Ribbon cuttings and groundbreakings continue to reshape downtown Newark’s
small-business landscape, but city leaders say too many entrepreneurs still hit the same
wall: securing the final dollars needed to open their doors.
Often, a business may sign a lease but be unable to obtain the additional capital
required to prepare the space for operation. Fitout costs — which can swing
dramatically depending on the condition of the property — routinely stall otherwise
viable projects, Santos said.
To close that gap, Newark Alliance is extending the deadline on the Small Business
Support Pilot Program it launched earlier this summer. The program offers up to
$50,000 for storefront improvements and up to $25,000 in product or service purchase
commitments to help new or earlystage businesses generate revenue.
Jorge Santos, chief real estate and investment officer at Newark Alliance, said the
program is designed to support entrepreneurs in ways traditional financing does not
always cover.
“While several banking, nonprofit and government partners offer affordable loans and
other financial products, entrepreneurs can still face significant barriers when opening or
expanding a storefront,” he said.
The summer pilot is open to new and existing businesses with 20 or fewer employees
located within the Downtown Newark District. Priority areas include Halsey Street
(Central Avenue to Hill Street), Franklin Street to Mulberry Street, Mulberry Street to
Center Street, and Center Street, Park Place and Central Avenue.
Eligible businesses must:
- be retail
- operate or plan to open a groundfloor or high-traffic upperfloor space
- be in good standing with the state Department of Labor
- have no outstanding legal actions or investigations
Applicants must submit a business registration certificate, 12 months of financial
statements, a 12-month projection and a comprehensive marketing plan.
The program offers two targeted tools:
- Facility FitOut Subsidy: Covers up to 50% of eligible retail space
improvement costs, capped at $50,000, for new or relocating businesses. - Product Purchase Commitment: Provides up to $25,000 in scheduled
purchases — such as gift cards or subsidized customer promotions — for
businesses not yet open or operating less than one year.
“This would provide participating businesses with additional financial support while
helping drive foot traffic and encourage customers to return in the future,” Santos said.
Selected businesses may also receive technical assistance and other financing support.
Additional eligibility information and program details are available here.
