Last Updated on August 23, 2023 by Hannah Stevens
The federal government allocates the majority of the budget of more than $16,785.00 millions dollars in grants and additional local government funds of $13,515.00 million dollars into the business sector since small businesses and large corporations are the backbone of economic growth in New Jersey. The state of New Jersey has 195,445 businesses, and they are broken down into the following:
New Jersey Business Sector Breakdown by Size
- 121,666 registered businesses in New Jersey have 0 to 4 employees. This breakdown includes those who work from home and have sole proprietorship.
- 31,796 registered businesses in New Jersey have 5 to 9 employees.
- 18,893 registered businesses in New Jersey have 10-19 employees.
- 16,102 registered businesses in New Jersey have 20-99 employees.
- 3,787 registered businesses in New Jersey have 100 to 499 employees.
- Over 3,201 registered businesses in New Jersey have over 500 employees.
New Jersey Business Sector Breakdown in Service Industries
- 30,811 registered businesses in New Jersey are in the Professional, Scientific and Technical Services sector.
- 13,731 registered businesses in New Jersey are part of the Administrative, Support, Waste Management, and Remediation Services sector.
- 19,421 registered businesses in New Jersey belong in the Accommodation and Food Services sector.
- More than 23,406 registered businesses in New Jersey are also service orientated businesses, but do not belong in the categories above.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. The state of New Jersey has more than 10,000 farms.
Small Businesses in New Jersey
It is difficult to start and manage a small business in New Jersey. In this state, they pay more than $177,071,000,000.00 US dollars on employee salaries/payroll alone, and every year, over 39,707 companies go bankrupt. The federal government does not provide grants publicly to entrepreneurs for expanding or starting a business. However, small business grants can be given in New Jersey to help business owners start and grow their ventures. Moreover, grant recipients don’t have to repay the government funding. So, it is worth looking into small business grants to help fund your business.
Contact New Jersey financial aid agencies to apply for New Jersey business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: