NJ Gov. Visits Montclair Comic Shop To Highlight COVID Recovery Fund

MONTCLAIR, NJ — A popular comic book shop in Montclair got a visit from New Jersey Gov. Phil Murphy this week, as his administration highlighted the state’s Main Street Recovery Program.

On Thursday, Murphy dropped in to peruse the racks at East Side Mags, one of the New Jersey businesses that has benefitted from the program. The comic book shop recently moved from its old location at 7 South Fullerton Avenue to 491 Bloomfield Avenue.

“Small businesses like East Side Mags are essential to New Jersey’s vibrant and thriving Main Streets,” the governor said.

“As we transition from pandemic to endemic, we must continue to support small businesses as they recover from the devastating impact of COVID-19,” Murphy added.

• See related article: Free Comic Book Day Will Return To Montclair Store For 2022

The Main Street Recovery Program – run by the New Jersey Economic Development Authority (NJEDA) – would get a $50 million bump under the governor’s budget proposal for fiscal year 2023.

Created under the Economic Recovery Act of 2020 (ERA), the program aims to help Garden State businesses recover from the coronavirus pandemic. Two grants were made available:

• The Small Business Lease Assistance Grant provides funding to help businesses who leased or expanded their commercial space in the last 12 months
• The Small Business Improvement Grant reimburses grantees for 50 percent of the cost of capital improvements, furniture, fixtures, and equipment at their facilities

The funding has been a boost to businesses across the state, the governor’s office reported:

“The Main Street Recovery Program is budgeted to provide $100 million to support the growth and success of small businesses in New Jersey. In just over six months, more than 200 small businesses have been approved for the Small Business Lease Grant and 32 small businesses have been approved for the Small Business Improvement Grant since February.”

The NJEDA has issued nearly $5.5 million in grants through the Main Street Recovery Program since October, officials said.

The agency plans to open applications for a new Micro Business Loan in early June, which will make additional funding resources available. Here’s how it works, officials said:

“The Main Street Micro Business Loan will offer forgivable working capital loans with a two-percent interest rate and no interest and no payments due for the first year. Eligible micro businesses in New Jersey with 10 or fewer full-time employees and no greater than $1.5 million in annual revenues will be able to apply for financing of up to $50,000. The Micro Business Loan will be available to for-profit, nonprofit and home-based businesses with a business location in New Jersey and that have been in operation for at least six months. Funding will be available on a first-come, first-served basis.”

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