As a New Jersey-based roofing contractor, I’ve been keeping a close eye on the New Jersey Economic Development Authority (NJEDA) and their efforts to support local businesses like mine. Let me tell you, they’ve really stepped up their game when it comes to providing assistance for roofing services and home improvement projects.
Tapping into the New Jersey Economic Recovery Act
One of the biggest developments on the NJEDA’s radar is the New Jersey Economic Recovery Act of 2020 (ERA). This comprehensive $14 billion package of tax incentives, financing programs, and grants is designed to help businesses like mine weather the ongoing impacts of the COVID-19 pandemic and build a stronger, fairer economy for the Garden State.
Now, I know what you’re thinking – that sounds great, but how do I actually take advantage of it? Well, let me break it down for you.
Navigating the NJ Capital Access Fund
One of the NJEDA’s key offerings under the ERA is the NJ Capital Access Fund, which provides working capital with fixed interest rates and flexible spending guidelines. This has been a real game-changer for me and my roofing business.
You see, access to capital has always been a bit of a challenge, especially when it comes to financing large-scale roofing projects or expanding my services. But with the NJ Capital Access Fund, I’ve been able to secure the funding I need to take on more jobs, invest in better equipment, and even hire additional crew members.
And the best part? The flexible spending guidelines mean I can use the funds in a way that truly benefits my business, whether that’s covering material costs, paying for marketing and advertising, or even investing in employee training and development.
Tapping into the NJ RISE Program
Another initiative under the ERA that’s caught my eye is the NJ RISE (Re-assigning In State Employees) Program. This $35 million grant program is designed to incentivize businesses like mine to re-assign New Jersey residents who are currently working out-of-state to a New Jersey location.
Now, I know what you’re thinking – why would I want to do that? Well, it turns out there’s a pretty big upside. By bringing those New Jersey-resident employees back home, we’re keeping their income taxes here in the state, which means more revenue for the NJEDA to reinvest in programs like the ones I’m telling you about.
And as an added bonus, the NJ RISE Program provides grants to companies like mine to help offset the costs of that relocation process. It’s a win-win for everyone involved!
Exploring the Historic Property Reinvestment Program
But the NJEDA’s support for the roofing industry doesn’t stop there. They’ve also launched the Historic Property Reinvestment Program, a $50 million competitive tax credit initiative designed to help businesses like mine tackle the rehabilitation of historic properties.
Now, I know what you might be thinking – “My roofing business doesn’t deal with historic properties, so this isn’t really relevant to me.” But hear me out, because there could be some hidden gems in here that you might not have considered.
Defining Eligible Properties
The program defines a “Qualified Property” as any income-producing property in New Jersey that is either located within a historic district and contributing to its significance, or is individually listed on the National or New Jersey Register of Historic Places.
And get this – they also have a category called “Transformative Properties,” which are essentially historic properties that have the potential to serve as catalysts for economic and community development. These properties can be eligible for even larger tax credit awards through the program.
Unlocking Tax Credit Opportunities
Now, the way this program works is that it allows businesses like mine to leverage the existing federal historic tax credit program and get an additional boost from the state of New Jersey. The tax credits can be used to offset a significant portion of the rehabilitation costs, making these types of projects much more financially feasible.
And the best part? The program is currently accepting applications, with a deadline of February 29th, 2024. So if you’ve got a historic property in your portfolio, or you’re eyeing a potential acquisition, I’d highly recommend looking into this opportunity.
Staying Informed and Taking Action
I know, it can be a lot to take in, but trust me, the team at the NJEDA has really stepped up their game when it comes to supporting the roofing industry and home improvement businesses like mine.
If you’re interested in learning more about these programs or exploring how you can take advantage of them, I’d encourage you to check out the NJEDA website. They’ve got a wealth of information, from program details to application guidance, and they’re always happy to answer questions and provide assistance.
And of course, if you’re in the market for top-notch roofing services in New Jersey, be sure to give Southern Roofing Company a call. We’d be more than happy to put our expertise and NJEDA-savvy to work for you!