The N.J. Economic Development Authority has awarded 50 grants totaling more than $5.4 million to small-scale developers through the initial phase of the Emerging Developers Grant Program, which was launched in 2024.
Now, it wants to know how the program could be even better.
On Monday, the EDA issued a Request for Information to gather insights from qualified entities on how to broaden eligibility and better support small-scale developers.
The program currently aims to provide grants of up to $250,000 for pre-development soft costs.
And while New Jersey has expanded resources for small-scale developers, access to capital continues to be a challenge due to predatory lending, excessive carrying costs, and predevelopment expenses. These deterrents in the development industry have created financial setbacks and limited portfolios for emerging development entities that do not have the capital to cover soft costs.
CEO Tim Sullivan said the EDA is interested in receiving comments, questions, and responses that will help the EDA better understand the scope and characteristics of access to capital and other forms of financing available to underserved real estate developers.
Potential respondents may include, but are not limited to, applicants from the original Emerging Developers Grant Program, Community Development Finance Institutions, community development lending units of medium and large banks, state and local government entities, and other mission-based lenders. The RFI can be found here.
“Under Governor Phil Murphy’s leadership, New Jersey has expanded resources for small businesses and small-scale developers, eliminating barriers to capital and creating a more equitable economic landscape,” Sullivan said. “With an expanded Emerging Developers Grant Program, the NJEDA will be better positioned to open pathways to vital capital for new developers, catalyzing economic opportunity in underserved communities and bolstering small businesses throughout the state.”
EDA Chief Community Development Officer Tai Cooper agreed.
“The NJEDA continues to support Governor Murphy’s goal of creating a more inclusive and equitable economy in New Jersey by expanding opportunities for small businesses and residents of underserved communities,” she said. “The next iteration of the Emerging Developers Grant Program will break down barriers to capital and resources for small-scale developers, resulting in projects that will transform communities and contribute to the vibrancy of our main streets.”
All questions concerning this RFI must be submitted in writing no later than October 28, 2025, via e-mail to: [email protected].
The subject line of the e-mail should state: “QUESTIONS-2025-264-RFI- Emerging Developers Program-Program Redesign and Expansion”. Answers to questions submitted will be publicly posted on the Authority’s website under the RFIs section on or around Nov. 4.
All RFI responses must be submitted in writing no later than Nov. 18, via e-mail to: [email protected]. The subject line of the e-mail should state: “2025-264-RFI-Emerging Developers Program-Program Redesign and Expansion.”
