Business Report: EDA small business loans, warehouse development, Newark property sale

Much-needed help is on the way for the state’s small businesses

The state is about to roll out more financial resources for New Jersey’s small businesses. The New Jersey Economic Development Authority Wednesday announced the $10 million second phase of its small-business emergency loan program. This program will provide up to $100,000 in low-cost loans, and the money can be used to pay rent, mortgages, payroll and other expenses. The EDA says businesses must pre-register before they can apply for the loans. Pre-registration will begin Feb. 10.

Developers are eyeing tracts of farmland and forests in New Jersey to build new industrial warehouses, as the pandemic has created a boom in e-commerce. Local officials see these new developments as a way to bring jobs and tax revenue to their communities. But some residents are worried about traffic, pollution and the fear that warehouses will transform their rural neighborhoods.

In Newark, there is a new effort underway to reduce flight and find buyers for abandoned properties in the city. Invest Newark has launched the Newark Land Bank website. The site contains a list of available properties that will be sold directly to buyers who register online. One goal of the land bank is to increase home ownership in the city. Property sales are set to begin next month, and interested buyers are already registering on the website.

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