Business Incentives

The Vineland Main Street area is located within the City of Vineland's Redevelopment Area, the State Urban Enterprise Zone and the Federal Empowerment Zone. These designations provide an array of incentives for businesses located within their boundaries.
The incentives offered are described below:

Façade Improvement Program

The purpose of this program is to improve the appearance of commercial properties located in the Main Street Vineland area (bounded by Wood Street, Elmer Street, Myrtle Street and Delsea Drive). Improving the appearance of commercial buildings is part of an overall strategy to attract consumers and new businesses as well as to support existing businesses there.

• Façade Forgivable Loan Program:
  • Available to property owners only
  • Maximum Loan Amount is $50,000 per exposed building face up to a total of $200,000.
  • 20% Owner Equity contribution required
  • Loan Maturity is 15 years forgiven as follows: Zero forgiveness first five years with a 10% forgiveness per year for the following 10 years. A lien is placed on property for the 15 year term.
  • Application fee of $250 that is credited toward owner's equity contribution
    

To download the program description and application click on the following link: Façade Improvement Loan Description and Application.

• Interior Improvements with Façade Improvements:
  • Applicant must be participating in the Exterior Façade Improvement Program
  • A loan up to $50,000 at 2.5% interest for interior improvements. Loans over $50,000 require a dollar for dollar match by another source for amounts over $50,000 up to maximum loan amount of $100,000.
  • Up to 15 years maturity based on project improvement
    
    
    
• Façade Grant Program
  • Available to both property owners and tenants
  • Maximum grant amount is $3,750 per store front
  • 20% Owner Equity contribution is required

Urban Enterprise Zone Loan Program:

The Vineland Urban Enterprise Zone Loan program was created to assist in the revitalization of the City of Vineland through business retention and expansion programs financed by the New Jersey Zone Assistance Fund. The following are the loan incentives available through this program:

• UEZ Loans:
  • Maximum Loan Amount is equal to or less than one-third (33.33%) of hard or eligible costs
  • 10% borrower contribution required
  • Loan maturity will be up to 20 years
  • 5% Interest Rate
  • Must be located within the UEZ and must be a UEZ-certified business
• Vineland Redevelopment Area Loan:
  • Maximum Loan Amount is equal to or less than fifty percent (50%) of hard or eligible costs
  • 10% borrower contribution required
  • Loan maturity will be up to 20 years
  • 5% Interest Rate
  • Must be located within the UEZ and Vineland Redevelopment Area
  • Must be a UEZ-certified business
• Micro Enterprise Loan
  • Maximum Loan Amount is up to $35,000.00
  • Loan maturity will be up to 5 years
  • The interest rate will be fixed at the time of the loan settlement, with the rate based on the then Wall Street Journal Prime plus 3%, fixed.
    
  • Must be located within the UEZ and must be a UEZ-certified business

To download the Criteria and Loan Application for the Urban Enterprise Zone Loan Program click on the following links: Criteria Information and Loan Application

Federal Empowerment Zone Incentives

• Micro Loan Program
  • Maximum loan amount is $35,000
  • Loan maturity up to 7 years
  • Interest rate is 5%
  • Must be located within Empowerment Zone boundaries
    
    
• Small Business Assistance Program
  • Maximum loan amount is $125,000 or 45% of total financing, whichever is higher
  • Subordinate financing to a primary lender
  • Loan maturity up to 15 years
  • Interest rate is 5%
  • Requires real estate collateral with a 90% LTV
  • Must be located within Empowerment Zone boundaries
    
    
• EZ Wage credit
  • $3,000 federal wage credit for each EZ resident hired by a business located within the Empowerment Zone boundaries
  • Wage credit can be taken every year until December 2009.
  • Credits can be carried forward if tax liability is less than credit
    
    
• Technical Assistance
  • Business Assistance located in downtown that offers an SBA library of small business startup information
  • Business Plan software available for use on computers to prepare business plans
  • Eight week entrepreneurial training course offered several times per year
  • One-on-one technical assistance in preparing application for loans

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Urban Enterprise Zone Certification Program

The Urban Enterprise Zone Certification Program is a free program made available to businesses located in the Vineland Urban Enterprise Zone. The following is the criteria for program participation:

• Business must be located in the Vineland or Millville Urban Enterprise Zone
• Business must fill out Certification Application which can be obtained from UEZ office located at
  2115 S. Delsea Drive, Vineland, NJ
• Retail businesses that apply can charge 3% sales tax
• Retail and service businesses that apply to participate can:
  - purchase most equipment, office supplies, and office furniture tax exempt
  - build or make renovations tax-exempt
• Eligible to apply for UEZ Loans