The State of New Jersey will offer Grants to the Tenants of WorkSocial. The purpose is to support early stage technology and life science companies in New Jersey collaborative workspaces.
- EDA’s grants will cover rent payments for 2, 4 or 6 months.
- A collaborative workspace must match EDA’s grant to the tenant company on a 1:2 basis (e.g. if EDA provided a grant for 2 months, the collaborative workspace would need to provide a grant for 1 month)
- The start-up tenant company must commit to continuing to work from the collaborative workspace (paying rent) for a total period of 24 Months
- EDA will provide an additional month of support if the workspace is located in an Opportunity Zone, affiliated with a hospital system or New Jersey university, or is recently established. These months can be added together for a total of three additional months. These months do not count toward the workspace match requirement or the tenant commitment requirement.
What is required of the workspace?
Step 1: Apply for your Spot
Sign a LOI and get the grant process started.
Online grant applications will include basic information about the tenant company (see below) and a signed lease (can be contingent on grant funding) to start within 30 days +/- from grant application submission date).
What is required of the tenant?
Because the grants are intended to support early-stage life sciences and technology companies, the program requirements are very straight forward. To be eligible, a company must:
- Be registered to do business in New Jersey
- Provide a two-page executive summary of their business
In addition, the company must certify that they:
- Are a technology and life sciences company
- Are applying within three years of earliest date of formation
- Have fewer than 10 employees (1099 or W2)
- Have less than $1,000,000 in trailing 12-months gross sales from date of application submission
- Have at least one full-time NJ employee that will be working in the facility (1099, W2, and common law employees are eligible
- Have not previously utilized another collaborative workspace in NJ (use of out-of-state collaborative workspaces does not disqualify the tenant)
- Commit to working at the facility beyond the grant term for 1x the length of the total grant. (For example, if the grant covers 2 months of rent from EDA and 1 month of rent from the collaborative workspace, the company must commit to an additional 3-months beyond the term of the grant.)
How to Apply
We are in the process of short listing clients for our first round of funding. We will also write you a check for $5500 as an Angel Investor.