Urban Enterprise Zone
The Urban Enterprise Zone (UEZ) is a State of New Jersey program that was established for a limited number of cities in 1983. In Passaic the UEZ program began in August of ’94. The program has been expanded a number of times whereas it now covers 34 NJ cities.
The UEZ provides qualified businesses in designated zones certain state tax benefits as detailed herein. The program also provides a revenue source for the cities containing the UEZs. The revenues can be used by the cities for a variety of locally initiated programs to further help the UEZ businesses. Passaic currently receives about $1.2 million per year in these revenues.
The municipal UEZ is administered by a special entity set up specially for that purpose. In Passaic, the UEZ is administered by the Passaic Enterprise Zone Development Corporation.
Information on business related topics related to COVID 19 is available on the following websites of the State of New Jersey:
- COVID-19 Novel Coronavirus Information for NJ Businesses (FAQ)
- New Jersey Department of Labor
- New Jersey Economic Development
- Online Application
The State of New Jersey also maintains the Business Action Center help line at 800-537-7397.
Grants for Passaic Businesses
The NJ Economic Development Agency has announced Phase 3 of a Grant Program. Businesses need to pre-register with NJEDA on their website by October 27th to apply for any grant.
Applications will open for restaurants at 9:00 am on Thursday, October 29, 2020.
Applications will open for micro businesses at 9:00 am on Friday, October 30, 2020.
Applications will open for all other eligible businesses at 9:00 am on Monday, November 2, 2020.
Please refer to the link below for details:
NJ Small Business Emergency Grant Program-Phase 3
Small Business Emergency Assistance Grant Program
- NJEDA Small Business Emergency Assistance Grant Program
- The amount of a grant will be based on the number of employees
- Eligibility will include retail operations that are closed with between 1 and 10 employees as demonstrated by their WR-30 filings
- Grant process will be on line through NJ EDA website
- The minimum will be $1,000 the max $5,000
- Must have a physical business location. No home businesses eligible
Small Business Emergency Loan Program
- NJEDA Small Business Emergency Loan Program
- Business must be operating for at least a year with revenue of less than $5 million per year. Home businesses not eligible.
- Loan up to $100,000; ten year term; 0% interest first 5 years; then a cap of 3% for next five years; principal payments may be waived for first 12 months.
- Minimum credit score 600
- Personal guarantees necessary from owners of more than 10% of business Collateral similar to Small Business Assistance program; global debt service ratio of 1.0 No fees first five years.