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The proposed $10M program to reform liquor license laws

TRENTON, N.J. (August 19, 2024) – In a proactive move to support small businesses in New Jersey, the New Jersey Economic Development Authority (NJEDA) is in the process of creating a groundbreaking grant program. This program aims to provide financial assistance to small businesses that have recently acquired an inactive plenary retail consumption liquor license, following the implementation of new liquor license legislation. Pending approval from the NJEDA Board, this $10 million initiative will be added to the existing suite of programs under the Main Street Recovery program, which was established as part of the Economic Recovery Act of 2020.

Governor Murphy’s Vision Towards Modernizing Liquor License Laws

"Earlier this year, I signed into law legislation that will revolutionize New Jersey’s outdated liquor license laws, which have burdened small businesses across the state for far too long," stated Governor Phil Murphy. "Our goal is to eliminate these obstacles for small businesses, providing them with financial stability and the opportunity to thrive."

The legislation signed by Governor Murphy earlier this year is set to increase the number of available liquor licenses statewide by revitalizing inactive licenses. Currently, there are 1,379 inactive licenses within the State’s system. The NJEDA Liquor License Acquisition program is being developed in collaboration with the Division of Alcoholic Beverage Control (ABC) and will align with relevant provisions in the law. The NJEDA plans to present this new grant program to their Board in the upcoming fall of 2024, with applications expected to open in early 2025. Recently, the ABC released regulatory guidance to clarify intermunicipal license transfers and new shopping mall licenses.

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Under the proposed program, the NJEDA will provide grants of up to $100,000, covering up to 50 percent of the license purchase price. Eligible applicants must have recently acquired an inactive plenary retail consumption license, with a minimum of 12 months of operation before applying, and must meet the SBA definition of a small business. Applications will be accepted continuously for three years or until the funds are depleted.

A Look into the NJEDA’s Mission

The NJEDA serves as a key player in driving economic growth in the state. By focusing on strategies to build resilient communities, create employment opportunities, and promote a fairer economy, the NJEDA aims to establish New Jersey as a model for inclusive and sustainable economic development. Through partnerships with various stakeholders, the NJEDA implements initiatives to enhance economic vitality and quality of life in the state.

For further information on NJEDA resources for businesses, contact NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov. Stay connected with @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn for the latest updates.

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