ATLANTIC CITY - At a special board meeting April 7, the Casino Reinvestment Development Authority approved an agreement with the New Jersey Economic Development Authority to provide $2 million in direct assistance for the Small Business Emergency Assistance Grant Program.
The funds, being allocated from the CRDA's general fund, will be transferred to the NJEDA for the purpose of administering grants to small businesses impacted by COVID-19.
The CRDA is pleased to partner with the NJEDA in providing grants to small businesses in Atlantic City and Atlantic County, CRDA Executive Director Matt Doherty said in a release. These grants will benefit the area and continue the viability of the Tourism District.
The NJEDA serves as the state's principal agency for driving economic growth and is uniquely qualified to administer these grants to small businesses in Atlantic City and Atlantic County that are economically impacted by COVID-19, Doherty said.
The initiatives EDA has recently authorized include the Small Business Emergency Assistance Grant Program, a $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodations, food service, and other services, such as repair, maintenance, personal, and laundry services, to stabilize their operations and reduce the need for layoffs or furloughs.
The Atlantic County economy has been hit particularly hard by the COVID-19 outbreak, due largely to its high concentration of businesses in the hospitality and entertainment sectors, NJEDA Chief Executive Officer Tim Sullivan said. Matt Doherty and his team at the CRDA are clearly committed to the recovery of their local economy and the NJEDA stands ready to help.
The NJEDA has the sole discretion to determine eligibility and/or criteria for the grants awarded through the program, Doherty stated.
