TRENTON, N.J. (September 1, 2022) – Today, the New Jersey Economic Development Authority (NJEDA) released information on the Brownfields Redevelopment Incentive (BRI) Program for public feedback. Established by the New Jersey Economic Recovery Act of 2020 (ERA), the Brownfields Redevelopment Incentive Program is a $300 million tax credit program designed to compensate developers of redevelopment projects located on brownfield sites for remediation costs.

The Brownfields Redevelopment Incentive Program covers specific costs associated with brownfield remediation and redevelopment., including the investigation and remediation of environmental contamination, as well as building and structural remediation activities.

The program, which provides $300 million in incentive funding over six years, focuses on brownfield redevelopment as an integral part of community development. Awards of up to 50 percent of remediation costs are available for eligible brownfield sites, up to a maximum of $4 million. 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.

Members of the public are encouraged to review the preliminary information and submit written feedback through an online form available on the Economic Recovery Act website. The NJEDA will also be hosting two listening sessions for public input on the proposed information.

“The Brownfields Redevelopment Incentive is part of a suite of programs created under the ERA that sets a high bar for equitable and inclusive development,” said NJEDA Chief Executive Officer Tim Sullivan. “Input from community stakeholders will help to ensure the BRI advances Governor Phil Murphy’s and the NJ State Legislature’s vision for incentivizing projects that turn vacant and contaminated sites into vibrant economic assets, with a continued focused on community development.”

Tax credits will be awarded through a competitive application process to ensure the best projects receive State support. The NJEDA will partner with the NJ Department of Environmental Protection (NJDEP) 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. 

The BRI Proposed Information is available now for review here. 

Members of the public can also provide input during the NJEDA’s public listening sessions, which are scheduled for the following times:

• Wednesday, September 7^th, 2:00 p.m. – Register Here
• Thursday, September 8^th, 1:00 p.m. – Register Here

Members of the media interested in attending the session or submitting questions are asked to email media@njeda.com.  

To provide feedback on the BRI Program online click here.

In addition to the Brownfields Redevelopment Incentive, 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.

For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.gov/economicrecoveryact/.

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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Funding raised from auction will help first-of-its-kind ‘Innovation Evergreen Fund’ invest in Garden State early-stage businesses

Trenton, N.J. (August 5, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it has launched the next phase in the creation of New Jersey Innovation Evergreen Fund (NJIEF) by opening the first of up to five annual New Jersey Corporate Tax Credit Auctions to fuel the fund. The NJIEF is a groundbreaking new tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State will become an equity investor in startups deploying up to $600 million into companies alongside professional venture capital groups. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in state.

For the 2022 auction year, a pilot amount of $30 million of tax credits will be available for purchase through the New Jersey Corporate Tax Credit Auction. Based on demand, the Authority may increase the amount of tax credits available in the current year. The funds raised from the auction will later be matched by professional venture capital firms and invested into high-growth, early-stage businesses across the Garden State.

“The NJIEF is a unique model for driving investment and other resources for bolstering the success rate of startup companies,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the NJIEF, successful New Jersey corporations will help to nurture and elevate the next generation of high-growth businesses. This will lead to job creation and scientific breakthroughs, and will help to deliver on Governor Phil Murphy’s commitment to recapturing New Jersey’s global leadership position in innovation and creating the most diverse and inclusive innovation ecosystem in America.”

Sullivan noted that, in addition to benefiting from the purchase of tax credits, corporations participating in the NJIEF will help drive New Jersey’s innovation ecosystem through their strategic engagement with emerging companies in which the NJIEF will later invest.

Established by the New Jersey Economic Recovery Act of 2020, 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.

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.

“New Jersey has vast appeal for businesses seeking top talent, a thriving innovation community, and a prime location, and the NJIEF will be an additional tool for attracting corporations and startups choosing to start and grow within our state,” NJEDA Chief Economic Transformation Officer Kathleen Coviello said. “We look forward to seeing the growth that will result from this investment of funding and targeted sharing of intellectual capital.”

Full details on the NJIEF are available at https://www.njeda.gov/evergreen.

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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NJ ZIP pondrá a disposición $45 millones adicionales y ampliará la elegibilidad para incluir vehículos de carga pesada más adelante este año

LYNDHURST, N.J. (20 de julio de 2022) – La Autoridad para el Desarrollo Económico de Nueva Jersey (New Jersey Economic Development Authority, NJEDA) anunció la expansión del Programa de incentivos para emisiones cero de New Jersey (New Jersey Zero Emission Incentive Program, NJ ZIP) para apoyar a las empresas e instituciones en todo el estado que están comprando vehículos de carga mediana y pesada nuevos con cero emisiones que operan en Nueva Jersey. La semana pasada, la Junta de la NJEDA aprobó una expansión de $45 millones a través de su asignación de la Iniciativa Regional de Gases de Efecto Invernadero (Regional Greenhouse Gas Initiative, RGGI), duplicando el monto de financiamiento dedicado al programa.

Además del aumento de los fondos para el programa, la Junta de la NJEDA también aprobó dos cambios importantes de elegibilidad con respecto a la fase anterior, ampliando la elegibilidad para incluir clases de vehículos de carga pesada y ampliando a todo el estado, además de las cuatro comunidades piloto de la primera fase.

El director ejecutivo de la NJEDA, Tim Sullivan se reunió con Vanessa y Luis Abad afuera de las oficinas de la Cámara Estatal de Comercio Hispana de Nueva Jersey (Statewide Hispanic Chamber of Commerce of New Jersey, SHCCNJ), que fue esencial para promover el programa piloto para dueños de empresas, para anunciar la expansión del programa. La empresa de los Abad, ENAT Transportation & Logistics, ubicada en Ridgefield Park, fue una de las primeras empresas aprobadas para recibir el apoyo del programa. Los Abad y Sullivan, junto con el gerente general de ventas de GreenPower Motor Company Larry Sharp, colocaron calcomanías para parachoques de “Powered by NJ ZIP” en tres de los vehículos de carga mediana de cero emisiones financiados por el programa NJ ZIP. GreenPower Motor Company es un vendedor autorizado del programa NJ ZIP al cual ENAT Transportation & Logistics compró sus vehículos. 

El mes pasado, la NJEDA había aprobado 144 solicitudes del programa NJ ZIP por un total de $32.2 millones en comprobantes para vehículos de carga mediana de cero emisiones, con más solicitudes aún en proceso.  La NJEDA anticipa que la expansión del programa permitirá que se adjudiquen de 200 a 400 comprobantes adicionales. Más del 90 por ciento de las entidades aprobadas a la fecha son pequeñas empresas y aproximadamente el 57 por ciento son empresas propiedad de minorías o mujeres. Se espera que los vehículos que han recibido apoyo hasta ahora tengan como resultado una reducción de las emisiones anuales de carbono de más de 6,500 toneladas cortas dentro de las comunidades en las que operan.

“Más del 40 por ciento de las emisiones de carbono de Nueva Jersey son producto de los vehículos, por lo que ayudar a las pequeñas empresas a hacer la transición a una tecnología con cero emisiones es un paso clave para acelerar los esfuerzos del Gobernador Phil Murphy para mejorar la calidad del aire y crear oportunidades económicas dentro del estado”, dijo Sullivan. “Las pequeñas empresas que participan en el programa aprovecharán los beneficios de tener vehículos eléctricos al modernizar sus flotas con vehículos amigables con el medio ambiente de última generación que no solo reducen costos de combustible y requieren menos mantenimiento, sino que mitigan los impactos ambientales nocivos de las emisiones del transporte en las comunidades de toda Nueva Jersey”.

ENAT Transportation & Logistics, uno de los primeros adjudicatarios del programa NJ ZIP en recibir sus vehículos, está en camino a la transición de toda su flota comercial a vehículos eléctricos dentro de los próximos cinco años y actualmente trabaja con Bergen Community College como lugar para albergar sus vehículos de cero emisiones como parte del Bergen Community College Business Accelerator.

“NJ ZIP es un recurso fantástico para que pequeñas empresas como la mía puedan hacer la transición a una flota eléctrica mientras nos esforzamos por reducir nuestra huella de carbono y el beneficio adicional que da a empresas propiedad de minorías y mujeres, como la mía, al tener la oportunidad de progresar”, dijo Abad. “Los $40,000 adicionales en bonos que recibimos por ser una pequeña empresa propiedad de minorías y mujeres nos ha permitido competir con otras compañías de transporte en una industria que tradicionalmente ha estado operada por hombres”.

“El programa NJ ZIP ofrece un camino claro y accesible para que las empresas de toda Nueva Jersey, en especial aquellas en comunidades desatendidas, compren y conduzcan vehículos eléctricos”, dijo Sharp. “GreenPower Motor seguirá suministrando algunas de las primeras camionetas y camiones eléctricos comerciales a empresas de Nueva Jersey que dan el paso audaz de reducir su huella de carbono para abordar el cambio climático. Esperamos poder continuar suministrando vehículos eléctricos de cero emisiones a futuros beneficiarios a través del programa NJ ZIP”.

Otra pequeña empresa que recientemente recibió apoyo del programa NJ ZIP es Juan Kelmy Productions, LLC, del Condado de Camden. Ubicada en Sicklerville, esta pequeña empresa propiedad de minorías es una compañía de eventos de fotografía, mercadeo y diseño web que trabaja en la zona triestatal.

“Nuestra empresa está orgullosa de ser beneficiaria de comprobantes para vehículos eléctricos del programa NJ ZIP, lo que nos apoyará en nuestras operaciones comerciales cotidianas”, dijo el dueño de Juan Kelmy Productions, Juan Martínez. “Los fondos que recibimos de este programa aumentan aún más nuestro compromiso con las iniciativas de energías limpias que contribuyen con nuestros objetivos de cero emisiones para hacer la transición a vehículos eléctricos nuevos”.

“El NJDEP se complace en asociarse con la NJEDA para reducir las emisiones de gases de efecto invernadero que contribuyen al calentamiento global y el cambio climático en nuestro estado”, dijo el comisionado del Departamento de Protección Ambiental de New Jersey (Department of Environmental Protection, NJDEP), Shawn LaTourette. “Dado que el sector del transporte de Nueva Jersey constituye la mayor fuente de estas emisiones, la expansión del programa NJ ZIP constituye un paso adelante significativo. Estos tipos de alianzas también demuestran el poder y la fortaleza de la colaboración entre agencias estatales. El programa NJ ZIP apoya a las pequeñas empresas con un ojo hacia la transición de su flota de vehículos actual a alternativas de cero emisiones, ayudar a proteger el medio ambiente, mejorar la salud pública y promover la justicia ambiental y los objetivos de energía limpia”.

Además de ampliar la capacidad de financiamiento del programa, la NJEDA también trabajará para identificar y asociarse con una universidad de Nueva Jersey para que brinde asistencia técnica como parte del programa NJ ZIP. Esta asistencia ofrecerá orientación esencial a pequeñas empresas mientras presentan sus solicitudes para comprobantes para vehículos eléctricos.

La NJEDA anticipa la apertura del proceso de aplicaciones, incluyendo empresas en partes del estado que ahora son elegibles, en los próximos meses. Los comprobantes estarán disponibles por orden de llegada. Para obtener más información sobre el programa NJ ZIP, incluyendo todos los requisitos de elegibilidad para proveedores y compradores, visite https://www.njeda.gov/njzip

Acerca de la Iniciativa regional de gases de efecto invernadero de Nueva Jersey (RGGI)

En 2020, la NJEDA, junto con el NJDEP y NJBPU, lanzó el primer Plan de financiamiento estratégico de la Iniciativa regional de gases de efecto invernadero de Nueva Jersey (RGGI) del estado. El Plan identificó las cuatro iniciativas en las que las agencias invertirán las ganancias de las subastas de la RGGI entre 2020 y 2022. El programa NJ ZIP se financia con fondos asignados a la NJEDA por la RGGI con el fin de reducir las emisiones nocivas, en especial en comunidades afectadas desproporcionadamente por las emisiones del transporte, y para crear oportunidades económicas en el estado.

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 clave para ayudar a forjar comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de New Jersey y ofrecer oportunidades para una economía más sólida y justa. 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.
 
Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 844-965-1125 o visite https://www.njeda.com y siga @NewJerseyEDA en Facebook, Twitter, Instagram y LinkedIn. 

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Changes will expand tax credit program to more productions and create jobs through development of studios

TRENTON, N.J. (June 8, 2022) – The New Jersey Economic Development Authority (NJEDA) Board approved at its June Board meeting proposed amendments to the New Jersey Film & Digital Media Tax Credit Program rules, with a goal of attracting more production companies to film and create digital media content in New Jersey and to encourage the development of large-scale studios in the state.

The New Jersey Film and Digital Media Tax Credit was established by Governor Phil Murphy in 2018 and later expanded through a series of legislative changes, most notably in 2021 as part of the New Jersey Economic Recovery Act of 2020 (ERA). The program helps to strengthen the State’s economy by attracting film, television, and digital media production, as well as the associated economic benefit that is generated through these productions, such as permanent job creation, decent living wages, increased tourism activity and spending, infrastructure and community investment in production facilities, support for local small businesses and vendors, and the expected surge in value from media exposure.

Since its creation, over 68 productions have been approved for tax credits based on expenditures of $766 million into the state’s economy. These tax incentives have helped to attract major film and television productions to New Jersey, such as “Joker,” “West Side Story,” “The Many Saints of Newark” and CBS’ “The Equalizer.”

“New Jersey has positioned itself as a compelling destination for the film and digital media industry under Governor Murphy’s leadership as we continue to attract big-studio productions to our state,” said NJEDA CEO Tim Sullivan. “Our diversity of locations means you can film mountains, cities, beaches and farms all in the same day, while our best-in-class tax incentive program and unmatched talent pool make New Jersey among the most cost-effective places in the nation to shoot a film. That’s a powerful combination and the film industry has begun to take notice.”

The proposed new rules approved by the NJEDA Board address changes to the legislation, including an increase in the amount of tax credits available annually, specific allocations of tax credits for long term commitments from larger studio development projects, an expansion of the program’s diversity bonus, and an extension of the timeline of the program to 2034.

Sullivan noted that, to date, more than half of productions supported by the program were approved for bonuses based on the inclusion of diversity plans for the recruitment and hiring of minorities and women.

“The New Jersey Film and Digital Media Tax Credit program is paving the way for our state to reinforce its legacy as premier destination for leading film and television productions,” said New Jersey Secretary of State Tahesha Way. “Under Governor Murphy’s leadership, this program has brought many productions to our state, creating job opportunities for people from diverse backgrounds, and injecting millions of dollars into local businesses. This translates into long-term economic benefits and improved quality-of-life for these communities and their residents.”

The amendments approved by the Board address other statutory changes such as increases to the amount of tax credits available annually under the program to $100 million per state fiscal year for applicants not considered film-lease partners or studio partners, $100 million per state fiscal year for studio partners, $100 million per state fiscal year for film-lease partners, and $30 million per fiscal year for digital media projects. Additionally, the proposed new rules include other statutory additions as an increase in the diversity bonus from two percent to four percent to encourage the hiring minority, local, on-screen talent, which will help ensure opportunities are accessible to qualified New Jersey residents from all backgrounds.

Statutory changes now allow the program to run through 2034 and increased the credit allowed for film projects from 30 percent to 35 percent of certain qualified film production expenses. The digital media tax credit was also increased from 20 percent to 30 percent. The rules establish annual reporting requirements for certain projects and allow for the Authority to recapture or reduce the tax credit amounts for certain projects.

The Board-approved proposed rules will be published for public comment after which the Board will consider final adoption of the rules.

In addition to the Film and Digital Media Tax Credit program, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; and new funding opportunities for early-stage companies in New Jersey. More information about these programs is available at https://njeda.com/economicrecoveryact.

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Otorga $500,000 en Fondos para Ayudar a las Pequeñas Empresas a Calificar para Contratos Gubernamentales

Trenton, N.J. (11 de mayo de 2022) – La Junta Directiva de la Autoridad para el Desarrollo Económico de New Jersey (NJEDA) aprobó hoy dos contratos, uno con la Cámara de Comercio Afroamericana de Nueva Jersey (AACCNJ, por sus siglas en inglés) y otro con la Cámara de Comercio Hispana Estatal de New Jersey (SHCCNJ, por sus siglas en inglés) para administrar el Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas (Small Business Bonding Readiness Assistance Program). Este programa proporcionará a las pequeñas empresas capacitación y educación sobre fianzas a través de una serie de talleres y sesiones de consultoría estratégica diseñadas para aumentar el conocimiento y la capacidad de fianzas de las pequeñas empresas.

Desde que se lanzó el programa inicialmente en 2018, facilitado por un contrato con la AACCNJ, 105 empresarios se han graduado del programa. De ellos, 50 han calificado para un total combinado de $40 millones en contratos gubernamentales.

La nueva fase de financiamiento aprobada hoy proporcionará hasta $250,000 tanto a la AACCNJ como a la SHCCNJ para realizar una serie de cursos diseñados para mejorar las prácticas comerciales en las siguientes áreas temáticas: presentación contable y financiera, eficiencia operativa, mercadeo, capacidad de fianzas, construcción y derecho contractual, certificación y financiamiento. El objetivo colectivo del programa es posicionar mejor a las pequeñas empresas para que califiquen para la fianza y, como resultado, presentar ofertas más competitivas en proyectos de obras públicas o ejecutar contratos ofrecidos por el gobierno estatal o federal.

A través del Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas, tanto la AACCNJ como la SHCCNJ graduarán al menos 60 pequeñas empresas del programa cada año. Debido a una mayor asignación, el financiamiento del programa se duplicó, lo que permitió a la NJEDA contratar a una entidad adicional para garantizar que más pequeñas empresas de New Jersey tengan acceso gratuito a estos recursos, servicios y asistencia personalizada.

“Las pequeñas empresas son la fuerza impulsora de la economía de New Jersey y, bajo el liderazgo del gobernador Murphy, hemos priorizado conectar a empresas con los recursos que necesitan para perdurar, crecer y prosperar”, dijo el director ejecutivo de la NJEDA, Tim Sullivan. “El Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas es testimonio del compromiso de New Jersey de garantizar que todas las empresas, especialmente las empresas pertenecientes a minorías y mujeres, tengan acceso a las herramientas necesarias para eliminar los obstáculos al presentar ofertas en contratos gubernamentales”.

“Nos complace continuar nuestra asociación con la NJEDA y la Administración Murphy en su compromiso colectivo de aprovechar los ideales y los recursos proporcionados a través de la AACCNJ para fortalecer los sectores de bajo rendimiento de la economía de New Jersey”, dijo el fundador, presidente y director ejecutivo de la AACCNJ, John E. Harmon, Sr., OIM. “A medida que las pequeñas empresas continúan impulsando la recuperación económica post-COVID de nuestro estado, nunca ha sido más importante ofrecer recursos e información a empresas propiedad de Negros, mujeres y minorías. A través del Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas, New Jersey se asegura de que todas las pequeñas empresas puedan competir en el proceso de contratación estatal y federal de una manera más equitativa e inclusiva”.

“Empoderar a las pequeñas empresas para que participen en el proceso de fianzas es un paso esencial para eliminar los obstáculos para empresas propiedad de mujeres y minorías que desean obtener contratos estatales y federales”, dijo el presidente y director ejecutivo del SHCCNJ, Carlos Medina. “El Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas es un gran beneficio para los propietarios de pequeñas empresas que buscan tener éxito en la economía actual que cambia constantemente”.

La AACCNJ y la SHCCNJ fueron seleccionadas en base a las propuestas presentadas a principios de este año en respuesta a una Solicitud de propuestas de organizaciones sin fines de lucro con miembros que defienden a empresarios, con experiencia previa demostrada en la contratación con otras entidades gubernamentales o públicas para administrar servicios de apoyo de fianzas.

Las presidentas del Caucus Legislativo Latino de New Jersey y del Caucus Legislativo Negro del estado aplaudieron el anuncio de hoy y señalaron los beneficios que traerá a sus constituyentes.

“Estoy encantada de que el exitoso Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas se esté expandiendo y que el SHCCNJ ahora sea uno de los administradores”, dijo la Senadora Nellie Pou. “New Jersey es el hogar de más de 120,000 negocios propiedad de hispanos y este programa los posicionará mejor para el crecimiento futuro”.

“La AACCNJ ha sido una fuerza líder para empoderar a empresarios Negros y conectarlos con las herramientas necesarias para prosperar”, dijo la asambleísta Shovonda E. Sumter. “Al comprometer este financiamiento esencial para este programa administrado por la AACCNJ, la NJEDA está invirtiendo en el futuro de las empresas propiedad de Negros y ayudándolas a obtener las habilidades y los recursos necesarios para competir por contratos estatales”.

Acerca de la NJEDA

La Autoridad para el desarrollo económico de New Jersey (NJEDA) es la agencia principal del Estado para impulsar el desarrollo económico. La NJEDA tiene el compromiso de hacer del Estado de New 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 New Jersey y ofrecer oportunidades para una economía más sólida y justa. Mediante asociaciones con diversas 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 New Jersey.

Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter, Instagram y LinkedIn.

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Grants $500,000 in Funding to Help Small Businesses Qualify for Government Contracts

Trenton, N.J. (May 11, 2022) – The New Jersey Economic Development (NJEDA) Board today approved two contracts, one with the African American Chamber of Commerce of New Jersey (AACCNJ) and one with the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) to administer the Small Business Bonding Readiness Assistance Program. This program will provide small businesses with training and surety bonding education through a series of workshops and strategic consulting sessions designed to increase small businesses’ bonding knowledge and capacity.

Since the program was first launched in 2018, facilitated by a contract with the AACCNJ, 105 business owners have graduated from the program. Of those, 50 have qualified for a combined total of $40 million in government contracts.

The new phase of funding approved today will provide up to $250,000 to both the AACCNJ and the SHCCNJ to conduct a series of courses designed to enhance business practices in the following subject areas: accounting and financial presentation, operational efficiency, marketing, surety bonding capacity, construction and contract law, certification, and financing. The collective goal of the program is to better position small businesses to qualify for surety bonding, and as a result, more competitively bid on public works projects or perform contracts offered by the State or federal government.

Through the Small Business Bonding Readiness Assistance Program, both the AACCNJ and the SHCCNJ will graduate at least 60 small businesses from the program each year. Due to an increased appropriation, the program’s funding doubled, therefore allowing NJEDA to contract with an additional entity to ensure that more New Jersey small businesses have access to these free resources, services, and tailored assistance.

“Small businesses are the driving force of New Jersey’s economy, and under Governor Murphy’s leadership, we have prioritized connecting businesses with the resources they need to persevere, grow, and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “The Small Business Bonding Readiness Assistance Program is a testament to New Jersey’s commitment to ensuring that all businesses, especially minority and women-owned businesses, have access to the tools necessary to remove barriers to entry while bidding on government contracts.”

“We are pleased to continue our partnership with the NJEDA and the Murphy Administration in their collective commitment to leveraging the ideals and resources provided through the AACCNJ to strengthen underperforming sectors of New Jersey’s economy,” said AACCNJ Founder, President and CEO John E. Harmon, Sr., IOM. “As small businesses continue to drive our state’s post-COVID economic recovery, providing resources and information to black-owned, women-owned, and minority-owned businesses has never been more important. Through the Small Business Bonding Readiness Assistance Program, New Jersey is ensuring that all small businesses can compete in the state and federal contracting process in a more equitable and inclusive manner.” 

“Empowering small businesses to participate in the surety bonding process is an essential step in removing barriers to entry for minority and women-owned businesses that want to obtain state and federal contracts,” said SHCCNJ President and CEO Carlos Medina. “The Small Business Bonding Readiness Program is a tremendous asset for small businesses owners who are looking to succeed in today’s ever-changing economy.”

The AACCNJ and SHCCNJ were selected based on proposals submitted earlier this year in response to a Request for Proposals from qualified non-profit business advocacy membership associations with demonstrated prior experience in contracting with other governmental or public entities to administer surety bonding support services.

The Chairwomen of New Jersey’s Legislative Latino Caucus and the state’s Black Legislative Caucus applauded today’s announcement, noting the benefits it will bring to their constituents.

“I am thrilled that the successful Small Bonding Readiness Assistance Program is expanding and that the SHCCNJ will now be one of the administrators,” said Senator Nellie Pou. “New Jersey is home to more than 120,000 Hispanic-owned businesses and this program will better position them for future growth.” 

“The AACCNJ has long been a leading force in empowering Black business owners and connecting them with the tools necessary to thrive,” said Assemblywoman Shavonda E. Sumter. “By committing this pivotal funding to this AACCNJ-administered program, the NJEDA is investing in the future of Black-owned businesses and ensuring they possess the necessary skills and resources needed to compete for state contracts.”

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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Phase 1 to Launch Summer 2022 with $15 Million in Grants to Licensed Child Care Centers Statewide

TRENTON, N.J. (May 11, 2022) – Building on the Murphy Administration’s comprehensive strategy to support the state’s vital child care sector and the crucial role of child care to the state’s long-term economic recovery, the New Jersey Economic Development Authority (NJEDA) today approved the creation of the $54.5 million Child Care Facilities Improvement Pilot Program for child care centers and family child care homes. Through Phase 1 of the program, the NJEDA will provide nearly $15 million in grants of up to $200,000 to licensed child care centers in New Jersey to cover the costs of facility improvements.

“An investment in the child care sector is an investment in our state’s economic future,” said Governor Phil Murphy. “Working families need reliable, safe, affordable, accessible, and high-quality child care. The program announced today will help us ensure that child care centers statewide can meet these needs while simultaneously securing their long-term financial resiliency.”

Child care providers generally face razor-thin profit margins, often forcing them to forego necessary facilities upgrades, repairs, and maintenance. Phase 1 of the Child Care Facilities Improvement Pilot Program will launch this summer and will make grants between $50,000 to $200,000 to pay for improvements that foster high-quality early childhood learning environments. These interior and exterior improvements could include, but are not limited to, installing energy efficient windows, creating additional classroom space, purchasing new playground equipment, replacing flooring, remediating environmental hazards such as lead or mold, or putting in child-height sinks or toilets. A complete list of eligible uses can be found at https://www.njeda.gov/child-care-improvement-program/.

Applicants may own or lease the space that will be improved and they must currently enroll, or have enrolled in the 12 months prior to the date of application, at least one child receiving support through the New Jersey Department of Human Services (NJDHS) Child Care Assistance Program. That program provides subsidies to offset the cost of child care for families at 200 percent or below the federal poverty line. Child care providers must also commit to enroll in NJDHS’ quality rating improvement system, Grow NJ Kids. While the NJEDA plans to expand the Child Care Facilities Improvement Pilot Program to home-based child care providers registered with NJDHS in subsequent program phases, this inaugural phase will only be open to child care centers licensed by the New Jersey Department of Children and Families (NJDCF). Full eligibility criteria can be found at https://www.njeda.gov/child-care-improvement-program/.

“Reliable and quality child care services are vital to New Jersey’s economic infrastructure, and during COVID-19, parents and caregivers across our state and nation bore the brunt of service disruptions due to the global pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey is making significant strides to bolster and invest in this indispensable sector, simultaneously helping parents re-enter the workforce and supporting the employment of thousands of individuals, including many women of color.”

Sullivan noted that child care providers serving low-income children through the NJDHS Child Care Assistance Program were significantly impacted by COVID. To ensure that these centers receive the funding they need to survive and thrive, 40 percent of the Phase 1 funding will be set aside for child care providers in Opportunity Zone-eligible census tracts.

As part of New Jersey’s whole-of-government approach to supporting the child care sector, Governor Murphy signed legislation in June 2021 appropriating $100 million in American Rescue Plan (ARP) Coronavirus State and Local Fiscal Recovery Funds, including $54.5 million for NJEDA to provide facility improvement grants and technical assistance to child care providers. Funding for Phase 1 of the Child Care Facilities Improvement Pilot Program will be supported through the ARP funding, as well as an additional $4.45 million in state funding.

“Child care providers enrich our children’s learning experience from the earliest ages and it is incumbent upon us to begin their educational journeys off right,” said NJDHS Commissioner Sarah Adelman. “The Child Care Facilities Improvement Pilot Program will be a crucial complement to our existing grants for child care providers as we seek to enhance the places where the youngest New Jerseyans get their starts.”

NJEDA Executive Vice President of Economic Security Tara Colton underscored the important role this program will play in propelling New Jersey’s economy forward.

“We know that the COVID-19 hit child care centers particularly hard, both with respect to their enrollment perspective and the effect it had on its workers as they juggled their own families’ needs,” Colton said. “By supporting enhancements to child care facilities statewide, the program announced today will strengthen this important sector and accelerate the state’s economic recovery.”

 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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