Trenton, NJ – The Urban Enterprise Zone Authority (UEZA), linked with the New Jersey Department of Community Affairs, has announced Lakewood as the beneficiary of the state’s largest Urban Enterprise Zone (UEZ) grant funding for 2024. Receiving over $7.4 million in Zone Assistance Funds (ZAF), up from $5.5 million in 2023, Lakewood is set to launch various community improvement projects aimed at enhancing residents’ quality of life.
The UEZ program, designed to stimulate economic growth in designated urban areas, offers business and tax incentives to spur private sector job creation and business expansion. Since its revival in 2021, the Lakewood Development Corporation has spearheaded the local UEZ initiative, resulting in notable business growth and job creation by promoting local shopping and attracting consumers from neighboring towns.
DCA Acting Commissioner Jacquelyn A. Suárez praised Lakewood’s effective use of the UEZ funds, highlighting the program’s role in fostering resilient communities that support regional prosperity. Investments have been made in small businesses, essential transportation services, and the overall daily lives of Lakewood residents.
James Slaughter, UEZA Executive Director, commended the Lakewood Development Corporation’s proactive approach to business recruitment and marketing under David Klein’s leadership. The corporation’s efforts have significantly boosted the UEZ’s presence in Lakewood, earning it the highest allocation of UEZ funds for the year.
UEZ grants in Lakewood are financing several key projects, including nearly $2 million towards enhancing community bus and shuttle services and nearly $1 million for safety and security improvements. David Klein mentioned popular financial assistance programs available to local businesses, such as loan forgiveness for hiring, tech modernization incentives, and a revolving loan program, all aimed at fostering a thriving local economy.