Public can submit input until October 28, 2022

Trenton, N.J. (October 19, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it is seeking public input on a revised set of rules for the Aspire Program, which was established under the New Jersey Economic Recovery Act of 2020 (ERA). The Aspire Program is a gap financing tool to support commercial, mixed use, and residential real estate development projects.

The current draft of the Aspire Program rules incorporates feedback collected during a public comment process that took place earlier this year. Members of the public are encouraged to review the draft posted today.  Any feedback must be submitted in writing through the designated online form available on the ERA website. The NJEDA will be accepting comments until Friday, October 28, 2022 at 3:00 p.m. EDT.

The document posted today is a draft of the Aspire Program rule amendments, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval.  If approved, the document will be published for the formal public comment period, as designated by the Administrative Procedure Act.

For more information on the ERA or to submit feedback, please visit www.njeda.gov/economicrecoveryact.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Enables Access to $200 Million Pool of Money Designed to Attract Large Production Companies to the Garden State

TRENTON, N.J. (October 14, 2022) – The New Jersey Economic Development Authority (NJEDA) opened applications today for film production facilities seeking a designation that will facilitate their access to a pool of tax credits designed to encourage the development of large, long-term film production facilities in the state. Under the New Jersey Film and Digital Media Tax Credit Program, which was expanded and enhanced by the Economic Recovery Act of 2020, as a complement to the program for individual film production projects, two additional and separate allocations were established to support projects led by Studio Partners and Film-lease Partners.

To be eligible to apply for the Studio Partner designation, the applicant must be a production company that has site control of a production facility that is at least 250,000 square feet for at least 10 years. Additionally, prior to approval, the production facility site would need to have at least preliminary site plan approval, an executed redevelopment agreement, or an adopted redevelopment plan that contemplates the construction of the production facility and, following designation approval, be able to provide temporary or permeant certificate of occupancy for the facility within 36 months. Only three Studio Partner designations are available, which will be awarded on a first-come, first-served basis to eligible applicants.

In addition to a separate $100 million pool of incentives, the Studio Partner designation will allow a production company to capture additional above-the-line salaries and wages as part of its tax credit award calculation, a key feature of the plan.

Film-lease Partners must be production companies that have at least a Letter of Intent or other site control documentation for a production facility of at least 50,000 square feet for a term of at least five years. Additionally, the applicant shall commit to spending, on an annual average basis, $50 million in qualified film production expenses over the applicant’s commitment period.

Studio Partners and Film-lease Partners would first apply to the Authority to be designated and then submit subsequent applications for each film project produced in New Jersey thereafter. There are no restrictions on the number of production companies that can receive the Film-lease Partner designation.

The tax credit award percentage for Studio and Film-lease Partners is calculated the same as the legacy program for film productions, however Studio and Film-lease Partners benefit from a separate approval queue and separate annual allocation of $100 million for each designation category.

For full program details and to access the application, please visit https://www.njeda.gov/film/. Specific questions may be directed to FilmTaxCredit@njeda.com.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Program Supports Remediation Cost to Promote Redevelopment of Brownfields Sites

TRENTON, N.J. (October 13, 2022) – The New Jersey Economic Development Authority (NJEDA) Board approved the creation of a competitive Brownfields Redevelopment Incentive (BRI) Program. The BRI Program, which will provide a total of $300 million in incentive funding over six years, is designed to support remediation costs and incentivize developers of redevelopment projects to carry out cleanup activities at brownfield sites throughout the state, bringing these sites back into productive reuse as an integral part of community development.

Established by the New Jersey Economic Recovery Act of 2020 (ERA), awards of up to 50 percent of remediation costs will be available for eligible brownfield sites, up to a maximum of $4 million. In keeping with the Governor’s vision for inclusive economic growth, Brownfield sites in a Government Restricted Municipality or Qualified Incentive Tract may be eligible for up to 60 percent of rehabilitation costs, up to a maximum of $8 million. Awards are scored on a competitive basis.

“The Brownfields Redevelopment Incentive Program will allow for the redevelopment of long-vacant and abandoned properties, helping to foster economic development throughout the state,” said Governor Phil Murphy. “This program will open the door for new developments that will bring jobs and improve the environment in underserved communities that have been disproportionately affected by past pollution.”

Tax credits will be awarded through a competitive application process, which is set to open in upcoming months, to ensure the best projects receive State support. The NJEDA has partnered with the New Jersey Department of Environmental Protection to create evaluation criteria for a competitive application process. To receive tax credits through the program, the developer must demonstrate that a financing gap exists. Parties that are in any way responsible or liable for the site contamination are not eligible for the program. 

“Supporting the transformation of brownfields from hazardous sites into community assets that spur economic development and job creation is vital to our efforts to advance environmental justice in New Jersey,” said New Jersey Department of Environmental Protection Commissioner Shawn LaTourette. “By taking a contaminated brownfield property and carefully remediating the site, the Brownfields Redevelopment Incentive Program will address community redevelopment in a sustainable way while supporting Governor Murphy’s efforts to improve New Jersey residents’ quality of life.”

The redevelopment of brownfield sites is an important component of smart planning that will allow New Jersey to meet its goals for economic growth. The BRI Program will help promote the redevelopment of these contaminated sites for productive reuse.

“The Brownfields Redevelopment Incentive Program can unlock vast untapped economic potential contaminated sites can have after they have been effectively rehabilitated,” said NJEDA Chief Executive Officer Tim Sullivan. “This program will be key to continuing to drive equitable community revitalization and growth across the state, achieving Governor Murphy’s vision for a stronger, greener, fairer New Jersey.”

Eligible costs include soil and groundwater investigation, site remediation, hazardous materials assessment and survey, hazardous materials or waste disposal, infrastructure remedial activities (fences, warning signs, site control, and drainage control), and building and structural issues for demolition, asbestos removal, polychlorinated biphenyls (PCB) removal, contaminated wood, or paint removal. Tax credits awarded through this program may not be used for the acquisition of the brownfield property, financing of the property, legal fees, Authority fees, and/or penalty or violation fees.

The Brownfields Redevelopment Incentive Program is part of a suite of solutions, including the Brownfields Loan Program and the Brownfields Impact Fund, designed to support development that transforms underutilized and contaminated spaces into community assets, with the goal of achieving a greener New Jersey. This includes ensuring that residents living in communities that have historically suffered from disinvestment, environmental contamination, and health disparities benefit from brownfields redevelopment.

In addition to the Brownfields Redevelopment Incentive Program, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and historic property reinvestment; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness. NJEDA is developing the Wind port on behalf of the State.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Listening Sessions Will Help Inform Potential Creation of Assistance Program That Will Address Access to Capital

Trenton, N.J.  (October 6, 2022) – The New Jersey Economic Development Authority (NJEDA) is engaging in a series of listening sessions with cannabis-industry stakeholders. The goal of these sessions is to focus on gaining a better understanding of the opportunities and obstacles new cannabis businesses may face. These challenges include access to capital and the high start-up costs associated with this new and emerging sector. NJEDA is interested in hearing comments, questions, and other key information to better understand the scope of the costs associated with starting a new cannabis business.

The NJEDA plans to use the feedback it receives from these sessions to explore potential assistance programs that can help to create equitable access to the cannabis industry. Research indicates that minority communities have been disproportionally affected by cannabis criminalization and potential assistance programs can help to create a more equitable and diverse cannabis industry.

“The NJEDA is conducting listening sessions throughout the State to better understand cannabis applicants’ experiences with navigating business start-up and access to capital issues in this emerging industry,” said NJEDA Chief Executive Officer Tim Sullivan. “Stakeholder input can help design a potential cannabis grant program that brings equity and economic opportunity to communities and individuals who have been disproportionately impacted by cannabis prohibition and advances Governor Murphy’s vision for a stronger, fairer New Jersey.”

The NJEDA, together with the New Jersey Business Action Center (BAC) and the Cannabis Regulatory Commission (NJCRC), is hosting listening sessions in Newark, Atlantic City, and Camden. Each session focuses on understanding stakeholders’ experiences and the amount of funds necessary to navigate any startup issues businesses may face in obtaining necessary permits and approvals.

“BAC provides support to businesses of all sizes every day, connecting them to resources in and out of government that can help them start and grow. It’s critically important that New Jersey cannabis licensee applicants, especially those in the social equity, legacy, Impact Zone, and microbusiness categories, access the technical assistance they need to submit successful applications to the NJCRC,” said Penni Wild, Deputy Executive Director of the New Jersey Business Action Center. “We currently work with applicants to find an available business name, show them how to secure their federal tax ID, state business registration and how to register as a woman/minority/veteran-owned or small business.” 

“The legalization of cannabis in New Jersey represents the opportunity to launch a whole new sector in the Garden State and to do so with equity, inclusion, and social justice leading the way,” said NJEDA Chief Community Development Officer Tai Cooper. “By engaging with stakeholders at this early stage, we can create a program that fits the needs of small businesses as they grow and create jobs in this emerging industry.”

“We are excited for this new phase of setting up an equitable cannabis market in New Jersey,” said NJCRC Chair Dianna Houenou. “We know that access to capital is one of the largest roadblocks to diversity in the industry. As we try to lower that roadblock for as many entrepreneurs as possible, it is important that we let their voices guide how assistance programs are developed.”

While these listening sessions are by invitation only, members of the public who wish to provide feedback on this topic can email cannabis@njeda.com.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Funding will fuel ‘Innovation Evergreen Fund’s’ investment in Garden State early-stage businesses

Trenton, N.J. (October 4, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced the amount of tax credits available through the tax credit auction phase of the New Jersey Innovation Evergreen Fund (NJIEF) will increase to $50 million. Demand in response to the NJIEF tax credit auction has been robust among the State’s established corporate leaders engaged in the state’s innovation economy and, based on greater than anticipated demand, the NJEDA has raised the available auction pool from $30 million to $50 million. Corporations have until Friday, October 7^th, to submit their completed applications.

The auction is the first of up to five tax credit auctions, designed to fuel the NJIEF investment phase starting later this year. The NJIEF is an innovative tool designed to incentivize investment in emerging New Jersey companies while creating mentoring, networking, and educational opportunities to help position these companies for success.

The corporations that participate will benefit with a discount on their NJ corporate business tax liability of up to 25 percent and access to innovative businesses and investors, in exchange for their dollars and their active commitment to support the innovation economy in New Jersey. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in the state. Full details on the NJIEF are available at https://www.njeda.gov/evergreen.

Corporations seeking to purchase the tax credits must commit to supporting the state’s innovation economy through activities such as mentorship, internships, sales and distribution pipeline access, and availability to serve on the NJIEF Advisory Board for one year. Completed applications, including a refundable deposit, must be received by October 7, 2022.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Will Support Development of OSW Talent Pipeline to Meet Demand of State’s Emerging Offshore Wind Leadership

TRENTON, N.J. (September 28, 2022) – The New Jersey Economic Development Authority (NJEDA) has announced the creation of a competitive grant program that will help New Jerseyans, particularly those in New Jersey Overburdened Communities, develop skills for careers in offshore wind. Approved by the NJEDA’s Board at its September 14 meeting, the $3.725 million Offshore Wind Workforce and Skills Development Grant Challenge (Grant Challenge) will offer grants to selected entities that will aid in launching or expanding innovative workforce training and skills programs focused on strengthening and diversifying New Jersey’s offshore wind workforce.

“Offshore wind is driving an abundance of skilled jobs in New Jersey, and Governor Phil Murphy is committed to ensuring the state’s workforce keeps pace with the needs of offshore wind companies investing here,” said NJEDA Chief Executive Officer Tim Sullivan. “We have a responsibility to ensure that New Jerseyans are adequately and safely trained for these good-paying opportunities. We look forward to partnering with entities with expertise and creative workforce development solutions that will advance these goals in an equitable and inclusive way.”

The Grant Challenge is part of NJEDA’s efforts to establish the NJ Wind Institute for Innovation and Training (the “Wind Institute”) as an independent entity created through legislation. The Wind Institute will coordinate and deploy resources to advance offshore wind workforce development, research, and innovation in the state.

Announcement of the Grant Challenge follows Governor Murphy’s signing of Executive Order No. 307 last week, increasing New Jersey’s offshore wind goal by nearly 50 percent to 11,000 megawatts (MW) by 2040. The Executive Order, which increases the state’s current goal of 7,500 MW, also directs the New Jersey Board of Public Utilities (NJBPU) to study the feasibility of increasing the target further.

Accompanying the Executive Order, Governor Murphy also announced the release of the Green Jobs for a Sustainable Future report, created by the New Jersey Council on the Green Economy in partnership with the Governor’s Office of Climate Action and the Green Economy. The report outlines recommendations and pathways for growing a demographically representative and inclusive green workforce as New Jersey pursues its aggressive new offshore wind target.

Through the Grant Challenge, entities that can provide skill development, workforce training, job placement, and other related services to develop, implement, or expand workforce development initiatives in offshore wind can apply for grants of between $100,000 and $1 million to create their proposed programs. Priority in this grant challenge will be given to applicants or applicant teams that propose initiatives supporting training and job access for residents of Overburdened Communities. Grants will be awarded to proposals that achieve the highest overall scores based on the established proposal scoring criteria. Organizations looking to collaborate can submit an optional Potential Collaborator Form by October 20^th. An informational webinar will be held on October 11^th at 3pm. Application deadlines for the Grant Challenge will be announced in the coming months. More information on the Grant Challenge can be found at: www.njeda.gov/osw-workforce-grantchallenge/.

The Grant Challenge will be open to entities that can design and execute workforce and skills training programs. Such entities may include, but are not limited to, community-based organizations, workforce training organizations, labor unions, workforce placement intermediaries, technical high schools, community colleges, universities, non-profits, regional workforce development boards, and private companies.

“As we pursue our clean energy future and increased offshore wind development goals, it’s crucial that we develop a skilled and inclusive workforce to support our growing clean energy economy,” said Jane Cohen, Executive Director of the Governor’s Office of Climate Action and the Green Economy. “Establishing accessible pathways for entrance into good-paying jobs with wage parity and long-term career prospects will help position all New Jerseyans to enjoy the optimal benefits of the state’s clean energy transition.”

Applicants are encouraged to collaborate with additional entities, including for-profit or non-profit entities, to design and implement the training program as needed. All applications must include at least one 501(c)(3) Community-Based Organization with demonstrated experience serving a New Jersey Overburdened Community, that provides direct services or supports to a specific geographic NJ community(ies) or specific segments of a New Jersey community(ies). For the purposes of this Challenge, government entities, K-12 schools, and institutions of higher learning do not qualify as Community-Based Organizations. However, these entities may be the primary applicant or an additional collaborator on the applicant team.

This Grant Challenge will support training needs identified in a recently conducted offshore wind workforce assessment. The study concluded New Jersey’s target for 7.5 GW of offshore wind and accompanying infrastructure investments is projected to result in 20,000 new jobs in 2030 across numerous sectors of the state’s economy, including construction, manufacturing, and professional services. This study can be accessed at www.njeda.gov/wind_institute/. 

This Grant Challenge complements work currently underway toward the creation of the Wind Institute, including: the construction of a Global Wind Organization safety training facility at Atlantic Cape Community College; the development of a wind turbine technician training program at Rowan College of South Jersey; the expansion of welding and painting programs for offshore wind at Gloucester County Institute of Technology and Salem County Vocational Technical School; and the launch of an offshore wind research fellowship program for juniors, seniors and graduate students at Rutgers University, Rowan University, Montclair State University, and the NJ Institute of Technology.

Current Wind Institute-related programs are funded through an agreement between NJEDA and the NJBPU.

Governor Murphy’s economic development plan, “The State of Innovation: Building a Stronger and Fairer NJ Economy,” identifies offshore wind as one of the strategic sectors for accelerating growth in New Jersey’s economy. Offshore wind represents a unique opportunity to meet the State’s clean energy goal of reaching 100 percent clean energy usage by 2050. A key step towards this goal is the State’s target of generating 11,000 MW of offshore wind energy by 2040.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness. NJEDA is developing the Wind port on behalf of the State.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Program Provides up to $125,000 to County and Local Governments to Develop Plans to Improve Food Security

Trenton, N.J. (September 26, 2022) – Today, the New Jersey Economic Development Authority (NJEDA) announced that it will open applications for its $1.5 million Food Security Planning Grant Program on Tuesday, September 27. This competitive program offers grants ranging from $75,000 to $125,000 to municipal governments, county governments, and redevelopment agencies to develop plans to improve food access and food security by leveraging distressed assets in New Jersey’s Food Desert Communities (FDCs). The application will be available at https://www.njeda.gov/food-security-planning-grant/. All applications submitted by the deadline of November 25 will be reviewed after the application period has closed. 

Currently, more than one in 10 New Jersey households reports not having enough to eat within the past week. Additionally, out of the nearly nine million people who reside in New Jersey, approximately one million live in an NJEDA-designated FDC. Ensuring access to nutritious, affordable, and culturally relevant food is a key component in building a stronger and fairer New Jersey economy, as well as creating a sustainable local food system in every community.

The NJEDA will host information sessions for potential applicants (municipal governments, county governments and redevelopment agencies) to get an overview of the Food Security Planning Grant, a walk-through of the application, and information on how to best prepare to apply.

The information sessions will take place at the following times:

• October 3 – 2:00 p.m. to 3:00 p.m. Registration link:  https://www.njeda.gov/event/njedas-food-security-planning-grant-roll-out/
• October 13 – 11:00 a.m. to Noon Registration link: https://www.njeda.gov/event/njedas-food-security-planning-grant-program-roll-out/

The Food Security Planning Grant Program is one tool that NJEDA will deploy to empower local governments to develop and submit plans to improve food access while transforming distressed assets that have presented a hindrance to economic growth. For the Food Security Planning Grant program, a distressed asset is defined as a commercial building or series of buildings, its attachments, and appurtenances; or vacant land that is fully or partially vacant for at least one year, that due to deteriorated condition or appearance of its exterior (because of deferred maintenance such as deteriorated paint or overgrown vegetation, boarded up door and/or windows), that can be leveraged to improve food access and food security. Distressed assets must be located within a New Jersey FDC, which can be mapped here.

Full details on the Food Security Planning Grant Program can be found here.

Applications will be accepted until November 25 and will NOT be reviewed on a first-come, first-served basis.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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El proceso de aplicaciones para préstamos de hasta 50.000 dólares abrirá el 6 de octubre de 2022

TRENTON, N.J. (16 de septiembre de 2022) – La Junta Directiva de la Autoridad para el Desarrollo Económico de Nueva Jersey (NJEDA) aprobó una revisión del Préstamo para microempresas de Main Street, que elimina el requisito de garantías personales para los propietarios de microempresas.

El Préstamo para microempresas de Main Street, que reemplaza al Programa de préstamos para microempresas establecido por la NJEDA en 2019, se ofrece como parte del Fondo para la recuperación de Main Street-un conjunto de productos de 150 millones de dólares creados o ampliados conforme a la Ley de Recuperación Económica de 2020 (ERA), firmada por el gobernador Phil Murphy en 2021. Este producto piloto proporcionará financiamiento de hasta 50.000 dólares a microempresas de New Jersey que reúnan los requisitos necesarios, cuyos ingresos brutos anuales sean de 1.500.000 dólares o menos y tengan 10 o menos empleados a tiempo completo en el momento de presentar la aplicación y tres meses antes de la fecha de la misma.  La NJEDA comenzará a aceptar aplicaciones para el programa el jueves 6 de octubre de 2022, a las 10:00 a.m. EDT.

“El Préstamo para microempresas de Main Street será un gran activo para las pequeñas empresas que se esfuerzan por aumentar su presencia en el Estado Jardín”, dijo el director ejecutivo de la NJEDA, Tim Sullivan. “La eliminación de los obstáculos que dificultan el acceso al capital para las empresas más pequeñas de nuestro estado es un paso más hacia la consecución de la visión del gobernador Murphy de una economía más fuerte y justa, ya que más propietarios de microempresas ahora tendrán acceso al financiamiento que necesitan para crear más puestos de trabajo y oportunidades económicas que permitan mantener a sus familias”.

Las empresas elegibles con y sin fines de lucro registradas para hacer negocios en Nueva Jersey, incluidas las empresas que operan desde el hogar, pueden solicitar financiamiento de los 20 millones de dólares en fondos asignados desde el Fondo de recuperación de Main Street para cubrir gastos operativos futuros, tales como inventario, alquiler, nóminas, equipos (que no requieran instalación o trabajo de construcción por un total de más de 1.999,99 dólares), o cualquier otro gasto de capital de trabajo para financiar los gastos operativos de la empresa. El préstamo tendrá un plazo estándar de 10 años y el tipo de interés será del 2%, sin intereses ni pagos durante el primer año. 

El Préstamo para microempresas de Main Street tiene un componente de condonación importante, ya que ayuda a reducir la carga de los propietarios de microempresas que ya tienen un acceso limitado al capital. Según las normas del programa, el prestatario está obligado a realizar pagos desde el segundo año hasta el final del quinto año. Para calificar para la condonación del préstamo, el solicitante debe haber realizado los pagos de su préstamo tal y como se identifica en su acuerdo de préstamo sin una morosidad de más de 90 días, no tener incumplimientos actuales, poder certificar que ha utilizado el préstamo solo para los fines aprobados, y que sigue abierto y operando como se detalla en el acuerdo del préstamo.

Para garantizar un acceso equitativo e inclusivo al Préstamo para microempresas de Main Street, de los 20 millones de dólares de financiamiento total disponibles, 8 millones se reservarán para apoyar a las entidades elegibles situadas en las zonas censales que califiquen como zonas de oportunidad en Nueva Jersey.

Los requisitos de elegibilidad para las microempresas interesadas en aplicar para este programa incluyen:

• Tener menos de 1,5 millones de dólares de ingresos brutos anuales en el último año fiscal (en la medida en que la empresa tenga ingresos anuales).
• No tener más de 10 empleados a tiempo completo en el momento de la solicitud y tres meses antes de la misma.
• Estar legalmente registrada para hacer negocios en Nueva Jersey, y tener una ubicación comercial (incluida una oficina en casa) en Nueva Jersey.
• Haberse constituido al menos seis meses antes de la fecha de la solicitud.
• Estar al día con el Departamento de Trabajo y Desarrollo de la Fuerza Laboral de Nueva Jersey (LWD) y el Departamento de Protección Ambiental de Nueva Jersey en el momento de la solicitud.
• Proporcionar un certificado de liquidación de impuestos actual antes de la aprobación para demostrar que el solicitante está al día con la División de Impuestos de NJ.

El Préstamo para microempresas de Main Street no requerirá garantías, ya que los criterios de suscripción se basarán únicamente en la calificación crediticia. Solo las organizaciones sin fines de lucro tendrán que estar totalmente suscritas y se les exigirá un índice de cobertura del servicio de la deuda de 1,0. Para las entidades con fines de lucro, al menos uno de los propietarios debe tener una calificación crediticia de 600 o más para ser considerado elegible. No se requieren garantías personales de los propietarios o directores.   

Las aplicaciones para el Préstamo para microempresas de Main Street se procesarán en el orden que son recibidas, según la fecha/hora en que la Autoridad reciba la aplicación completada. Los beneficiarios anteriores del Programa de préstamos para microempresas pueden solicitar el Préstamo para microempresas de Main Street.  Debido a las condiciones favorables de este producto, solo se permite una solicitud por EIN.  

La NJEDA organizará una sesión informativa sobre el Préstamo para microempresas de Main Street el lunes 26 de septiembre de 2022, a las 2:00 p.m. EDT. Para inscribirse en esta sesión en línea, haga clic aquí.

Para obtener más información sobre el Préstamo para microempresas de Main Street y el proceso para aplicar, visite https://www.njeda.gov/microbusinessloan/.

Acerca de la Autoridad para el Desarrollo Económico de Nueva Jersey

La Autoridad para el desarrollo económico de Nueva Jersey (NJEDA) es la agencia principal del Estado para impulsar el desarrollo económico. La NJEDA tiene el compromiso de hacer del Estado de Nueva Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible al centrarse en estrategias claves para ayudar a construir comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de Nueva Jersey y ofrecer oportunidades para una economía más sólida y justa. A través de asociaciones con una diversa gama de partes interesadas, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y la calidad de vida en el Estado y para fortalecer la competitividad económica a largo plazo de Nueva Jersey.

Para obtener más información sobre los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de la NJEDA al 844-965-1125 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter, Instagram y LinkedIn.

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Application for Loans up to $50,000 to Launch on October 6, 2022

TRENTON, N.J. (September 14, 2022) – The New Jersey Economic Development Authority (NJEDA) Board today approved a revision to the Main Street Micro Business Loan, removing the requirement for personal guarantees from owners of micro businesses.

The Main Street Micro Business Loan, which succeeds the Micro Business Loan Program established by the NJEDA in 2019, is offered as part of the Main Street Recovery Fund—a $150 million suite of products created or expanded under the Economic Recovery Act of 2020 (ERA), signed by Governor Phil Murphy in 2021. This pilot product will provide financing of up to $50,000 to eligible micro businesses in New Jersey whose annual gross revenues are $1,500,000 or less and have 10 or fewer full-time employees at the time of application and three months prior to the date of application.  The NJEDA will start accepting applications for the program on Thursday, October 6th, 2022, at 10:00 a.m. EDT.

“The Main Street Micro Business Loan will be a tremendous asset for small businesses that are working hard to grow their footprint in the Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “Removing the barriers to capital for our state’s smallest businesses is another step toward achieving Governor Murphy’s vision for a stronger, fairer economy, as more micro business owners will now have access to the financing they need to create more family-sustaining jobs and economic opportunities.”

Eligible for-profit and nonprofit businesses registered to do business in New Jersey, including home-based businesses, can apply for financing from the $20 million in funds allocated from the Main Street Recovery Fund to cover future operating expenses only such as inventory, rent, payroll, equipment (that does not require installation or construction work totaling more than $1,999.99), or any other working capital expense to fund business operating expenses. The loan will have a standard 10-year term and the interest rate will be 2 percent, with no interest and no payments due for the first year. 

The Main Street Micro Business Loan has a substantial forgivable component as it helps reduce the burden on micro business owners who already have limited access to capital. Under program rules, the borrower is required to make payments from year two to the end of year five. To qualify for loan forgiveness, the applicant must have made their loan payments as identified in their loan agreement with no delinquency of more than 90 days, have no current default, be able to certify that they have used the loan for approved purposes only, and that they are still open and operating as detailed in the loan agreement.

To ensure equitable and inclusive access to the Main Street Micro Business Loan, of the $20 million in total funding available, $8 million will be set aside to support eligible entities located in New Jersey Opportunity Zone-eligible census tracts.

Eligibility requirements for micro businesses interested in applying for this program include:

• Must have less than $1.5 million in annual gross revenue for the most current fiscal year (to the extent the business has annual revenues)
• Must have no more than 10 full-time employees at the time of application and three months prior to application
• Must be legally registered to do business in New Jersey, with a business location (including a home office) in New Jersey
• Must have been formed at least six months prior to the date of application.
• Must be in good standing with the New Jersey Department of Labor and Workforce Development (LWD) and the NJ Department of Environmental Protection at the time of application
• Must provide a current tax clearance certificate prior to approval to demonstrate the applicant is in good standing with the NJ Division of Taxation

The Main Street Micro Business Loan will not require collateral, as the underwriting criteria will be based solely on credit score. Only not-profit organizations will need to be fully underwritten and required to meet a 1.0 debt service coverage ratio. For all other for-profit entities, at least one owner must have a credit score of 600 or greater to be considered eligible. Personal guarantees from owners or principals are not required.   

Applications for the Main Street Micro Business Loan will be reviewed on a first-come, first-served basis, based on the date/time at which the Authority receives the completed application. Past recipients of the Micro Business Loan Program are eligible to apply for the Main Street Micro Business Loan.  Due to the favorable terms of this product only one application per EIN is allowed.  

The NJEDA will host an information session on the Main Street Micro Business Loan on Monday, September 26, 2022, at 2:00 p.m. EDT. To register for this online session, click here.

For more information on the Main Street Micro Business Loan and the application process, go to https://www.njeda.gov/microbusinessloan/.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

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