“Business is picking up, business confidence is rising, and growing numbers of businesses believe New Jersey is on the right track.”

2013 Business Outlook: NJ Business Confidence Climbs to Highest Levels of the Past Five Years
New Jersey Business & Industry Association
November 20, 2012

Sales, employment and profits at  New Jersey businesses improved for a third consecutive year in 2012, reaching the highest levels of the past five years, and the business outlook calls for continued improvement in the year ahead, NJBIA said today in releasing the findings of its 2013 Business Outlook Survey.

Notably, 19 percent of businesses responding to the annual fall survey anticipate hiring more workers in 2013, while only 11 percent expect to make workforce reductions. The net percentage of companies anticipating the need to hire additional workers is therefore 8 percent, the highest level of the past five years. …

Survey participants also expressed more confidence in New Jersey as a place for business expansion. And they viewed New Jersey more favorably, when compared to other states, in areas where it once fared poorly, such as its attitude toward business, controlling government spending and its ability to attract new business.

“The findings of this year’s survey are encouraging,” said NJBIA President Philip Kirschner, who presented the findings in a news conference at the Association’s Trenton headquarters. “Business is picking up, business confidence is rising, and growing numbers of businesses believe New Jersey is on the right track.” …

Kirschner said the damage done by Superstorm Sandy, which occurred one month after the survey was conducted, could affect economic conditions in the short term. However, he said the survey is a result of a strengthening of business conditions, a stronger business climate and more solid economic fundamentals that will continue in 2013 and help the state recover from the storm. …

Asked to rate the performance of government leaders, businesses gave Governor Chris Christie high marks for the third year in a row, with 73 percent saying he is doing a good-to-excellent job.  …

The survey’s indicator for current sales activity moved into positive territory for the first time in five years. …

The sales outlook for 2013 has also improved markedly. Forty-nine percent of respondents anticipate higher sales revenues in 2013 and 17 percent anticipate lower sales, while the rest expect little or no change.

By Dan Weil/Bankrate.com
November 16, 2012

Many small businesses have been disabled by Superstorm Sandy, but they can take certain measures to speed recovery. Bankrate talked to a wide range of experts, both in the academic and business communities, to come up with a business disaster recovery plan.

“The first step is to assess your damage,” says Jeffrey Robinson, an assistant professor at Rutgers Business School in Newark and New Brunswick, N.J. “It sounds simple,” but in a time of great stress, it can be easy to skip vital steps.

Check for damage to your equipment or building. If you lease your space, building damage is the owner’s responsibility. “Document damages and take photos of losses,” says Gerald McSwiggan, senior manager of the Business Civic Leadership Center’s disaster assistance service. The BCLC is affiliated with the U.S. Chamber of Commerce.

Read more: http://www.foxbusiness.com/personal-finance/2012/11/16/rebuilding-your-small-biz-after-disaster/#ixzz2CgJWUhGL

Many small businesses have been disabled by Superstorm Sandy, but they can take certain measures to speed recovery. Bankrate talked to a wide range of experts, both in the academic and business communities, to come up with a business disaster recovery plan.

“The first step is to assess your damage,” says Jeffrey Robinson, an assistant professor at Rutgers Business School in Newark and New Brunswick, N.J. “It sounds simple,” but in a time of great stress, it can be easy to skip vital steps.

Check for damage to your equipment or building. If you lease your space, building damage is the owner’s responsibility. “Document damages and take photos of losses,” says Gerald McSwiggan, senior manager of the Business Civic Leadership Center’s disaster assistance service. The BCLC is affiliated with the U.S. Chamber of Commerce.

Read more: http://www.foxbusiness.com/personal-finance/2012/11/16/rebuilding-your-small-biz-after-disaster/#ixzz2CgJWUhGL

Many small businesses have been disabled by Superstorm Sandy, but they can take certain measures to speed recovery. Bankrate talked to a wide range of experts, both in the academic and business communities, to come up with a business disaster recovery plan. 

“The first step is to assess your damage,” says Jeffrey Robinson, an assistant professor at Rutgers Business School in Newark and New Brunswick, N.J. “It sounds simple,” but in a time of great stress, it can be easy to skip vital steps. 

Check for damage to your equipment or building. If you lease your space, building damage is the owner’s responsibility. “Document damages and take photos of losses,” says Gerald McSwiggan, senior manager of the Business Civic Leadership Center’s disaster assistance service. The BCLC is affiliated with the U.S. Chamber of Commerce.

Read more

Board Takes Action on Other Financing Assistance, Business Incentives to Spur Job Creation and Private Investment

TRENTON, N.J. (Nov. 15, 2012) – In support of the Christie Administration’s commitment to revitalizing communities through redevelopment and fueling economic growth across the State, the Board of the New Jersey Economic Development Authority (EDA) today approved over $83.7 million in assistance at its monthly meeting, including a grant to Rowan University to expand its campus in the City of Camden.  In total, approved projects are expected to leverage more than $200 million of investment in New Jersey’s economy and lead to an estimated 1,370 new and retained jobs, as well as over 500 construction jobs.  

“Our resources are working to support the Christie Administration’s focus on helping businesses expand and thrive in New Jersey, while driving the development of new job opportunities for our residents,” said EDA Chief Executive Officer Michele Brown.  “At the same time, we are supporting projects that will revitalize New Jersey’s urban communities and improve the quality of life for residents and businesses.” 

The $5.1 million grant to Rowan, which was previously approved by the Economic Recovery Board for Camden (ERB), will allow the University to continue its renovation of the former First Camden National Bank and Trust building in the City’s downtown.  Rowan has advanced the $13.5 million redevelopment project in three phases, and the ERB grant will be used for phase two, which includes demolition and various upgrades to support the elevation and renovation of the third floor for classroom use.  Over the past two years, Rowan’s Camden campus has doubled its enrollment from 425 students to over 800. The expansion will allow Rowan to better operate its growing programs and services, and offer additional bachelor degree programs, specifically in the areas of urban research and education.   

Large and small manufacturing companies also received approval today to support the continued growth of their respective businesses in New Jersey.   In 2012, the EDA has provided over $150 million in assistance to manufacturers throughout the state, resulting in a total of over 5,000 new and retained jobs.   

WWRD US, LLC was approved for an award of up to $16.8 million over ten years through the Grow New Jersey Assistance Program to encourage this leading provider of home and lifestyle products to relocate within New Jersey, rather than move out of state.  The company, which manufactures, distributes and sells many well-recognized brands, currently has its US headquarters and logistics and distribution center in New Jersey.  WWRD is considering investing more than $31.8 million in a build-to-suit facility in Robbinsville and keeping its 280 employees in New Jersey, or relocating to two separate locations in New York.   

With operations in New Jersey and New York, Northern Building Products is in the process of evaluating its consolidation options.   The company manufactures and distributes window products and other building materials and is currently headquartered in Teterboro.  To support its continued growth in New Jersey, Northern Building Products was approved for a Business Employment Incentive Program (BEIP) grant worth up to $118,000 over ten years tied to the creation of 40 new jobs, and an award of $333,000 through the Business Retention and Relocation Assistance Grant (BRRAG) program to help ensure the retention of the company’s 148 New Jersey employees.   

Located in Shamong, Harry Shaw Model Maker Inc. will be able to refinance its mortgage debt as a result of the New Jersey Business Growth, a joint lending program of the EDA and PNC Bank.  The Burlington County manufacturer offers its customers state-of-the-art computer driven mills, stereo lithography, and hand carving and sculpting, with a special emphasis on finishing and detail work. The company is benefiting from a $465,740 PNC Bank loan, backed by a 25-percent EDA guarantee.  Harry Shaw Model Maker expects to maintain its staff of five.   

During the meeting, CEO Michele Brown also announced that the EDA had relaunched the Main Street Disaster Relief Program to assist businesses impacted by Hurricane Sandy.  In partnership with its more than 40 Premier Lender banking partners, the EDA is able to offer guarantees of up to $500,000 for commercial lines of credit, providing quick access to cash for businesses that are awaiting insurance proceeds.    For more information on the program, visit www.njeda.gov/disasterrelief. 

EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton.  The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes. 

The EDA is part of the state’s results-driven Partnership for Action.  Created by Governor Chris Christie and led by Lieutenant Governor Kim Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of three interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center and the EDA.   

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

 

By Mary Diduch/The Record
November 15, 2012 

Ten New Jersey technology start-ups pitched their products to advisers and investors Wednesday at Montclair State University, after completing New Jersey’s first technology accelerator program. 

The event — an attempt to show that the state is a hub of entrepreneurial and investor spirit — was the culmination of TechLaunch. That program was selected by New Jersey Economic Development Authority to run the state’s first technology accelerator. 

It is led by angel investor Mario Casabona of Kinnelon, president and chief executive officer of TechLaunch LLC, and funded in part by the EDA. The program began nine months ago with a search that led to 90 companies that was pared to 10 firms with the best visions and abilities to complete their goals, Casabona said. 

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NJToday.net
November 13, 2012

CRANFORD–It’s the American dream – having your own business, being your own boss, setting your own hours….But before you take the plunge (or before you get in too deep in a business that you just started), you need to do some serious self-reflection and homework.

That’s why UCEDC, a statewide economic development corporation, is offering an intensive six-week workshop for early-stage businesses (those in the idea/planning phase or in operation less than a year). The next session of “Entrepreneurship 101: are you really ready to start your business?” is scheduled for Thursday evenings (6–9 p.m.), Dec. 6 – Jan. 17, at UCEDC’s headquarters in Cranford.

“The small business failure rate is staggering,” warns Erich Peter, UCEDC’s director of training. “But you’ll be more likely to succeed if you consider every challenge ahead of you and make sure you have what it takes to meet them.”

Participants will be guided through a real-world assessment of their business idea and market feasibility as well as their own ability to handle the demands of business ownership. The steps to opening a business in New Jersey, choosing a legal structure, developing a business plan and establishing cost, revenue and cash flow projections will be addressed in a variety of interactive exercises. 

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By Beth Fitzgerald/NJBIZ
November 13, 2012 

New Jersey manufacturers slammed by Hurricane Sandy are finding relief from the nonprofit New Jersey Manufacturing Extension Program, which is connecting companies with critical resources — from roofers to electrical engineers — who can bring heavy machinery back online. 

John W. Kennedy, NJMEP chief operating officer, said e-mails initially went out to 6,900 New Jersey manufacturers, and so far, NJMEP has worked directly with about 500 of them.

 Read more

By Juliet Fletcher/The Record
November 12, 2012 

* Companies and workers can turn to the state for help with a variety of problems. 

The state has marshaled resources to help businesses and displaced workers recovering from Sandy, but faces challenges because of a “digital divide”: some have power and online access to information, while others don’t. 

Because many businesses are either operating with minimum power or not in operation, state and federal officials have not only launched websites and phone hotlines but also are encouraging owners and employees to show up in person for advice. 

Last week the state announced a flurry of actions to aid businesses and workers: 

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By Michael Diamond/Asbury Park Press
November 11, 2012 

Manny Iouse, the owner of The Oven and Lavallette Pizza in the battered seaside town of Lavallette, by mid-week hadn’t been back to see what became of his restaurants, but the reports from the front lines weren’t hopeful. 

He said he was told they were damaged by four feet of water — a problem made worse by the fact that he didn’t have flood insurance. 

“It’s just the cost,” he said, explaining why he didn’t have flood insurance. “You have business insurance, workmen’s (compensation insurance), health insurance. To bring home money in the short summer season you have to stop somewhere.” 

Nearly two weeks after Sandy hit central New Jersey, homeowners and business owners have had time to sift through their insurance policies and government programs — and still aren’t sure if they will be made whole. 

Iouse, for example, has a feeling others can relate to. As the cost of living in New Jersey rose, homeowners and business owners had to find expenses to cut. And if they didn’t have a mortgage for their properties, flood insurance wasn’t required. 

With that, here are some basic questions and answers:

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Trenton, NJ – To support the recovery of New Jersey’s businesses and protect the overall economic interests of our state in the aftermath of Hurricane Sandy, Governor Chris Christie and Lt. Governor Kim Guadagno have announced a series of business assistance services for those affected by the storm.  Among these vital services are those related to financial support, information on temporary space, and technical assistance for impacted businesses.  Information for all services may be easily accessed through New Jersey’s Business Action Center (BAC) by calling 1-866-534-7789 or through the state’s business portal at www.newjerseybusiness.gov, the “one-stop” shop for business resources. Agents are also available to assist callers that speak Spanish. 

“In response to this natural disaster, New Jersey has coordinated a range of multi-agency resources to assist impacted businesses and ensure they are operational quickly,” said Lt. Governor Guadagno. “Providing a thorough and inter-departmental business recovery assistance program is another demonstration of our support for our business community and their workers. The Business Action Center can help businesses tap into a variety of resources that will help them begin to recover from this catastrophic storm.” 

The business recovery assistance services are designed to support businesses and workers who may be temporarily unable to perform their jobs due to the storm.  These services include: 

  • Guarantees of up to $500,000 for commercial lines of credit to businesses that need access to cash to improve their damaged property while awaiting insurance proceeds, with all related New Jersey Economic Development Authority fees waived.  Please visit www.njeda.gov/disasterrelief for more information on this program.
  • Grant awards for businesses to assist with on-the-job training costs for new workers hired specifically to assist in disaster-related activities, such as landscaping and tree removal, construction, insurance claims, building supplies sales, materials transport, utility work, call and claims centers staffing, and infrastructure clearing and repair.
  • Availability of the Business Resource Centers at any of the currently operational local One-Stop Career Centers across the state as temporary hubs for businesses to access telephone and internet services as well as for job seekers and displaced workers seeking workforce development and unemployment assistance – Temporary Hubs for Affected Business to Access Telephones and Internet Services
  • The availability of Disaster Unemployment Benefits to provide income security for those displaced workers suffering temporary storm-related job loss.
  • Dispatch of Rapid Response team members to identified Disaster Recovery Centers to assist displaced workers.
  • Availability of services through New Jersey Youth Corps to assist non-profit, public and governmental entities in a variety of ways for disaster relief and clean-up. 

In addition, BAC’s Business Call Center is also the one-stop resource for more information on how to get businesses back up and running.  The Call Center staff can assist with the following services:    

  • Arranging business facility inspections for buildings suffering major flood damage, as such conditions require structural integrity inspections before utility service can be restored.  These inspections are handled in local code enforcement offices and by local code enforcement officials.   Anticipating an enormous increase in such work, the Department of Community Affairs has mobilized all qualified personnel to assist local governments in this effort.
  • Advocating for businesses seeking information from local utilities to restore electric, phone, gas and water services.
  • Advocating with insurance carriers to file and expedite claims.
  • Providing information on how to qualify for federal recovery assistance, and
  • Connecting businesses to the other county and local business services and to the services offered by the Small Business Administration and Small Business Development Centers that include assistance with insurance claims, as well as loans and business plan revisions. 

Since October 28, 2012, the New Jersey Office of Homeland Security and Preparedness (OHSP) has staffed a Private Sector Desk at the Regional Intelligence Operations Center (ROIC), which has served as the primary point of contact for critical private sector industries leading up to, during and after Hurricane Sandy.  OHSP staff operating the Private Sector Desk at the ROIC can be reached at 609-963-6810. 

For further information about best practices in the aftermath of Hurricane Sandy, please visit www.ready.nj.gov for continual updates.

 

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The New Jersey Economic Development Authority’s next public Board Meeting will take place at 10:00 a.m. on Thursday, November 15, 2012 at 36 West State St., Trenton, NJ 08625. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.