Atlantic City Launches Small Business Grant Program to Support Local Entrepreneurs

ATLANTIC CITY – The City of Atlantic City announced the launch of its Small Business Grant Program on January 16, 2025, a new initiative aimed at providing critical financial support to local small businesses that continue to recover from the impacts of the COVID-19 pandemic.

This program is funded by $133,000 from the city’s Community Development Block Grant CARES (CDBG-CV3) Program.

Purpose
The City’s Small Business Program will provide $133,000 of federal Community Development Block Grant CARES Funds (CDBG-CV3) to small businesses as part of the COVID-19 Small Business Assistance Program. The program is being established to provide working capital funds to the City’s small businesses that continue to be impacted by the COVID-19 pandemic.

Eligible Borrowers
CDBG Small Business Assistance funds may be used to assist City of Atlantic City retail, restaurants, entertainment, and nonprofessional service businesses with no more than 10 employees (full-time equivalent positions) that were in business as of December 31, 2019. To be eligible, the business must have one employee, which can be the business owner, who will be retained and meets the low/moderate income requirement; or the business is in an eligible program area. Benefiting businesses should have solid commitments to remain open or reopen and retain or re-employ at least one permanent job.

The following businesses are specifically ineligible for assistance:

• Businesses that have both essential and non-essential activities.
• Franchises or chain businesses.
• Private club or business that limits membership for reasons other than capacity.
• Liquor store, an adult bookstore, non-therapeutic massage parlor, strip club or nightclub.
• Storage facility, trailer-storage yard, or junk yard.
• Any other business subsequently deemed ineligible by the U.S. Department of Housing and Urban Development.

Eligible Use of Funds
The business may use funds for working capital expenses. Eligible expenses include payroll, rent/mortgage, utilities such as internet or electricity, advertising/marketing, insurance, and/or costs to comply with the State of New Jersey and any local social distancing policies. Specifically excluded from eligible expenses are public utility payments and taxes (unless they are in escrow and included in a regular mortgage payment).

Grant Amount
The Atlantic City Small Business Grant Program has been established to provide working capital funds to businesses economically impacted by the COVID-19 pandemic. The maximum amount of the grant is $10,000.00.

Grant Requirements

• The business must have a brick-and-mortar location within the City of Atlantic City.
• The grant funds may be used to pay eligible expenses for a 120-day period.
• Applicants must provide a list of expenses to be paid with the grant application and backup documentation.
• All grants must meet the CDBG National Objective of Low/Mod Income Benefit for the participating business. The business must document that it will retain at least one permanent job held by a low- and moderate-income person and that the jobs would be lost without CDBG assistance. The business must document the income of the low- and moderate-income person through a certification by the business owner that the job is held by a low-moderate-income person (based on a one-person household) or the business can presume that the job is held by a low- and moderate-income person if:
  1. The employee resides in a qualified low-income area (Census tract with at least 70 percent LMI persons), or
  2. The business is located in a qualified low-income area (Census tract is one that is located within a Federally-designated Empowerment Zone or Enterprise Community or a Census tract that has a poverty rate of at least 20 percent).
• The Department of Housing and Urban Development prohibits the duplication of benefits. A duplication of benefit occurs when funding is provided for the same costs paid by other sources, including private insurance, and the total amount received exceeds the total need for those costs. Applicants must provide a list of all funding received from any source after March 16, 2020.
• Applicants must certify that they will remain open or reopen if grant funds are received. If the applicant does not remain open or reopen, the grant funds must be returned.
• Applicants will be required to complete a grant application and sign a Participation Grant Agreement.
• Funds are available to all eligible businesses meeting program requirements until all funds are distributed. The City reserves the right to reject applications that it deems do not meet the criteria of the program.

How to Apply
To fill out an application, please click here to download an application or email Triad Associates, the City of Atlantic City Community Development Consultant at edaou@triadincorporated.com to request an application.

An Informational Webinar was held on Wednesday, January 22, 2025, at 2:00 p.m. The webinar was held via Zoom. Please register for the webinar at: https://us06web.zoom.us/webinar/register/WN_rEk5TXmpTAKoXX3L-Qd4yw.

APPLICATIONS WILL BE ACCEPTED UNTIL APRIL 1, 2025, AND MUST BE SUBMITTED VIA EMAIL TO edaou@triadincorporated.com.

Key Dates and Application Process

Applications for the Small Business Grant Program will be accepted until April 1, 2025. Completed applications should be submitted via email to edaou@triadincorporated.com.

Informational Webinar

An informational webinar about the program was held on Wednesday, January 22, 2025, at 2:00 p.m. via Zoom. Interested parties can learn more about eligibility criteria, the application process, and program benefits. To register for the webinar, click here.

Mayor Marty Small Sr. expressed his commitment to supporting Atlantic City’s small businesses. “This grant program is another way we are working to uplift our local entrepreneurs and ensure the vitality of our small business community. These businesses are the backbone of our city, and we’re here to help them succeed.”

About Atlantic City
Atlantic City is a vibrant hub for tourism, entertainment, and commerce, with a mission to foster economic growth and support its diverse community. Through initiatives like the Small Business Grant Program, the city is dedicated to building a resilient and prosperous future for its residents and businesses.

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