Small Business’s Success Illustrates Far-Reaching Effects of NJEDA Programs
TRENTON, N.J. (February 28, 2019) – The success of one women-owned small business in Atlantic City shows the far-reaching impact New Jersey Economic Development Authority (NJEDA) programs can have on a region’s economic growth.
After sitting vacant for 15 years, 3817 Ventnor Avenue Suite C2 is now home to a bustling women-owned real estate agency. With a grant from the NJEDA, Executive Realtors was able to complete renovations that transformed the long-vacant space into a new “walk-in” office designed to welcome first-time home buyers and other members of the community seeking expert assistance as they navigate Atlantic City’s surging real estate market.
“Atlantic City’s real estate market is booming right now thanks to some of the industry’s committed partners such as Stockton University, South Jersey Industries, and others who decided to locate their headquarters here,” said Executive Realtors Owner Tracey Newmones, “My business partner and I knew having an office at the center of the action would be crucial. Of course, renovating an office that had been empty for 15 years was a challenge, but with NJEDA’s support we were able to complete the project.”
Executive Realtors received a grant for nearly $6,100 to install new signage and doors. Now that the project is complete, the company expects to hire at least three new full-time employees in the next two years.
In addition to the financing and grant funding available to small businesses, Atlantic City has also benefitted from larger-scale NJEDA incentives that have helped to drive business attraction and spur transformative redevelopment in the City. The Economic Redevelopment and Growth (ERG) Program supported construction of Stockton University’s new Island Campus in Atlantic City, and Grow NJ tax credits played a major role in bringing South Jersey Industries’ new headquarters to the city as well. Both ERG and Grow NJ are administered by the NJEDA.
The new Stockton University campus includes 210,000 square feet of student housing, 56,000 square feet of academic buildings, and 7,000 square feet of retail space as well as a new, 7-story parking garage that will serve both Stockton University and the new SJI headquarters. Collectively, these projects have created 570 construction jobs, attracted more than $200 million in private investment, and are projected to bring at least 167 new permanent jobs to Atlantic City.
“The NJEDA is proud to support small businesses that are establishing roots in areas of the state that need investment most. Helping these businesses grow is a critical to building a stronger and fairer New Jersey,” said Christina Fuentes, NJEDA Director of Small Business Services. “Executive Realtors is an example of the ways NJEDA programs complement one another to create strong, sustainable economic growth.”
The NJEDA recently expanded its Small Business Lease Assistance Program, which reimburses businesses and nonprofit organizations fifteen percent of annual lease payments for two years when they rent market-rate, first-floor office, industrial, or retail spaces for a minimum 5-year term. Businesses in the program can lease spaces of any size, but the NJEDA only provides reimbursements on the first 5,000 square feet. The NJEDA also supports small businesses with low-interest loans, bond financing, and educational programs. Many of these programs place a special emphasis on supporting women- and minority-owned businesses.
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.