGE AND EXPERTISE IN THE FIELDS OF SMALL BUSINESS, E-COMMERCE, GRANTS, NJEDA FINANCING, AND MORE. WE ARE FORTUNATE TO HAVE HER HERE TO SHARE HER VALUABLE INSIGHTS AND RESOURCES THAT CAN BENEFIT OUR LOCAL BUSINESS COMMUNITY. PLEASE JOIN ME IN WELCOMING KATHY GUZMAN. THANK YOU. THANK YOU, MAYOR SINGH, AND THANK YOU EVERYBODY IN MONTGOMERY. I'VE HAD SUCH A WARM WELCOME HERE. AND THANK YOU, JESSICA, FOR ORGANIZING AND COORDINATING THIS. SO I'M GOING TO SHARE INFORMATION ABOUT THE GRANT PROGRAMS. I'M ALSO GOING TO GIVE YOU A HIGH LEVEL OVERVIEW OF THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY. SO YOU GUYS CAN UNDERSTAND WHAT THE EDA IS AND HOW WE ARE HERE TO HELP YOU. AND I THINK I NEED TO SIT OVER HERE SO I CAN DO MY SLIDES. OTHERWISE, I'M GOING TO BE GOING BACK AND FORTH. OKAY. SO THIS IS WHAT WE'RE GOING TO COVER TODAY. HIGH LEVEL OVERVIEW OF THE EDA FOR SPECIFIC GRANT PROGRAMS THAT ARE OPEN TO SMALL BUSINESSES IN NEW JERSEY. AND THEN WE'RE GOING TO TALK A LITTLE BIT ABOUT LENDING AND THE NEW JERSEY CAPITAL ACCESS FUND. SO THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY, WE ARE A SEPARATE STATE AGENCY OR STATE AUTHORITY. AND OUR ROLE IS TO GROW THE ECONOMY IN NEW JERSEY. WE WANT TO CREATE GOOD PAYING JOBS. WE WANT TO FOSTER THE INNOVATION ECONOMY. AS THE MAYOR SAID, THAT'S IMPORTANT TO US. AREAS OF FOCUS ARE CLEAN TECHNOLOGY, BIOTECHNOLOGY, FILM AND DIGITAL MEDIA, CLEAN AND CLEAN ENERGY, WIND, THE WIND PORT AND ALSO ELECTRIC VEHICLES. THERE'S LOTS OF PROGRAMS ACROSS THE INNOVATION AREA. I'M NOT GOING TO GO INTO DETAIL ON THEM, BUT THE MOST IMPORTANT THING TO KNOW IS IF YOU ARE IN THAT AREA OF INNOVATION OR YOU KNOW ANYBODY THAT IS IN THAT AREA, WE HAVE INNOVATION TEAM, OFFICE HOURS ONCE A MONTH, SO YOU CAN GO TO THOSE OFFICE HOURS. THEY'RE IN PERSON SOMETIMES ONLINE, AND YOU CAN LEARN ALL ABOUT THE DIFFERENT INNOVATION PROGRAMS. SOME ARE GRANTS, SOME ARE LOANS. 
          BUT IT'S JUST A GREAT WAY TO BE INTRODUCED. SO THAT'S SOMETHING IMPORTANT FOR YOU GUYS TO KNOW HERE. THAT'S NOT MY AREA OF EXPERTISE. MY I WORK WITHIN SMALL BUSINESS SERVICES. I'M A LITTLE BIASED. I THINK IT'S THE BEST PART OF THE EDA. WE MY JOB IS WHAT I'M DOING RIGHT NOW. I DO OUTREACH TO SMALL BUSINESSES. THIS MORNING WE WALKED AROUND AND WE VISITED. I DON'T KNOW HOW MANY. JESSICA 25, 30 SMALL BUSINESSES. JESSICA, MATT AND I JUST WALKED IN THE DOOR AND SAID, THESE ARE PROGRAMS THAT CAN HELP YOU. WE'RE HERE TO HELP. OKAY? AND THAT'S MY ROLE. 
          SO I AM HERE TO HELP. I'M HERE TO ANSWER YOUR QUESTIONS, AND I'M HERE TO MAKE SURE THAT YOU UNDERSTAND THAT THERE ARE GRANT PROGRAMS FOR SMALL BUSINESSES. SO THE FOLKS IN THIS PICTURE ARE 
          [00:05:03]
ALL FOLKS THAT HAVE RECEIVED GRANTS THROUGH THE EDA. SO YOU SEE HOW HAPPY THEY ALL LOOK. 
          OKAY, SO THE MOST IMPORTANT THING TO KNOW ABOUT THE GRANT PROGRAMS FOR SMALL BUSINESSES IS THAT THEY ARE DIFFERENT THAN THE OTHER PROGRAMS IN THE EDA. THE EDA HAS ABOUT 45 DIFFERENT PROGRAMS. MOST OF THEM ARE COMPETITIVE. SO THAT MEANS YOU HAVE TO PUT YOUR BEST FOOT FORWARD. YOU HAVE TO SUBMIT YOUR GRANT, AND YOU'RE GOING TO BE JUDGED ON A LOT OF DIFFERENT CRITERIA. THE SMALL BUSINESS PROGRAMS ARE NONCOMPETITIVE. THERE'S AMPLE FUNDING IN THEM SO THAT MEANS AS LONG AS YOU MEET THE REQUIREMENTS, YOU GET THE FUNDING. OKAY, SO IT'S NOT ABOUT WRITING THE BEST GRANT. IT'S SIMPLY ABOUT FOLLOWING THE RULES AND PROVIDING THE DOCUMENTATION. 
          OKAY, SO IT MAY TAKE A LITTLE BIT OF TIME AND A LITTLE BIT OF EFFORT TO SUBMIT THE GRANT APPLICATION. BUT THE FUNDING IS THERE AND IT'S NONCOMPETITIVE. SO THAT'S THE MOST IMPORTANT THING TO KNOW. THE SMALL YOU HAVE TO BE A SMALL BUSINESS IN THE STATE OF NEW JERSEY TO BE ELIGIBLE FOR THESE PROGRAMS. AND THAT'S THE SMALL BUSINESS ADMINISTRATION DEFINITION OF SMALL BUSINESS, WHICH REALLY IS SMALL AND MEDIUM, RIGHT? IT CAN BE IT CAN BE HUNDREDS OF EMPLOYEES. IT COULD BE MILLIONS OF DOLLARS. IT DEPENDS ON THE TYPE OF BUSINESS THAT YOU ARE. 
          SO, YOU KNOW, SOMETIMES PEOPLE SAY, WELL, I'M NOT REALLY A SMALL BUSINESS JUST BECAUSE YOU'RE NOT A MOM. AND POP, YOU COULD STILL BE ELIGIBLE. SOME OF THESE PROGRAMS ARE ALSO OPEN TO NON-PROFITS AS LONG AS THE NONPROFIT OPERATES LIKE A BUSINESS, MEANING THAT THEY HAVE SOME SORT OF PROGRAM REVENUE. OKAY. SO IF YOU HAVE A NONPROFIT AND SO PROFIT OR NOT. SO A NONPROFIT HAS TO HAVE PROGRAM WHEREVER YOU MEANING THAT THEY HAVE TO HAVE A SOURCE OF REVENUE. THAT'S NOT JUST DONATIONS. OKAY. SO THAT'S KIND OF A HIGH. THERE'S A FEW OTHER THINGS THAT'S KIND OF A HIGH LEVEL OVERVIEW. SO TYPICALLY IF IT'S A NONPROFIT THAT OPERATES LIKE A BUSINESS OR THEY THEY SELL CLASSES OR THEY HAVE PROGRAMS THAT THEY CHARGE FOR THAT KIND OF THING, OKAY. I CAN MOVE THESE QUESTIONS TOWARDS THE YEAH, WE CAN WE CAN DO QUESTIONS TOWARDS THE END. YEAH. IF YOU'RE IF YOU'RE REALLY CONFUSED, JUST RAISE YOUR HAND. SO I'M HAPPY TO HELP. YEAH. THAT IS AN IMPORTANT QUESTION. YEAH. SO WE'RE GOING TO START WITH THE E COMMERCE SUPPORT PROGRAM. THIS HONESTLY I THINK IS THE BEST PROGRAM THAT WE HAVE BECAUSE IT'S SO EASY TO GET STARTED. THERE'S NO ONLINE APPLICATION THROUGH THE ECONOMIC DEVELOPMENT AUTHORITY. SO THIS IS OPEN TO RESTAURANT RETAIL AND PERSONAL CARE WITH A PHYSICAL BUSINESS LOCATION. OKAY. NOW THE DEFINITIVE DEFINITION OF RETAIL, FROM WHAT I UNDERSTAND IS IF YOU CAN WALK, IF YOU HAVE REGULAR BUSINESS HOURS AND YOU CAN WALK IN AND BUY A PRODUCT OR SERVICE, THEN YOU ARE RETAIL. OKAY. SO THE PURPOSE OF THIS PROGRAM IS TO ENABLE E COMMERCE. IT'S TO GIVE THE BUSINESSES THAT WERE HURT THE MOST DURING COVID AN ADDITIONAL SALES CHANNEL. RIGHT. SO YOU HAVE YOUR BRICK AND MORTAR SALES CHANNEL. THIS IS GOING TO GIVE YOU THAT ONLINE SALES CHANNEL OR IMPROVE IT IF YOU IF YOU HAVE IT ALREADY. SO IT CAN BE ACTUALLY SELLING SELLING ITEMS LIKE DELICIOUS COOKIES ONLINE. IT CAN ALSO BE ONLINE APPOINTMENT BOOKING THAT COUNTS AS E-COMMERCE. OKAY. 
          DEPENDING ON YOUR TYPE OF BUSINESS. THE GREAT THING ABOUT THIS PROGRAM IS THERE IS NO ONLINE APPLICATION THROUGH THE EDA, AND THERE'S NO MONEY THAT COMES OUT OF THE BUSINESS'S POCKET. OKAY, THE WEBSITES ARE DONE BY A GROUP OF. THERE ARE SIX DIFFERENT VENDORS WHO ARE CONTRACTED WITH THE EDA. A BUSINESS CAN PICK WHICHEVER ONE THEY WANT TO WORK WITH AND THE PROGRAM IS AMAZING. I'M JUST GOING TO TAKE YOU QUICKLY THROUGH SOME OF THE THINGS. 
          OKAY, SO WEBSITE DEVELOPMENT OR OPTIMIZATION, A NEW E-COMMERCE PLATFORM, OR IF YOU HAVE ONE, BUT YOU'RE LOOKING TO MAKE IT BETTER, THE ADOPTION OR MIGRATION OF THAT PRODUCT THAT THAT WEBSITE ONLINE ORDERING, APPOINTMENT BOOKING. IT ALSO IS GOING TO INCLUDE A DIGITAL MARKETING PLAN. SO THAT IS HERE'S HOW. HERE'S THE MARKETING PLAN TO GET YOUR WEBSITE OUT. 
          YOU KNOW, HERE'S WHAT YOU NEED TO DO. IT DOESN'T PAY FOR THAT ADVERTISING, WHICH IS WHY IT'S ONLY A DIGITAL MARKETING PLAN. BUT IT IS. HERE'S HOW YOU NEED TO DO IT OKAY. SO YOU CAN END UP WITH A BRAND NEW WEBSITE. THESE ARE THE BENEFITS, RIGHT? SO OBVIOUSLY A NEW FRIENDLY E-COMMERCE SITE, IMPROVED ONLINE PRESENCE THROUGH SEARCH ENGINE OPTIMIZATION. SO THAT IS THE ABILITY FOR PEOPLE TO FIND YOU WHEN THEY LOOK FOR YOU USING THEIR PHONE. YOU CAN SELL GIFT CARDS, MERCHANDISE PACKAGES. THERE'S TRAINING PROVIDED THAT COMES WITH IT. SO ONCE YOU'RE DONE WITH THE PROCESS, YOU'LL GET TRAINING, BUT YOU'RE RESPONSIBLE FOR THE ONGOING MAINTENANCE OF YOUR SITE. TYPICALLY, THE SITE IS GOING TO WORK WITH YOUR EXISTING POINT OF SALE. SO THAT'S AN IMPORTANT COMPONENT OF THIS, WHICH MAKES IT PRETTY EASY IN MY OPINION. 
          [00:10:01]
USUALLY IT'S JUST LIKE A TICK BOX. DOES THAT GO ON THE WEBSITE OR NOT? IT'S GENERALLY PRETTY PRETTY USER FRIENDLY. THESE DAYS. AND AT THE BOTTOM AGAIN, EASY TO GET STARTED. NO ONLINE APPLICATION AND NO COST TO THE BUSINESS. OKAY, SO THE EDA WILL PAY THE VENDOR. HERE'S A SMALL HERE'S A SAMPLE. THIS IS ONE OF THE FIRST ONES WE DID I BELIEVE THESE GUYS ARE IN NEWARK. IT'S A LITTLE HARD TO SEE. BUT THAT YELLOW SEE WHERE IT SAYS ORDER ONLINE OKAY. YOU CLICK THAT BUTTON AND IT'S GOING TO GO DIRECTLY TO THE RESTAURANT'S POINT OF SALE. SO YOU NO LONGER HAVE TO WORRY ABOUT THE DOORDASH OR THE GRUBHUB OR SOMEBODY ELSE WHO'S GOING TO TAKE PART OF YOUR PROFIT. SO YOU COULD ORDER DIRECTLY FROM THE RESTAURANT WITHOUT HAVING TO USE THE THIRD PARTY. AND THIS IS THE LIST OF CONSULTANTS YOU DO HAVE TO WORK WITH. ONE OF THE FOLKS ON THIS LIST. YOU'RE FREE TO REACH OUT TO THEM. MY ADVICE IS ALWAYS TO GO ONLINE, DO SOME RESEARCH, LOOK AT SOME OF THEIR SAMPLE SITES, SEE IF YOU'RE A RESTAURANT. DO THEY DO A LOT OF RESTAURANTS? IF YOU'RE A RETAIL STORE, HAVE THEY DONE A LOT OF RETAIL STORE? AND THEN YOU CAN REACH OUT AND SEE WHO YOU WANT TO WORK WITH. YOU DO WANT TO MAKE SURE THAT THEY WORK WITH YOUR SPECIFIC POINT OF SALE. OKAY. IS THIS SOMETHING OF INTEREST TO YOU GUYS HERE? A LITTLE SHOW OF HANDS. OKAY, GOOD, GOOD. I'M GLAD. DO YOU HAVE ANY QUESTIONS ABOUT THE E-COMMERCE BEFORE WE MOVE ON? IF YOU HAVE ANY QUESTIONS, LET ME KNOW. I'LL BRING THE MICROPHONE TO YOU. AND. ANY I'M SORRY. ANY QUESTIONS ABOUT THE E-COMMERCE? GO AHEAD. YEAH. OH THANK YOU I FORGOT WE'RE BEING RECORDED SO WE NEED THE MIC. THANK YOU MATT. THANKS, MATT I THINK IF YOU COULD JUST HIGHLIGHT WHAT WILL BE COVERED AND WHAT WON'T BE COVERED, AND IF THEY'RE GOING TO BE MAINTAINING IT, DO YOU KNOW WHAT THE COST IS GOING TO BE TO MAINTAIN THE PARTICULAR WEBSITE? SO GREAT QUESTION. SO ALONG WITH THAT, DO WE HAVE TO STAY WITH THE SAME VENDOR TO MAINTAIN IT, OR CAN WE USE SOMEBODY ELSE TO MAINTAIN IT AFTER IT'S DONE. YEAH. SO THAT'S THAT'S A GREAT QUESTION. SO YOU DO NOT HAVE TO STAY WITH THE VENDOR WHO DOES THE UPGRADE, THE STATE APPROVED VENDOR, ONCE THEY ARE FINISHED THEY ARE REQUIRED. THEY'RE REQUIRED TO TRAIN YOU, BUT YOU SHOULD BE ABLE TO MAINTAIN THE WEBSITE ON YOUR OWN. OKAY. NOW WHOEVER YOU'RE USING FOR HOSTING YOUR WEBSITE THAT CAN STAY THE SAME. THAT DOESN'T NEED TO CHANGE. SO YOU DON'T NEED TO WORK WITH THESE VENDORS ON AN ONGOING BASIS. YOU CAN, IF YOU WANT TO, BUT IT'S NOT REQUIRED. 
          IN FACT, THEY ARE REQUIRED TO TRAIN YOU SO YOU KNOW HOW TO DO IT YOURSELF. OKAY, DID THAT ANSWER YOUR QUESTION? OKAY, I THINK JUST ONE MORE LEVEL. IF I'M A NEW BUSINESS STARTING OFF, I DON'T HAVE ANY WEBSITE. WOULD THEY DEVELOP THE WHOLE WEBSITE OR YOU'RE SAYING THEY'LL JUST GUIDE ME THROUGH THE WEBSITE AND THE ADVERTISING PLAN? NO, THEY WOULD BUILD YOU AN ENTIRELY NEW WEBSITE. SO IF YOU HAVE AN EXISTING WEBSITE THAT HAS MINIMAL E-COMMERCE OR YOU'RE NOT HAPPY WITH E-COMMERCE, THEY WILL REBUILD IT. IF YOU DON'T HAVE A WEBSITE, THEY WILL BUILD YOU A NEW ONE. THAT BEING SAID, THE BUSINESS DOES HAVE TO BE OPEN. SO IF YOU'RE A BRAND NEW BRICK AND MORTAR, YOU CAN'T WORK WITH THEM UNTIL YOUR BUSINESS. YOUR DOORS ARE ACTUALLY OPEN. BUT OF COURSE YOU WANT TO KNOW WHAT'S HERE, RIGHT? SO THAT. YEAH. SO YEAH, YEAH. SO THE BUSINESS HAS TO BE LOCATED IN MONTGOMERY TOWNSHIP, RIGHT? OR IS IT ANYWHERE IN ANYWHERE IN NEW JERSEY? ANYWHERE IN JERSEY. OKAY. AND YOU PROVIDE ALL THESE SERVICES? YES. IT'S FOR RESTAURANT, RETAIL AND PERSONAL CARE ONLY. OH, OKAY. SO ONLY THOSE BUSINESS YOU HAVE TO BE ABLE TO. AND THE KEY TO IT IS TO ENABLE E-COMMERCE, WHETHER THAT BE APPOINTMENT BOOKING. YOU CAME IN LATE SO YOU MISSED THAT PART. YEAH. YEAH. THERE ARE OTHER THINGS. OH OKAY. THIS IS ONLY FOR THESE. YES OKAY OKAY. THANK YOU. I'M LOOKING FOR HEALTH CARE. OH OKAY. WE'LL GET THERE WORKING AND ALL THAT STUFF. OKAY. SO THAT WAS THE E-COMMERCE SUPPORT PROGRAM. I MENTIONED THAT THERE'S NO ONLINE APPLICATION. THERE IS NO WAGE REQUIREMENT. THERE'S NO REQUIREMENTS THAT GO WITH IT. YOU DO HAVE TO VERIFY ELIGIBILITY A TAX RETURN AND SOMETHING CALLED A TAX CLEARANCE CERTIFICATE, WHICH JUST PROVES THAT YOU'RE NOT BEHIND ON YOUR TAXES IN THE STATE OF NEW JERSEY. I CAN DIRECT YOU AND SHOW YOU HOW TO GET THAT. OKAY, SO NEXT UP IS A SMALL BUSINESS LEASE GRANT. OKAY. THIS IS A LITTLE MORE LIMITED. IF A BUSINESS SIGNS A NEW LEASE FIVE YEAR TERM OR LONGER AND GROUND FLOOR SPACE, THEY'RE ELIGIBLE FOR A 20% REIMBURSEMENT IN THE FORM OF A GRANT. FOR THE FIRST TWO YEARS. OKAY. SO AGAIN, THERE'S A LOT OF REQUIREMENTS, BUT IT CAN BE VALUABLE IF IT'S A FIT. SO IT HAS TO BE A FIVE YEAR LEASE OR LONGER. IT HAS TO BE GROUND FLOOR SPACE AND IT HAS TO BE A NEW LEASE OKAY. A NEW LEASE MEANS SIGNED WITHIN THE PAST 12 MONTHS. OKAY. NOW A BUSINESS CAN APPLY FOR THIS AS SOON AS THEY 
          [00:15:07]
SIGN THAT LEASE. SO THIS IS WHERE EVEN IF IT DOESN'T APPLY TO YOU, YOU COULD BE HELPFUL TO YOUR BUSINESS NEIGHBORS. IF YOU SEE SOMEBODY MOVING IN, THEY CAN APPLY AS SOON AS THAT LEASE IS SIGNED. THEY DON'T HAVE TO WAIT TILL THEIR OPEN. THEIR BUILDOUT IS DONE. THEY HAVE THE CO, THEY CAN APPLY AS SOON AS THEY HAVE IT EXECUTED OR SIGNED LEASE. SO IT CAN REALLY HELP PEOPLE IN THE VERY EARLY STAGES. IF YOU ALREADY. SO THE I SORRY THAT'S NO PROBLEM OKAY. SO SORRY. SORRY FOR ASKING TOO MANY QUESTIONS. MY QUESTION IS LIKE THIS IS IF AN WITHIN NEW JERSEY RIGHT. 
          AGAIN CORRECT. SO I'M SIGNING A NEW LEASE OF COURSE. AND I'LL BE DOING ONE MORE IN THE NEAR FUTURE SO I COULD APPLY FOR THESE GRANTS. AND THEN THERE'S ANOTHER LOCATION I'M EXPANDING ACTUALLY, IN THAT LOCATION. AND SO I COULD APPLY FOR BOTH THE LOCATIONS. YES. SO THAT'S A GREAT QUESTION. I THINK I CAN ANSWER BOTH OF YOUR QUESTIONS. SO THIS YOU CAN APPLY PER LOCATION FOR THIS PROGRAM OKAY. AN EXISTING LEASE OR A RENEWAL IS ONLY ELIGIBLE IF YOU ADD SQUARE FOOTAGE OKAY. SO IF YOU ADD 250FT■!S OR MORE, THEN YOU'E ELIGIBLE TO APPLY. BUT IF YOU'VE BEEN IN THE SAME LOCATION FOR MANY YEARS AND YOU JUST RENEW FOR FIVE YEARS, THEN YOU'RE NOT ELIGIBLE. OKAY, SO THIS IS ONLY FOR A NEW LEASE OR A RENEWAL WHERE YOU ADD SQUARE FOOTAGE. 
          THIS WAS DEVELOPED POST COVID TO FILL THOSE OBVIOUS VACANCIES. NOW THERE'S NOT AS MANY OF THOSE AS THERE USED TO BE, BUT WE'RE FORTUNATE THAT THE PROGRAM IS STILL WITH US. NOW THE YEAH, THE INCENTIVE IS PAID ON ANYWHERE FROM 250 TO 10,000FT■!S. IF A BUSINESS IS MORE THAN 10,000FT■, THEY JUST GET PAID THE INCENTIVE ON THE FIRST 10,000, BUT THEY ARE STILL ELIGIBLE TO APPLY. 
          NOW, THIS IS ONLY FOR LEASE. SO YOU IF YOU OWN THE BUILDING AND YOU LEASE IT BACK TO YOURSELF, YOU'RE NOT ELIGIBLE. IF YOU HAVE ANY OWNERSHIP INTEREST IN THAT BUILDING, YOU'RE NOT ELIGIBLE. 
          OKAY. SO ONLY FOR A LEASE. SO ONE APPLICATION PER LOCATION. SO AGAIN YOU CAN APPLY FOR MULTIPLE LOCATIONS. ALL OUR PROGRAMS YOU CAN'T BE IN DEFAULT ON ANY OTHER STATE PROGRAMS. THAT'S THAT'S PRETTY STANDARD ACROSS OUR PROGRAMS. THERE IS A WAGE REQUIREMENT THAT GOES ALONG WITH THIS PROGRAM. GOING BACK TO THE E COMMERCE NO WAGE REQUIREMENT. THIS PROGRAM, BECAUSE YOU ARE GETTING FUNDS. THERE IS A WAGE REQUIREMENT THAT WAGE REQUIREMENT IS 120% OF MINIMUM WAGE. SO WHAT THAT MEANS IS AFTER YOUR GRANT IS APPROVED, ANYBODY ON YOUR PAYROLL HAS TO GET 120% OF THE APPLICABLE MINIMUM WAGE. NOW, THAT COULD BE THE TIPPED WAGE FOR A LARGE RESTAURANT. IT COULD BE THE SMALL EMPLOYER WAGE. IF YOU HAVE LESS THAN FIVE EMPLOYEES OR THE REGULAR MINIMUM WAGE, THAT REQUIREMENT DOESN'T KICK IN UNTIL YOUR GRANT IS APPROVED AND SIGNED. OKAY, SO IF YOU'RE NOT THERE YET AND YOU WANT YOUR GRANT IS APPROVED, THEN YOU'RE AGREEING THAT MOVING FORWARD, EVERYBODY IS GOING TO GET 120% OF MINIMUM WAGE FOR WHAT WE CALL THE COMPLIANCE PERIOD. SO THERE'S TWO THINGS THAT YOU WILL THAT A BUSINESS AGREES TO ONCE THEIR GRANT IS APPROVED. ONE IS THAT THEY'RE GOING TO STAY IN THAT LOCATION FOR FIVE YEARS. 
          AND THE SECOND IS THAT EVERYBODY WILL GET 120% OF MINIMUM WAGE. SO ONCE A YEAR, BASICALLY, YOU JUST HAVE TO SUBMIT A PAYROLL REPORT AND PROVE THAT YOU'RE STILL IN THAT IN THAT SPACE. 
          OKAY. SO YOU HAVE TO BE THE SMALL BUSINESS ADMINISTRATION DEFINITION OF A SMALL BUSINESS. 
          AND THAT GOES BY YOUR YOUR CODE, YOUR YOUR NORTH AMERICAN INDUSTRY CLASSIFICATION CODE. 
          NOW THAT CAN BE HUNDREDS OF EMPLOYEES AND MILLIONS OF DOLLARS. I CAN HELP YOU. LOOK THAT UP. BUT IT GOES BY THAT CODE. YEAH. OKAY. I THINK I COVERED MOST OF THE IMPORTANT STUFF, I THINK. YEAH. SO THE GREAT THING ABOUT THESE PROGRAMS IS THAT THEY ARE STACKABLE. 
          OKAY. SO THAT MEANS IF YOU'RE ELIGIBLE FOR THE E COMMERCE GRANT, YOU COULD ALSO BE ELIGIBLE FOR THE LEASE GRANT. YOU COULD ALSO BE ELIGIBLE FOR THIS IMPROVEMENT GRANT OKAY. 
          SOME PEOPLE, ESPECIALLY IF THEY'RE NEW OR MOVING INTO A NEW LOCATION, ARE LUCKY ENOUGH TO BE ABLE TO APPLY FOR ALL THREE OF THEM. AND THERE'S A LITTLE BIT OF A LEARNING CURVE. SO IT GETS EASIER AFTER AFTER EACH ONE. SO THE SMALL BUSINESS IMPROVEMENT GRANT IS A REIMBURSEMENT GRANT. 
          SO THIS IS REIMBURSEMENT ON ANY IMPROVEMENTS AT YOUR BUSINESS LOCATION. IT'S A 50% REIMBURSEMENT UP TO 50,000. AND IT IS A TWO YEAR LOOKBACK PERIOD. SO FROM THE DAY YOU 
          [00:20:10]
APPLY YOU CAN LOOK BACK TWO FULL YEARS AND YOU CAN COMBINE ALL THOSE EXPENSES. NOW THIS IS PRETTY BROAD. IT'S IMPROVEMENTS, RENOVATIONS, CONTRACTORS, ELECTRICIAN. IF YOU HAVE A NEW SPACE. BUT IT ALSO CAN BE YOUR EQUIPMENT. IT COULD BE YOUR MANUFACTURING EQUIPMENT. IT COULD BE A FORKLIFT. IF YOU HAVE A WAREHOUSE, IT COULD BE YOUR KITCHEN EQUIPMENT, YOUR OVEN, YOUR GIANT MIXER. YOU KNOW, WHATEVER IT MAY BE, WHATEVER TYPE OF EQUIPMENT THAT YOU NEED TO RUN YOUR BUSINESS IS TYPICALLY ELIGIBLE. IT HAS TO STAY AT THAT LOCATION. THIS GRANT IS REALLY TIED TO THE BUSINESS LOCATION, SO IT'S IMPROVEMENTS AT THE LOCATION OR EQUIPMENT AT THE LOCATION. AND AGAIN, YOU CAN COMBINE MULTIPLE EXPENSES ONTO ONE APPLICATION. 
          THE REIMBURSEMENT IS 50% UP TO 50,000. SO IF YOU HAVE $100,000 WORTH OF EXPENSES YOU CAN GET BACK 50. NOW THIS PROGRAM, YOU CAN APPLY ONE TIME PER EIN PER LIFETIME OF THE PROGRAM. SO FOR YOUR EXAMPLE WITH MULTIPLE LOCATIONS, IF IT'S UNDER ONE EIN, YOU CAN COMBINE DIFFERENT LOCATIONS ONTO ONE APPLICATION AS WELL AS LONG AS IT'S UNDER ONE EIN. SO IF YOU HAD IMPROVEMENTS IN TWO DIFFERENT LOCATIONS THAT ARE ALL THAT ARE ALL UNDER THE SAME EIN, YOU COULD COMBINE THEM ONTO ONE APPLICATION. OKAY, GREAT LOCATION AND I THINK WE SHOULD GIVE YOU THE MIC BECAUSE THIS IS GETTING RECORDED AND PEOPLE WANT TO BE ABLE TO. SO I HAVE ONE I AND THE TWO LOCATIONS CAN BOTH THE LOCATIONS BECOME ELIGIBLE FOR THIS TYPE OF GRANT? YES. SO YOU CAN APPLY ONE TIME PER EIN SO YOU CAN APPLY FOR THIS, BUT YOU COULD INCLUDE EXPENSES FROM BOTH LOCATION OKAY OKAY. SO THE LEAST GRANT YOU CAN APPLY PER LOCATION. THIS GRANT YOU ONLY APPLY PER EIN. YEAH OKAY OKAY. THANK YOU. YOU'RE WELCOME. AND AGAIN IT'S A TWO YEAR LOOK BACK. 
          SO I ALWAYS TELL FOLKS IF YOU'RE IF YOU HAVE DONE RENOVATIONS YOU'VE PURCHASED EQUIPMENT. LOOK AT YOUR BOOKS AND LOOK AT WHAT YOU'VE ALREADY SPENT GOING BACK TWO YEARS BECAUSE IT'S REIMBURSEMENT OKAY. MY ADVICE IS USUALLY DON'T BUY SOMETHING JUST BECAUSE THERE'S A GRANT. BUT IF YOU KNOW THAT THERE ARE INVESTMENTS THAT YOU NEED TO MAKE, LOOK AT THE REQUIREMENTS FOR THE GRANT VERY CAREFULLY AND MAKE SURE YOU KEEP GOOD RECORDS SO THAT WHEN YOU DO GO TO APPLY FOR REIMBURSEMENT, IT'S A LITTLE BIT EASIER. AND IF SOMETHING I'M THINKING LIKE YOU COULD USE THIS ONE TO GO BACK. SO YEAH, I WAS JUST GOING TO SAY, IS THAT THE ONLY CRITERIA THAT YOU'RE TALKING ABOUT? THERE MAY BE BUSINESSES WHO HAVE DONE SOME OF THIS RENOVATION, AND MAYBE THEY ARE MAYBE A LITTLE SCHOOL OR A SMALL BUSINESS, MAYBE THAT'S A MANUFACTURING IT COULD APPLY TO ANY BUSINESS. AND IT DOES. IT APPLIES TO EVERY BUSINESS. THIS IS THE BROADEST PROGRAM THAT WE HAVE. SO FOR EXAMPLE, I TALKED ABOUT THE LEASE GRANT PROGRAM ONLY BEING THE FIRST FLOOR. THIS DOESN'T MATTER WHAT FLOOR YOU'RE ON. FIRST FLOOR, SECOND FLOOR, THIRD FLOOR. ANY TYPE OF BUSINESS A STOREFRONT BUSINESS, A COMMERCIAL BUSINESS, A MANUFACTURER, A CONSULTING BUSINESS AND INSURANCE BUSINESS DOESN'T MATTER. YOU KNOW, THIS IS OPEN TO EVERY SMALL BUSINESS AS WELL AS NON-PROFITS. SOME NON-PROFITS, IF THIS ONE IS ACTUALLY ALSO OPEN TO HOME BASED BUSINESSES ON A LIMITED BASIS. WE HAVE A NONPROFIT FARMER'S MARKET IN TOWN. OKAY. AND IT DOES HAVE A STREAM OF INCOME FROM SOME OF THE PRODUCE THAT'S SOLD EACH SATURDAY. WOULD THAT BE SOMETHING THAT COULD FIT UNDER THIS OR OTHER GRANTS? THEY DO HAVE THEY THEY MEET HERE IN THE PARKING LOT. THEY DON'T REALLY HAVE A PLACE OF BUSINESS PER SE. THEY HAVE A BOARD. AND YEAH, I'M NOT SURE THE CRITERIA BECAUSE THEY DON'T HAVE A PLACE OF BUSINESS, THEY WOULDN'T BE ELIGIBLE FOR THIS, UNFORTUNATELY, BECAUSE THESE ARE REALLY TIED TO THE BUSINESS LOCATION. THEY WERE DEVELOPED POST COVID TO SPUR THE ECONOMY, TO GET PEOPLE BACK IN BUSINESSES TO GET THEM TO IMPROVE BUSINESSES AND TO REALLY INVEST IN THE BUSINESS LOCATIONS SO THEY ARE TIED TO BUSINESS LOCATION. OKAY. THAT BEING SAID, HOME BASED BUSINESSES ARE ELIGIBLE, BUT THAT'S FOR VERY LIMITED ITEMS. SO, YOU KNOW, A COMPUTER OR A DESK CHAIR, EQUIPMENT THAT YOU USE AT YOUR HOME THAT'S NOT ATTACHED TO YOUR HOME. OKAY. SO TYPICALLY HOME BASED BUSINESSES, OFTENTIMES THEY WON'T REACH THE THRESHOLD OF THEY NEED AT LEAST $5,000 IN TOTAL WORTH OF EXPENSES. HOWEVER, I HAVE MET A FEW HOME BASED PRINTERS, PEOPLE THAT HAVE A PRINTING PRESS OR AN EMBROIDERY MACHINE OR A PHOTOGRAPHER, OR A RECORDING STUDIO. SO THERE ARE PEOPLE THAT HAVE SOME EQUIPMENT AT THEIR HOME THAT HAVE TAKEN ADVANTAGE 
          [00:25:03]
OF THIS PROGRAM. WHAT ABOUT IF YOU REDUCE ANY CONSTRUCTION TO MAKE YOUR OFFICE IN THE HOUSE? NO, SORRY. NO. IT'S A SERIOUS QUESTION BECAUSE I MEAN, BELIEVE IT OR NOT, HE KNOWS I CAME TO SEE HIM A FEW FEW DAYS AGO. LIKE I'M THINKING OF PUTTING A DOOR IN ONE OF THE WALLS. YEAH, WHICH IS A CONSTRUCTION. I ALWAYS GET THAT QUESTION. SO IT'S A VERY COMMON QUESTION. THE RULES ARE PRETTY STRICT, SO NO IMPROVEMENTS TO THE HOME, EVEN IF IT'S THE HOME OFFICE. NO IMPROVEMENTS TO THE HOME ITSELF. IT'S ONLY EQUIPMENT THAT'S NOT AFFIXED TO THE HOME. SO YOUR COMPUTER, YOUR DESK, YOUR CHAIR. YEAH. YEAH. SO THERE'S A VERY STRICT RULE THERE. BUT I ALWAYS GET THAT QUESTION. YEAH. SO THERE'S A MINIMUM TOTAL OF $5,000 WORTH OF EXPENSES CUMULATIVE, ALL THE EXPENSES THAT YOU HAVE. AND AGAIN YOU HAVE THAT TWO YEAR LOOK BACK PERIOD. OKAY. OKAY. SO AGAIN LIMITED TO ONE APPLICATION PER EIN. THIS ALSO HAS THE WAGE REQUIREMENT 120% OF MINIMUM WAGE. AGAIN THAT'S AFTER THE GRANT IS APPROVED. AND YOU SIGN THAT GRANT AGREEMENT. THERE'S ALSO A $100 APPLICATION FEE. YOU DON'T PAY THAT FEE UNTIL YOUR GRANT IS APPROVED, WHICH IS NICE. OKAY. ALL OF OUR PROGRAMS DO HAVE TO PROVIDE SOMETHING CALLED A TAX CLEARANCE CERTIFICATE, WHICH IS SIMPLY A DOCUMENT THAT PROVES THAT YOU'RE NOT BEHIND ON YOUR TAXES IN THE STATE OF NEW JERSEY, AND YOU HAVE TO BE IN GOOD STANDING WITH OTHER NEW JERSEY ORGANIZATIONS LIKE DEPARTMENT OF LABOR. OKAY, I HAVE A QUICK QUESTION. YES. SO MY QUESTION IS, DO MOST OF THE PEOPLE WHO APPLY, SINCE IT'S A GRANT GET APPROVED OR LIKE WHAT IS THE PERCENTAGE? YOU WOULD SAY, THAT'S A GREAT QUESTION. I DON'T KNOW THE EXACT NUMBERS. SO THE GRANTS ARE NONCOMPETITIVE. SO THAT MEANS IF YOU MEET THE REQUIREMENTS YOU GET THE FUNDING. THAT BEING SAID, ON THE SMALL BUSINESS IMPROVEMENT GRAN, ESPECIALLY, PEOPLE DO WITHDRAW OR THEY GET THEY GET THE SYSTEM WILL WITHDRAW THEM AND TYPICALLY THAT'S BECAUSE THEY DON'T RESPOND, WHICH I ALWAYS FIND STRANGE OR THEY DON'T HAVE THE DOCUMENTATION. OKAY. SO GOOD RECORDS IS REALLY THE KEY TO THIS. SO INVOICE AND PROOF OF PAYMENT FOR EVERY SINGLE THING THAT YOU'RE SUBMITTING, NOT AN INVOICE THAT'S STAMPED THAT SAYS PAID IN FULL AN INVOICE. AND THE CORRESPONDING PROOF OF PAYMENT. WHETHER THAT IS A CANCELED CHECK, THE BANK ACCOUNT WHERE THE MONEY CAME FROM, THE CREDIT CARD RECEIPT. YOU KNOW, HAVING THAT GOOD DOCUMENTATION, THAT'S REALLY THE KEY BECAUSE WE'RE A STATE AGENCY, WE ARE AUDITED TO THE PENNY. WE'RE VERY, VERY CAREFUL WITH THE TAXPAYER MONEY, WHICH IS GREAT. WE WANT YOU WANT US TO BE CAREFUL WITH YOUR MONEY. THE OTHER SIDE OF THAT IS THAT YOU HAVE TO HAVE KEEP VERY METICULOUS RECORDS AND REALLY PROVIDE FULL DOCUMENTATION FOR EVERYTHING. SO THAT'S WHERE PEOPLE DO HAVE HAVE PROBLEMS SOMETIMES. NOW WHAT I'M ALWAYS HAPPY TO DO IS GO THROUGH THE APPLICATION CHECKLIST WITH SOMEBODY WHEN THEY'RE GOING TO APPLY, REVIEW ALL THE DOCUMENTATION THAT THEY NEED AND ANSWER QUESTIONS. I CAN DO THAT. THERE ALSO ARE VOLUNTEER MENTORS FROM SCORE THAT WILL HELP PEOPLE WITH THE APPLICATION IF THEY NEED SUPPORT. YEAH, THAT'S NOT SOMETHING I'M ALLOWED TO DO, BUT I CAN I CAN'T ACTUALLY HELP SOMEBODY WITH THEIR ACTUAL APPLICATION, BUT I CAN ANSWER LOTS AND LOTS OF QUESTIONS. AND USUALLY THEY'RE THE SAME, YOU KNOW, THE SAME THINGS THAT PEOPLE TEND TO, YOU KNOW, GET CAUGHT ON BECAUSE THEY CAN BE A LITTLE BIT CONFUSING. OKAY. OH, I WAS JUST GOING TO ASK YOU TO MENTION THE SCORE MENTORS, AND WE CAN SHARE A FLIER WITH MAYOR'S OFFICE THAT OUTLINES THE PROCESS FOR CONTACTING THE SCORE MENTORS THAT CAN HELP YOU WITH THE APPLICATION PROCESS. YEAH. WE WERE JUST TALKING AND WE ARE TRYING TO GET SCORE TO COME OVER HERE AND START PRESENTING IN THE LIBRARY BECAUSE LIBRARY GIVES SPACE TO NONPROFIT FREE OF CHARGE, BUT WE JUST DON'T HAVE ANYBODY APPROACHING. SO WE JUST TALKED ABOUT IT WITH MATT TODAY ITSELF. SO THAT'S ONE MORE THING WE'LL BE ADDING ON TO A LIST OF THINGS TO DO FOR OUR MAYOR. NOW THAT'S GREAT. AND THE SCORE MENTORS HAVE BEEN WONDERFUL HELPING FOLKS WITH THE APPLICATIONS. YEAH. AND QUITE HONESTLY, FROM THE FEEDBACK THAT I'VE HEARD FROM PEOPLE, THE APPLICATION THAT PEOPLE DO TEND TO GET TRIPPED UP ON IS THE SMALL BUSINESS IMPROVEMENT GRANT. JUST BECAUSE OF THE AMOUNT OF DOCUMENTATION NEEDED, THE LEAST GRANT IS PRETTY STRAIGHTFORWARD. THE E-COMMERCE IS A PIECE OF CAKE. THIS IS THE ONE WHERE YOU JUST WANT TO MAKE SURE THAT YOU KEEP GOOD RECORDS. AND IF YOU HAVE QUESTIONS, YOU CAN REACH OUT TO ME. I CAN ALWAYS, YOU KNOW, I CAN ALWAYS ANSWER THEM TO THE BEST OF MY ABILITY, OR TRY TO FIND SOMEBODY WHO CAN. AND IF YOU NEED SUPPORT, AGAIN, SCORE IS GREAT. BUT MY PERSONAL ADVICE IS DON'T 
          [00:30:05]
GIVE UP BECAUSE THESE ARE DESIGNED FOR SMALL BUSINESSES. THEY ARE TO HELP YOU AND PEOPLE DO GET FRUSTRATED AND GIVE UP, LIKE THE MAYOR SAID. AND I WOULD JUST SAY IT'S ASSUME THAT IT'S GOING TO TAKE YOU A DAY OF YOUR TIME RIGHT, TO, TO DO THE WHOLE THING. IT'S A GOOD RETURN ON INVESTMENT. YOU CAN GET BACK 40, $50,000. THAT'S THAT'S MORE THAN I MAKE FOR SURE IN A DAY. BUT JUST GO INTO IT KNOWING IT'S GOING TO BE A LITTLE IT'S GOING TO TAKE SOME WORK, BUT IT'S DEFINITELY WORTH DOING. ANY QUESTIONS ON THAT BEFORE I MOVE ON TO OUR NEWEST PROGRAM? OKAY. 
          OKAY, GREAT. SO THIS IS OUR NEWEST PROGRAM. THIS JUST OPENED OCTOBER FIRST. THIS IS THE MAIN STREET ACQUISITION SUPPORT GRANT. WHAT THAT MEANS IS IT'S REIMBURSEMENT FOR CLOSING COSTS UP TO $50,000. IF A BUSINESS BUYS A COMMERCIAL BUILDING THAT THEY'RE GOING TO OPERATE OUT OF. 
          OKAY, SO IF YOU BUY A BUILDING AND YOU'RE GOING TO OPERATE YOUR BUSINESS OUT OF THAT BUILDING, YOU COULD BE ELIGIBLE FOR REIMBURSEMENT COSTS, REIMBURSEMENT ON YOUR CLOSING COSTS, UP TO 50,000. YEAH. NOW, THE BUSINESS HAS TO OCCUPY AT LEAST 1000FT■!S, BUT IT COULD BE MIXED USE. IT COULD BE RESIDENTIAL UPSTAIRS, COMMERCIAL DOWNSTAIRS. YOU COULD BE A LANDLORD THAT HAVE OTHER TENANTS, BUT YOU DO HAVE TO OPERATE A BUSINESS OUT OF THAT SPACE TO BE ELIGIBLE FOR THIS PROGRAM. THIS JUST OPENED AS OF OCTOBER FIRST. SO THIS IS AS OF OCTOBER 1ST. SOMEBODY WHO CLOSED AS OF OCTOBER 1ST OR ANY TIME THEREAFTER. AND AGAIN, THIS ALSO CAN BE STACKED JUST LIKE OUR OTHER PROGRAMS. FOR SURE. SO WHEN YOU SAY CONVENTIONAL LENDER, LIKE IF SOMEBODY BOUGHT A PROPERTY FROM AUCTION, IS THAT SUPPOSED TO BE A CONVENTIONAL LENDER? WELL, NO. SO THAT'S A THAT'S A GREAT QUESTION. IT DOES HAVE TO BE WITH A CONVENTIONAL LENDER. SO IF YOU BOUGHT IT AT AUCTION AND YOU PAID CASH, YOU WOULDN'T BE ELIGIBLE FOR THIS. 
          OR IF YOU SAY YOU TOOK THE, THE MORTGAGE FROM THE EXISTING BUILDING OWNER, THEN YOU WOULDN'T BE ELIGIBLE, RIGHT? SO IT HAS TO BE A TRADITIONAL LENDER, A BANK OR CREDIT UNION. 
          OKAY. THANK YOU. ANYBODY ELSE? OKAY. SO ONLY NEW PURCHASES CAN'T BE A REFINANCE. IT HAS TO HAVE A COMMERCIAL COMPONENT AND LAND ISN'T ELIGIBLE. AND AGAIN BACK TO THAT 120% OF MINIMUM WAGE OKAY. IT'S A REQUIREMENT FOR THIS PROGRAM AS WELL. THIS ONE DOES HAVE A $500 FEE. AGAIN THE FEE IS DUE AT APPROVAL. OKAY. I'M GOING TO TOUCH BRIEFLY ON BANKING. I'M NOT A BANKER, BUT I THINK IT'S REALLY IMPORTANT FOR EVERYBODY TO KNOW THAT THE ECONOMIC DEVELOPMENT AUTHORITY DOES HAVE BANKING AND LENDING. LOAN OFFICERS ARE AMAZING. THEY'RE LIKE ME, THEY'RE PUBLIC SERVANTS. SO THEY'RE HAPPY TO ANSWER YOUR QUESTIONS AND STEER YOU IN THE RIGHT DIRECTION. SO THE FIRST PROGRAM I'M GOING TO TALK ABOUT IS NEW JERSEY CAPITAL ACCESS FUND. THIS IS OUR NEWEST FUND. THIS WAS DESIGNED TO SUPPORT SMALL BUSINESSES IN THE VERY EARLY STAGES. SO THIS IS OPEN TO SMALL BUSINESSES THAT HAVE 50 EMPLOYEES OR LESS. AND LESS THAN 10 MILLION. IT'S A WORKING CAPITAL LOAN FUND. SO THAT'S REALLY WORKING. CAPITAL IS MONEY TO HELP YOU GROW MONEY FOR PAYROLL FOR MARKETING, FOR ADVERTISING, YOU ONLY HAVE TO BE IN BUSINESS ONE YEAR IN ORDER TO BE ELIGIBLE FOR THIS. AND YOU HAVE TO DEMONSTRATE THE ABILITY TO REPAY THE LOAN THROUGH REVENUE. THERE'S NO SPECIFIC COLLATERAL REQUIRED. THERE'S NO MINIMUM CREDIT SCORE. OKAY. ANY TYPE OF SMALL BUSINESS WITH THE EXCEPTION OF CANNABIS AND A FEW OTHER EXCEPTIONS. BUT ANY SMALL BUSINESS IN NEW JERSEY? YES. SO THIS WAS DEVELOPED TO SUPPORT SMALL BUSINESSES IN THOSE EARLY STAGES BECAUSE THE SOME AS YOU YOU MAY KNOW, YOU'VE BEEN AROUND FOR A YEAR OR LONGER AND YOU GO TO THE BANK AND THEY WANT TO SEE A THREE YEAR HISTORY. THE UNDERWRITERS, THE YOUR BANKER MIGHT WANT TO HELP YOU, BUT THE UNDERWRITER SAYS, NO, THEY CAN'T HELP YOU. THERE'S NOT ENOUGH HISTORY THERE. SO THIS IS REALLY FORWARD LOOKING LENDING, RIGHT. 
          SO THEY'RE LOOKING AT WHERE ARE YOU LOOKING TO GROW. SO AS LONG AS YOU CAN DEMONSTRATE THE ABILITY TO REPAY THROUGH REVENUE THEN TYPICALLY YOU'RE APPROVED. NOW I DON'T DO THE APPROVAL. SO THAT'S NOT, YOU KNOW, 100% TRUE. BUT GENERALLY THE IDEA IS TO MAKE IT EASIER FOR SMALL BUSINESSES TO LEND THE TO BORROW. THE INTEREST RATE IS BETWEEN 8 AND 12%. OKAY. SO A LOT BETTER THAN USING A CREDIT CARD, RIGHT? IT'S ALSO FORWARD LOOKING AS I MENTIONED. SO SAY 
          [00:35:02]
YOU HAVE A MARKETING FIRM AND YOU GET A BIG CONTRACT WITH ONE OF THE PHARMACEUTICAL COMPANIES HERE IN NEW JERSEY, RIGHT. AND ALL OF A SUDDEN YOU NEED TO HIRE THREE PEOPLE AND YOU NEED TO BUY THREE LAPTOPS IN ORDER TO FULFILL THAT CONTRACT. WELL, YOU'RE EXCITED ABOUT THAT, BUT YOU'RE NOT GOING TO GET PAID FROM THAT PHARMACEUTICAL COMPANY UNTIL YOU DELIVER. RIGHT? BUT YOU NEED YOU NEED WORKING CAPITAL TO BUILD YOUR BUSINESS. SO THAT'S WHERE A FUND LIKE THIS COMES, COMES INTO PLAY, BECAUSE THEY WILL ACTUALLY LOOK AT YOUR CONTRACT WITH THAT PHARMACEUTICAL COMPANY AND SAY, OKAY, WELL, THEY ARE GOING TO HAVE REVENUE. THIS IS THESE ARE PROJECTIONS. BUT THESE PROJECTIONS ARE BASED ON, YOU KNOW, THIS, THIS CONTRACT THAT THEY HAVE AND THEY WILL ACCEPT THAT. SO IT'S FORWARD LOOKING AND IT REALLY IS VERY FRIENDLY. 
          THERE ARE NONPROFIT LENDERS ON THE BACK END OF THIS. SO IT'S IMPORTANT FOR EVERYBODY TO KNOW THAT THERE ARE NONPROFIT LENDERS IN NEW JERSEY. THERE ARE MISSION BASED, AND THEY'RE REALLY HERE TO SUPPORT SMALL BUSINESSES AND HELP COMMUNITIES GROW SPECIFICALLY UNDERSERVED COMMUNITIES. BUT THEY DO SUPPORT ALL COMMUNITIES IN NEW JERSEY. SO THE NONPROFIT LENDERS WRITE THE LOAN. THE APPLICATION IS ONLINE AND IT'S VERY SIMPLE. IT'S NEW JERSEY. LET ME GO TO THE NEXT SLIDE. OOPS. NEW JERSEY CAPITAL ACCESS FUND COMM. SO YOU APPLY ONLINE IF FOR SOME REASON YOU'RE NOT APPROVED, THEY WILL THEY WILL GIVE YOU THE OPPORTUNITY TO GET FREE CREDIT COUNSELING. SO YOU CAN UNDERSTAND WHY, WHICH I THINK IS SUCH A GREAT KEY TO THE WHOLE PROGRAM. AND I'M SORRY YOU HAD A QUESTION OVER HERE. WHY IS THE RATE SO HIGH? 8 TO 12? AND ARE YOU COMPETING WITH THE SBA LOANS. SO THIS IS WORKING CAPITAL. SO IT COULD BE COMPETING WITH SOME SBA LOANS. BUT THE INTEREST RATES OF EIGHT AND 12 WAS SET A COUPLE MONTHS AGO WHEN THIS PROGRAM FIRST CAME OUT. I'M HOPING IT'S GOING TO COME DOWN. BUT THEY DON'T LET ME MAKE THOSE DECISIONS. BUT EIGHT AND 12 SOUNDS HIGH. BUT THAT'S A HECK OF A LOT BETTER THAN A CREDIT CARD. YEAH, SO. SINCE I'M HERE REPRESENTING MY CLIENT, YOU KNOW, WE WERE LOOKING AT WE DID APPLY FOR THIS OR WE WERE LOOKING TO APPLY FOR THIS, BUT SBA GAVE US A BETTER RATE. OKAY. 
          WELL THAT'S GOOD. YEAH. YEAH. SO THAT'S WHAT I WAS SAYING. YOU KNOW, IF YOU'RE LIKE IN COMPETITION OR YOUR PARTNERS KNOW THEY'RE SO YOU GOT TO YOU WANT TO GO. YOU WANT TO LOOK AT WHAT SBA, SBA HAS. YOU WANT TO LOOK AT WHAT THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS WILL OFFER YOU DIRECTLY. THIS IS ANOTHER OPTION. THE CAPITAL ACCESS FUND ALSO GO TO YOUR BANK. I MEAN, SOMETIMES A BANK WILL GIVE YOU A LINE OF CREDIT. YOU KNOW, IF YOU'RE A GOOD CUSTOMER, YOU MAY NOT NEED THIS. THIS IS JUST ANOTHER OPTION FOR FOLKS A LOT. 
          IF THEY ESPECIALLY IF THEY DON'T HAVE COLLATERAL. OKAY. IF YOU HAVE COLLATERAL, THEN YOU PROBABLY CAN GET A BETTER RATE THAN THIS. IN MY OPINION, NOT A BANKER. OKAY, FROM JUST FROM ANYWAY. YEAH. YEAH. JUST IN GENERAL. BECAUSE DON'T FORGET THERE'S NO YOU'RE THERE'S NO COLLATERAL. I MEAN YOU'RE GOING TO SIGN FOR IT OF COURSE, BUT THERE'S NO SPECIFIC COLLATERAL. 
          SO IT'S HELPING PEOPLE THAT DON'T HAVE THAT COLLATERAL. SO IT MAY NOT BE A GOOD FIT FOR YOUR CLIENTS, ESPECIALLY IF THEY'VE BEEN AROUND FOR SEVERAL YEARS. THEY MAY NOT NEED THIS, BUT IN THE EARLY STAGES, THIS IS JUST A GREAT TOOL FOR BUSINESSES TO HAVE WHEN THEY'RE FIRST STARTING OUT. I'M AGREEING WITH THAT, BUT MY QUESTION WAS ONLY FOR SBA AND I UNDERSTAND WHAT YOU'RE SAYING. THANK YOU. YEAH. AND WE'RE GOING TO GO I'M GOING TO TALK ABOUT THE NEXT ONE. SO OUR SMALL BUSINESS FUND THESE ARE OUR TRADITIONAL COLLATERAL BASED LOANS. SO THE SMALL BUSINESS FUND IS UP TO A HALF A MILLION. SO AGAIN YOU HAVE TO HAVE COLLATERAL. YOU HAVE TO HAVE I THINK THREE YEARS IN BUSINESS TO APPLY FOR THESE. BUT THAT SMALL BUSINESS FUND THAT'S BASED ON THE TREASURY RATE OKAY. SO THAT'S GOING TO BE A LOWER RATE OKAY. SO IT ALL DEPENDS ON ON WHICH CLIENT YOU'RE TALKING ABOUT. RIGHT. AND WHERE THEY ARE. SO I'D LIKE TO THINK THAT WE HAVE SOMETHING FOR EVERYBODY. OR WE HAVE A BANKER THAT CAN TELL YOU WHERE, YOU KNOW, YOU CAN GO TO GET THOSE RESOURCES. SO ALL THESE LOANS ARE THEY SBA OR ARE THEY? NO, THESE ARE THROUGH THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY. SO THEY'RE NOT SBA, SBA AND IS THE PROCESS QUICK FAST OR HOW IS BECAUSE SBA TAKES I'M NOT ON THAT SIDE. I DON'T THINK IT TAKES AS LONG AS AN SBA LOAN BECAUSE IT'S JUST THE BORROWER AND THE ECONOMIC DEVELOPMENT AUTHORITY AND SOME OF THE SBA LOANS, YOU HAVE MULTIPLE PARTIES INVOLVED. SO I THINK THAT'S WHY IT'S SOMETIMES GOING TO TAKE A LITTLE LONGER. OKAY. YEAH. BECAUSE I'M LOOKING TO EXPAND AND ALL THAT STUFF. SO I'LL DEFINITELY NEED CAPITAL. AND YEAH. SO MY ADVICE WOULD BE, YOU KNOW, I'LL GIVE YOU THE CONTACT FOR SOME OF OUR BUSINESS BANKERS BECAUSE LIKE I SAID, I'M NOT A BANKER, BUT LOOK AT LOOK AT EVERYTHING. LOOK AT WHAT WE HAVE. LOOK AT WHAT THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION HAS. LOOK AT WHAT SBA HAS AND KIND OF SEE WHAT'S 
          [00:40:02]
OUT THERE. BECAUSE THERE IS A LOT OUT THERE. IT'S JUST IT'S SPREAD OUT. IT'S NOT ALL IN ONE PLACE. RIGHT? OKAY. SO I'M NOT GOING TO GO INTO DETAIL ON THESE LOANS. BUT THE IMPORTANT POINT IS TO KNOW THAT WE DO HAVE BANKING AT THE EDA IN ADDITION TO THE GRANTS. I WAS JUST GOING TO SAY, KATHY, IF YOU WOULD GIVE US SOME CONTACT THAT WE COULD HAVE ON OUR WEBSITE AS WELL, AND YES, THAT WOULD BE GREAT. SO THAT WAY WE CAN SHARE WITH THE WITH THE RESIDENTS. OKAY. YES. 
          THE SAME QUESTION, BUT DO YOU KNOW WHO'S THE PERSON WHO'S RUNNING THIS NOW? THE OTHER LOAN SIDE RUNNING THE LOAN PROGRAMS. OH I CAN GIVE YOU CONTACTS WHEN WE'RE DONE. IT DEPENDS ON COUNTY, BUT I CAN GIVE YOU THE CONTACTS FOR I, I'M NOT ACTUALLY, I'M NOT SURE WHO'S IN THIS. I THINK WE'LL HAVE IT ON THE WEBSITE. WILL HAVE THIS INFORMATION THIS ENTIRE PRESENTATION WILL BE ON OUR WEBSITE. SO WE'LL MAKE SURE WE'LL HAVE SOMETHING FROM YOU. 
          YEAH. AND I CAN REACH OUT AND GIVE YOU THE CONTACT AND BUSINESS BANKING OR EVEN SEND AN INTRODUCTORY EMAIL. SO YOU CAN YOU CAN SET UP AN APPOINTMENT. OKAY. IT MAY HAVE BEEN SHARON OR WARREN. THOSE ARE MY COLLEAGUES AND THAT ARE PROBABLY IN THIS AREA. THERE'S A WHOLE TEAM. 
          ANOTHER IMPORTANT THING TO KNOW ABOUT BANKING IS THAT WE HAVE WHAT WE CALL A PREMIER LENDER PROGRAM. AND ALL THESE BANKS ARE PART OF OUR PREMIER LENDER PROGRAM. SO IF YOU BANK WITH ONE OF THESE BANKS AND YOU WANT TO BORROW FROM THEM, THEY CAN BRING IN THE ECONOMIC DEVELOPMENT AUTHORITY ON THE LOAN TO ENABLE YOU TO BORROW MORE MONEY OR SOMETIMES TO BRING DOWN THE RATE. SO IT BASICALLY GIVES THE BANK A LITTLE BIT OF A BACKSTOP, AND IT CAN ALSO HELP YOU TO ENABLE YOU TO BORROW MORE MONEY OR BRING DOWN THE RATE A LITTLE BIT. SO JUST KEEP THAT IN MIND. 
          ASK YOUR BANKER IF THEY'RE PART OF OUR PREMIER LENDER PROGRAM. IF YOU'RE IF YOU'RE BORROWING FROM THE BANK AND WE'RE GROWING THIS LIST, IF WE HAVE ANY BANKERS, I DON'T THINK WE HAVE ANY BANKERS IN THE AUDIENCE. WE'RE TRYING TO GROW THIS LIST TO GET AS MANY ON THERE AS POSSIBLE. THAT'S MY CONTACT INFORMATION. I'M HERE TO HELP. DON'T LEAVE WITHOUT MY CARD. 
          PLEASE SHARE THIS INFORMATION. YOU CAN ALWAYS SHARE IT WITH ANYBODY. ANYBODY IN NEW JERSEY? I SHOULD SAY I CAN'T HELP THEM IF THEY'RE OUTSIDE OF NEW JERSE. AND I'M HAPPY TO DO THAT. LIKE I SAID, THERE'S PLENTY OF FUNDING IN THESE PROGRAMS. IT'S JUST A MATTER OF GETTING THE WORD OUT TO EVERYBODY. AND I'M SO GLAD THAT YOU ALL CAME TODAY SO I COULD HELP SHARE THIS INFORMATION. GO AHEAD. I CAN TESTIFY TO THAT. THAT YOUR GROUP DOES A VERY GOOD JOB OF FILLING OUT THE APPLICATION. I HAD QUESTIONS AND I CALLED UP AND THEY HELPED ME THROUGH TO FILL IT OUT ONLINE. SO YES, I CAN VOUCH FOR THAT. THAT'S GREAT. THAT'S GREAT. THAT IS YEAH. AND WE DO HAVE A CUSTOMER CARE 800 NUMBER AND THEY ARE WONDERFUL. SO IF YOU ARE FILLING OUT THE APPLICATION AND YOU GET STUCK OR SOMETHING, THEY DO, THEY ANSWER THE PHONE AND THEY CAN HELP YOU THROUGH THOSE QUESTIONS. YEAH. YEAH. THEY'RE TERRIFIC. YEAH YEAH. THIS IS FOR YOU. YOU KNOW, PLEASE KNOW EVEN IF YOU HAVE A VERY SMALL BUSINESS, IF YOU ARE JUST A MOM AND POP, IF YOU DON'T HAVE ANYBODY ON PAYROLL YET, YOU'RE STILL ELIGIBLE TO APPLY FOR THESE PROGRAMS. THEY'RE REALLY FOR EVERY SMALL BUSINESS IN NEW JERSEY. SO DON'T COUNT YOURSELF OUT BECAUSE PEOPLE DO SOMETIMES DO THAT. IT IS FOR YOU. IT'S FOR EVERYBODY. AND IF YOU HAVE QUESTIONS, I'M HERE TO HELP. I JUST WANTED TO THANK YOU AGAIN, KATHY. AND I WANTED TO ALSO, SINCE WE ARE RECORDING THIS, I WANTED TO LET PEOPLE KNOW THAT THEY SHOULD BE ABLE TO REACH OUT. WE WILL HAVE A YOU KNOW, WE DIDN'T GET AS MUCH OF A CROWD BECAUSE OF COURSE, THERE WAS A SHORT LIT WINDOW AND OF COURSE, YOU KNOW, SMALL BUSINESS MEANS PEOPLE ARE BUSY WITH THEIR BUSINESSES. SO, YOU KNOW, WE WILL HAVE MORE OF THESE OPPORTUNITIES. WE'VE BEEN TALKING ABOUT DOING SOMETHING IN SPRING, WHICH IS MORE LIKE INNOVATION. STEM FOCUSED, WHERE WE'LL TRY TO GET EVEN, HOPEFULLY. I'VE BEEN TOLD THAT, YOU KNOW, CHOOSE NEW JERSEY WANTS TO BE THERE WILL MOST PROBABLY HAVE THE INDIA IN NJ COMMISSION THERE AND OF COURSE SOMERSET COUNTY. OF COURSE NJ EDA. SO PLEASE LOOK OUT FOR THAT IN THE MEANWHILE WE'LL HAVE THIS ON OUR WEBSITE. LET YOUR FRIENDS KNOW. LET PEOPLE KNOW IN WITHIN TOWN AND WE'LL ALSO MAKE AN EFFORT WITH MATT AND ALEXIS TO GET IT OUT TO ALL OUR SMALL BUSINESSES IN TOWN. SO AGAIN, THANK YOU SO MUCH FOR COMING. WE REALLY, REALLY APPRECIATE YOUR TIME. THANK YOU.
* This transcript was compiled from uncorrected Closed Captioning.