18B — May 11 - 24, 2018 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

Grants for NJ Businesses EDA: Applications now available online for $170 million in Economic Stimulus Assistance

pplications are now available online from the New Jersey Eco- nomic Development Author- ity (EDA) for $170 million in financing assistance to help state businesses face the fis- cal challenges of the national economic crisis. The funding is being made available through two new programs created un- der Governor Jon S. Corzine’s Economic Assistance and Re- covery Plan to stimulate capital investment and job creation. “In creating the InvestNJ and Main Street Business Assis- tance programs, the Governor A

job creation grant component of InvestNJ, a business must have operated continuously in New Jersey for at least the prior two years, and must have at least five full-time eligible employees. The Main Street Business Assistance Program also has two parts – a loan participa- tion and/or guarantee product that is being offered through participating banks and a line of credit guarantee offered through the EDA’s 14 Preferred Lender partners. To qualify, borrowers must be in business at least two years, maintain

and the Legislature have taken critical steps to support busi- ness growth and community investment in New Jersey and help our state emerge from a national economic recession,” said Jerold Zaro , chief of the Office of Economic Growth. The $120-million InvestNJ program includes two com- ponents. One offers a $3,000 grant to New Jersey businesses for each new job created and retained for one year. This com- ponent will provide up to $50 million, not to exceed $500,000 per grantee, for each eligible position created after Dec. 1,

2008 and before Jan. 1, 2011 by qualified businesses that experience a net increase in employment of eligible positions in the state during the same 12 consecutive months. Another element of the pro- gram authorizes the payment of grants equal to seven percent of a business’s qualifying capital investment of at least $5,000 made prior to Jan. 1, 2011. Up to $70 million is available for capital investment grants, not to exceed $1 million per grantee, to fund expenses for the direct use and operation of a business. To take advantage of the

jobs in New Jersey and meet other EDA eligibility require- ments. For term loans secured by fixed assets like buildings and equipment, the EDA will provide a maximum participa- tion of 25%, or $1 million, in a bank loan and amaximumbank loan guarantee of 50 percent, up to $2 million. For working capital loans to cover operating expenses, the EDA will provide up to 25% of a bank loan, not to exceed $750,000, and a maxi- mum guarantee of 50%, up to $1.5 million. The aggregate EDA exposure cannot exceed 50% of the total bank loan amount to a total maximum of $2 million. The interest rate on EDA loan participations are fixed at 5% for a maximum of five years. Borrowers also can use the Main Street program to refinance higher-interest debt. The line of credit guarantee, which can be used for fixed as- sets or working capital, will be set at a maximum of 50% of the bank amount, up to a maximum of $250,000.  Team Resources named a 2017 Top Firm by CoStar NEW JERSEY — Team Resources (Team) has again been named a 2017 Top Firm, and David Cantor , CEO and Gregory Sholom , president were also awarded Power Bro- ker designation in the recently released 2017 CoStar Awards. Team has annually been recog- nized by CoStar since the incep- tion of their Broker Awards in 2005. Some of their notable lease transactions in 2017 include: 209,467 s/f at 29-10 Maple Ave. in Fair Lawn, 206,000 s/f of new construction at 900 Federal Blvd. in Carteret; 426,460 s/f at 1 Passaic St. in Wood Ridge all by Cantor, CEO & Sholom, president and 175,741 s/f at 1881 Rte. 46 in Ledgewood by VP, Jeffrey Fulton & se- nior vice president, E dward Schein . 2017 Notable sale trans- actions include: 474,804 s/f in Totowa to Greentree De- velopment (Fulton and Avi Weisberger ); 244,000 s/f in Bayonne to Shamosh 5 LLC, (Cantor & Sholom); 225,000 s/f in Dover to Lakos Construction (Fulton & Schein) and 173,000 s/f in Totowa to 143 Grand St., LLC ( Ronald Sholom ). 

P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com

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