PHILLIPSBURG MAYOR STEVE ELLIS ANNOUNCES

NJ INCUBATOR & COLLABORATIVE WORKSPACE RENT INITIATIVE

NJEDA Program Will Help Local Entrepreneurs Open Businesses

PHILLIPSBURG, NJ (APRIL 4, 2019)—Small businesses opening in Phillipsburg will receive generous rent reimbursements from the state under a program from the New Jersey Economic Development Authority, Phillipsburg Mayor Steve Ellis announced Wednesday.

Under the NJEDA Small Business Lease Assistance Program, eligible small businesses will receive 15 percent reimbursement of annual lease payments for the first two years of a five-year lease. The program is restricted to for profit businesses and non-profit organizations that lease between 500-5,000 square feet of new or additional market rate, first-floor office, retail or industrial space for a minimum five-year term.

Phillipsburg was one of just 13 New Jersey municipalities selected for the program. Mayor Steve Ellis said the program will not only help ignite the economic growth and downtown redevelopment that has been the priority of his administration but will allow for more locally owned business to flourish in Phillipsburg.

“This program is particularly exciting for a community like Phillipsburg because it will provide the support our local entrepreneurs need to get a business off the ground,” Mayor Ellis said. “It’s an incentive for businesses to come into Phillipsburg, but the rental assistance could be the deciding factor in whether our local residents who want to open a business have the means to do so. We are very grateful to the NJEDA for selecting us,” he said.

The Mayor’s Office is planning an information session on the program. Details on the information session will be announced shortly. For more information on the NJEDA program in Phillipsburg, contact Mayor Steve Ellis, 908-454-5500.