Applications are now closed.
Over the past 20 years, we have seen great progress in our City. Scores of new businesses and restaurants have opened, and as a result, Rahway has become a more lively place to live, work, and visit. Many of those businesses have gone from thriving to struggling in just a few weeks. We owe it to ourselves and the City we love to protect the investment that has been made by so many people. Helping these businesses to survive this challenging time is a smart economic policy.
The Novel Coronavirus (COVID-19) pandemic is taking a toll not only on Rahway’s residents but also on Rahway’s small business community. The pandemic has prompted state government to mandate the closings of non-essential businesses to avoid group gatherings as a strategy to curb the spread of the virus.
The City of Rahway and the Rahway Arts + Business Partnership have joined forces to help small businesses located in the City’s Special Improvement District during this economic downturn.
Mayor Giacobbe, along with Rahway City Council, Rahway Arts and Business Partnership, and the Union County Economic Development Corporation, created the City of Rahway CARES (Coronavirus Aid, Relief, and Economic Security) Forgivable Loan Program. The maximum amount to be awarded, per qualified business, will be $5,000.
Eligible businesses must a) be located in the Special Improvement District (as defined by the City Code, Chapter 97, Sections 1-12 – PLEASE CLICK ON THE LINK TO VIEW THESE ADDRESSES); b) have 20 or fewer full-time employees; c) have been negatively impacted by COVID-19; d) be in business at least one full year, and e) and have a personal credit score of 650 or over. Eligible businesses may use the funds for a range of recovery activities, including help with rent costs, covering operational costs, helping defray marketing costs, and covering employee wages for unperformed work. National franchises and non-profit organizations are ineligible.
The program is administered for the City of Rahway by the Union County Economic Development Corporation. The Special Improvement District assessment provides funds for the program. Assistance is available in the form of a forgivable loan. The loan is not required to be repaid unless the applicant moves, sells, or closes its business during the first two years after the loan is approved.
Applications are available beginning May 4, 2020.
Information about the program is available by emailing email@example.com .