TRENTON, N.J. (27 de julio de 2020) –La New Jersey Economic Development Authority (NJEDA) emitió hoy un recordatorio con el objetivo de obtener información sobre las formas de aumentar el acceso al capital para las empresas emergentes de origen latino y afroamericano. La fecha límite para presentar ideas en respuesta a la solicitud de información (Request for Information, RFI) de NJEDA es el miércoles, 29 de julio de 2020.  La RFI está disponible en https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs.

La RFI ayudará a NJEDA a comprender completamente el alcance y las características de los desafíos que enfrentan los empresarios y emprendedores de origen latino y afroamericano al intentar acceder al capital público y privado. De acuerdo con una encuesta llevada a cabo por Diversity VC y Rate My Investor, a nivel nacional, menos del uno por ciento de las inversiones de capital de riesgo se destinan a empresas que son propiedad de afroamericanos y menos del dos por ciento, a empresas que son propiedad de latinos. Esto no solo limita las oportunidades para los miembros de estas poblaciones, sino que también crea enormes costos de oportunidad al privar a las economías e industrias de la amplia gama de perspectivas y experiencias que podrían aportar los miembros de las poblaciones marginadas.

“Nuestro compromiso de crear un ecosistema de innovación diverso e inclusivo donde los emprendedores puedan prosperar, surgió mucho antes de la COVID-19 y se ha vuelto cada vez más importante tras la pandemia”, expresó el Director Ejecutivo de NJEDA, Tim Sullivan. “Esperamos recibir todas las ideas creativas que generen oportunidades equitativas y ayuden a las comunidades ignoradas a superar los antiguos obstáculos para acceder a las inversiones”.

La RFI busca el aporte de una amplia variedad de interesados, incluidos administradores de fondos, inversores ángeles, capitalistas de riesgo, propietarios de pequeñas empresas, investigadores y profesionales que trabajen en el ámbito empresarial, grupos industriales y comerciales, y otros gobiernos estatales. Las preguntas incluidas en la RFI abordan las necesidades de las empresas latinas y afroamericanas, y solicitan sugerencias acerca de cómo estructurar soluciones de la mejor manera, incluso atraer fondos de capital inicial existentes a New Jersey o crear un nuevo fondo de capital inicial con un enfoque específico en tales empresas. NJEDA considera como posible solución la creación de un fondo de capital inicial para la diversidad que se centraría en destinar capital a las empresas latinas y afroamericanas. 

“La necesidad de atraer capital trasciende los aspectos raciales; sin embargo, con demasiada frecuencia los emprendedores de origen afroamericano o latino se encuentran en desventaja al solicitar fondos de los inversionistas”, explicó Michelle Bodden, Directora de Diversidad e Inclusión de NJEDA. “A través de esta RFI, buscamos formas de cambiar este planteo y nivelar el campo de acción para TODOS los creadores de empresas, sin importar su raza o color”.

Las respuestas a la RFI se deben enviar por escrito antes de las 11:59 p. m., hora del este, del 29 de julio de 2020, a RFI-ExpandingSeedCapital@njeda.com. El asunto del correo electrónico debe contener lo siguiente: “RFI Response-2020-RFI-099: Expanding Seed Capital to Black and Latinx Entrepreneurs” (Respuesta a RFI 2020-RFI-099: Expansión del capital inicial para emprendedores de origen afroamericano y latino).
 
Para leer el plan económico completo del Gobernador Murphy, visite https://nj.gov/economicplan.
 
Hay información completa sobre la respuesta de New Jersey ante el coronavirus disponible en https://cv.business.nj.gov.
 
Para leer el plan económico completo del gobernador Murphy, visite https://nj.gov/economicplan.
 
Acerca de la New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) funciona como la principal agencia del Estado para impulsar el crecimiento económico. La NJEDA está comprometida a hacer de New Jersey un modelo nacional de desarrollo económico inclusivo y sostenible centrándose en las estrategias fundamentales para ayudar a desarrollar comunidades más fuertes y dinámicas, generar buenos puestos de trabajos para los residentes de New Jersey y ofrecer vías para una economía más sólida y justa.
 
Para obtener más información sobre los recursos de la NJEDA para empresas, llame a Atención al Cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter y LinkedIn.

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TRENTON, N.J. (July 27, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced that the Authority’s COVID-19 response efforts have supported more than 10,000 businesses since March 2020. In total, the Authority has provided more than $44.2 million in support to 10,624 businesses through grants, low-cost loans, and partnerships with investors and Community Development Financial Institutions (CDFIs).
 
“These programs have provided a vital lifeline to many small businesses as we navigate how to safely restart our economy while continuing to prioritize public health,” said New Jersey Governor Phil Murphy. “We continue to be fully committed to helping businesses weather this crisis.”
 
The NJEDA’s suite of COVID-19 relief programs provides a variety of resources for businesses of all sizes, including grants for small businesses, zero-interest loans, support for private-sector lenders and CDFIs, funding for entrepreneurs, and technical support and marketplace information. In addition to direct financial support, the NJEDA has also provided a variety of technical assistance programs for businesses struggling to adjust to new health and safety guidelines, including help applying for federal Paycheck Protection Program (PPP) loans and training on ecommerce solutions for retail businesses and restaurants.
 
“While the COVID-19 pandemic is first and foremost a public health crisis, it has also created major economic challenges that have hit minority- and women-owned businesses the hardest,” said NJEDA Chief Executive Officer Tim Sullivan. “While there is still significantly more work to do, the insights we have gained from what we have accomplished so far will guide our next steps toward addressing business owners’ concerns and helping them prepare for a strong recovery.”
 
The NJEDA’s largest COVID-19 relief program is the Small Business Emergency Assistance Grant Program. Launched in early April with $5 million of NJEDA funds, the Program initially offered grants of up to $5,000 to a narrowly targeted set of small businesses that included restaurants and in-person retail establishments. In early June, the NJEDA used $50 million in CARES Act funds to expand Phase 1 of the grant program by $5 million and launch Phase 2 of the Grant Program with $45 million. Phase 2 expanded the Program to a significantly broader range of businesses and increased the maximum grant award to $10,000. At that time, Essex, Ocean, and Passaic Counties each also provided $10 million in CARES Act dollars to support additional grants to businesses in those counties.
 
To ensure equitable distribution of funds, the NJEDA set aside one-third of the CARES Act funding to support qualified businesses located in one of the 715 census tracts that were eligible to be selected as a New Jersey Opportunity Zone.
 
To date, 10,415 small businesses have received grants worth a total of more than $33 million through the Small Business Emergency Assistance Grant Program. The average grant award has been roughly $3,000, which indicates the average approved business has three full-time equivalent employees. 3,383 businesses received grants during Phase 1, and so far, 7,032 have received grants during Phase 2. The number of Phase 2 grant recipients will increase as the NJEDA continues to process applications and distribute grants.
 
20 percent of grant funding awarded through Phase 2 of the program has gone to businesses that identified as minority-owned, 23 percent as women-owned, and 2 percent as veteran-owned.
 
The Small Business Emergency Assistance Loan Program provides working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program have ten-year terms with zero percent interest for the first five years. To date, the NJEDA has closed on 76 loans through the program worth a combined total of $5,133,028. Of the approved loan funding. 30 percent has gone to businesses that self-identified as woman-owned, 13 percent as minority-owned, and 5 percent as veteran-owned.
 
In addition to providing resources directly to businesses, the NJEDA has partnered with six New Jersey-based CDFIs through the CDFI Initiative to provide low-cost financing to small and microbusinesses. With NJEDA support, these CDFIs have provided 121 loans worth a total of $3,673,500. Of the businesses approved for loans through the CDFIs, 45 percent self-identified as woman-owned, 25 percent as minority-owned, and 2 percent as veteran-owned.
 
The NJEDA has also supported early-stage innovation economy businesses, which are facing their own unique set of COVID-19-related challenges. The NJ Entrepreneur Support Program encourages continued capital flows to new companies by providing 80 percent loan guarantees for working capital loans to entrepreneurs. To date, this program has supported investments in 12 companies with $1,723,996 in guarantees.
 
Going forward, the NJEDA will continue to process applications for the existing COVID-19 relief programs and awarding funding as appropriate. The Authority continues to explore new ways to address the challenges business owners and employees face and will announce any additional programs and funding opportunities as they become available.
 
Comprehensive information about New Jersey’s COVID-19 response and the latest information on assistance available for businesses and individuals is available at https://cv.business.nj.gov.
 
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
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, and LinkedIn.

Program Has Supported Over $1.5 Million in Investments since April

TRENTON (July 23, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced that it has supported $810,000 in investments into five innovation-focused companies in the past month through the New Jersey Entrepreneur Support Program. Since April, a total of nine companies have benefited from 20 investments totaling more than $1.5 million through the program. The New Jersey Entrepreneur Support Program is designed to support New Jersey’s COVID-19-impacted small businesses in the Garden State’s innovation ecosystem.

Four of the five companies  – Acuitive Technologies, InquisitHealth, MAPay, LLC, and Reti360 – are new to the  New Jersey Entrepreneur Support Program. The fifth company, iSport 360, received its second investment through this program this past month.

The New Jersey Entrepreneur Support Program is a $5 million program that offers a guarantee to support repayment of an investor loan advanced for working capital purposes and is designed to encourage investors to support businesses within their portfolios during this pandemic when investor support is crucial. It provides an NJEDA guarantee of up to 80 percent for an eligible new loan or convertible note by a qualified investor into a New Jersey qualified business, not to exceed a $200,000 guarantee per company.

Investors are qualified for the program if they have already provided funding to a New Jersey company through a simple agreement for equity (SAFE), convertible note, or equity investment as of March 9, 2020 (the date of the Governor's Executive Order 103). Participating investors are not required to be New Jersey residents and can include, but are not limited to, individuals, trusts, and corporations. There will be no fees associated with the NJ Entrepreneur Support Program.

“The health of New Jersey’s economy depends largely on ongoing investment in its small, innovative companies,” said NJEDA Chief Executive Officer Tim Sullivan. “Ensuring that investors continue to inject capital into New Jersey’s innovation community during the COVID-19 pandemic is pivotal to furthering Governor Phil Murphy’s dual vision of creating the most diverse and inclusive innovation ecosystem and reclaiming the Garden State’s historic role as a leader in innovation.”

Medical device maker Acuitive Technologies, Inc., based in Allendale, Bergen County, strives to offer patients cost-effective tissue regeneration products for musculoskeletal injury or disease. The company’s focused approach on implant device innovation is aimed at improving the body’s natural ability to maintain or regrow healthy tissue through development of “resorbable” materials, which can be safely broken down and absorbed by the body over time. Acuitive closed on a $200,000 investment through the NJ Entrepreneur Support Program. The company currently has 21 employees. Acuitive Technology previously participated in the NJEDA’s Angel Investor Tax Credit Program and its Net Operating Loss Program.

“One of the best things about the NJ Entrepreneur Support Program is that it is open to out-of-state investors like me,” said Alex Ireneus Khowaylo, an investor in Acuitive Technologies who lives in Florida. “I am grateful that the program will help offset some of the risk related to investing during a pandemic.”

Health technology company InquisitHealth, based in River Edge, Bergen County, trains successful patients as ‘peer mentors’ to help those struggling with the same chronic conditions. Through its Health Insurance Portability and Accountability Act (HIPAA)-compliant technology platform, InquisitHealth deploys this distributed workforce of peer mentors to help health plans and health systems address the social determinants of health and promote healthy lifestyles. InquisitHealth’s 150+ mentors have helped thousands of patients in over 12 languages and demonstrated significant improvements in clinical outcomes. Conditions supported include diabetes, pre-diabetes, asthma, hypertension, and sickle cell anemia. The company, which has eight employees, secured $140,000 in investments through the NJ Entrepreneur Support Program. InquisitHealth previously participated in a New Jersey Founders & Funders event, obtained a $250,000 convertible note through the NJEDA’s NJ CoVest Fund and received investments from investors who participated in the state’s Angel Investor Tax Credit Program.

“Peer-to-peer mentorship is vitally important in helping patients manage their individual disease and ensuring that they don’t feel isolated, especially during a pandemic that can be overwhelmingly isolating,” said InquisitHealth CEO Ashwin Patel. “Through its funding programs and mentoring opportunities, the NJEDA has played a large role in helping us attract capital in recent months. We look forward to using this capital to continue building out our platform and helping even more patients.”

Located in Voorhees, Camden County, MAPay, LLC is a global healthcare technology firm that has deployed a transformational healthcare payment network with an expanding customer base, positive patenting positions, increasing revenues, and multiple industry stakeholder acceptance. Founded in 2018 the company has been able to create a lot of momentum recently with its contactless commerce payment solutions for healthcare.

“Kudos to the State of New Jersey and the NJEDA for working with young companies like ours to muscle through the COVID pandemic, said MAPay Founder and CEO Michael Dershem. “Knowing the NJEDA will guarantee a significant portion of the investments through the NJ Entrepreneur Support Program has helped us attract much-needed capital.”

Reti360, located in Hoboken, Hudson County, automates the residential real estate contract-through-closing journey by providing a 360-degree view of every step it takes to close on a home. The company’s platform integrates all closing participants, including real estate agents, buyers and sellers, and their teams of professional service providers— from both the home-buying and home-selling sides— in a single secure location to minimize delays, cut closing time, and reduce expenses. Reti360, which has four employees, secured a $250,000 investment through the NJ Entrepreneur Support Program.

“COVID-19 has created a volatile real estate market, so having the NJEDA guarantee a large part of investments into our company has been a tremendous asset as we speak with our investors,” said Reti360 Founder and CEO Daniel Perlman.

Technology company iSport360, based in Manalapan, Monmouth County, also closed on a $20,000 investment through the NJ Entrepreneur Support Program this past month. The company previously received a $25,000 investment through the program.  

The NJ Entrepreneur Support Program complements the NJEDA’s existing suite of financial resources for early-stage technology and life sciences businesses. In addition to the Net Operating Loss and Angel Investor Tax Credit programs and the NJ CoVest Fund, this also includes NJ Ignite and the Edison Innovation Fund. Entrepreneurs can also benefit New Jersey Founders and Funders and the creation of the New Jersey Chapter of Golden Seeds, which launched last year in partnership with First Lady Tammy Murphy, as well as the incubation and intermediate lab space at the NJEDA’s New Jersey Bioscience Center.

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, and LinkedIn.
 

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TRENTON, N.J. (July 21, 2020) –The New Jersey Economic Development Authority (NJEDA) issued a reminder today that it is seeking input on ways to increase access to capital for Black- and Latinx-led startups. The deadline to submit ideas in response to the NJEDA’s Request for Information (RFI) is Wednesday, July 29th, 2020.  The RFI is available at https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs.

The RFI will help the NJEDA fully understand the scope and nature of the challenges Black and Latinx business owners and entrepreneurs face when attempting to access public and private capital. According to a survey by Diversity VC and Rate My Investor, nationwide less than one percent of all venture capital investments go to Black-owned firms and less than two percent of investments go to Latinx-owned companies. This not only limits opportunities for members of these populations, but also creates massive opportunity costs by depriving economies and industries of the wide array of perspectives and experiences members of underserved populations could contribute.

“Our commitment to creating a diverse and inclusive innovation ecosystem where entrepreneurs can flourish long predates COVID19 and has become more important than ever in the wake of the pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “We welcome any and all creative ideas on ways to create equitable opportunities and help overlooked communities overcome longstanding hurdles to accessing investment dollars.”

The RFI seeks input from a diverse range of stakeholders, including fund managers, angel investors, venture capitalists, small-business owners, researchers and practitioners involved in entrepreneurship work, industry and trade groups, and other states’ governments. Questions included in the RFI address Black and Latinx businesses’ needs and solicit suggestions for how to best structure solutions, including attracting existing seed funds to New Jersey or creating a new seed fund with a specific focus on such businesses. One potential solution the NJEDA is considering is a diversity seed fund that would focus on driving capital to Black- and Latinx-owned enterprises. 

“The need to attract capital transcends racial lines, yet far too often, Black and Latinx entrepreneurs find themselves at a disadvantage when seeking funding from investors,” said Michelle Bodden, NJEDA’s Chief Diversity & Inclusion Officer. “Through this RFI, we are looking for ways to change that narrative and level the playing field for ALL founders, regardless of race or color.”

RFI responses must be submitted in writing no later than 11:59 PM EST on July 29, 2020 to RFI-ExpandingSeedCapital@njeda.com. The subject line of the email should read “RFI Response-2020-RFI-099: Expanding Seed Capital to Black and Latinx Entrepreneurs.”
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
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.
 
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, and LinkedIn.
 

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CDFIs to Receive $1.5 Million Loans and NJEDA-Backed Guarantees to Support Lending to Small Businesses

TRENTON, N.J. (July 14, 2020) – The New Jersey Economic Development Authority (NJEDA) today approved three Community Development Financial Institutions (CDFIs) to participate in the Authority’s Premier CDFI Program. Through the program, which incorporates CDFIs into the NJEDA’s existing Premier Lender Program, Union County Economic Development Corporation (UCEDC), Cooperative Business Assistance Corporation (CBAC), and New Jersey Community Capital (NJCC) will now have access to NJEDA participations and guarantees to support their loans to small businesses. The NJEDA also provided $1.5 million loans to the three CDFIs through the Authority’s CDFI Loan to Lenders Program.

“CDFIs are crucial partners in our work to build a stronger, fairer New Jersey economy and are particularly important now as business owners struggle to overcome the economic impacts of COVID-19,” said NJEDA Chief Executive Officer Tim Sullivan. “We are proud to partner with three leading CDFIs to launch the Premier CDFI Program and look forward to working with these organizations to help businesses recover from COVID-19 and build a more equitable, inclusive New Jersey economy.”

CDFIs are financial institutions that are certified by the Community Development Financial Institutions Fund at the U.S. Department of Treasury for the purpose of providing credit and financial services to underserved markets and populations. CDFIs share a common goal of helping businesses in low-income communities gain access to basic financial services, affordable credit, and investment capital. To be federally designated as a CDFI, a financial institution must certify that at least 60 percent of its financing activities are targeted to low- and moderate-income (LMI) populations or underserved communities.

“CDFIs are vital players in New Jersey’s economy that provide financing to businesses and organizations that are too small to qualify for traditional bank financing,” said UCEDC President Adam Farrah. “At a time when so many businesses are suffering and multiple studies have shown small minority- and women-owned businesses are at particular risk, working with the NJEDA to expand our capacity to provide accessible, low-cost financing will be vital to protecting New Jersey’s economy and laying the foundation for recovery.”

In 2019 the NJEDA created the CDFI Initiative, a $15 million program designed to help CDFIs expand their activity throughout the state. The program consists of two components: the CDFI Loans to Lenders Program, in which the Authority makes available loans of up to $1.5 million to experienced CDFls to increase their lending capacity, and the Premier CDFI Program, which expanded the NJEDA’s Premier Lender Program to include CDFIs. Similar to the Premier Lender Program, the Premier CDFI Program allows participating institutions to make participations, guarantees and direct loans of up to $500,000 available to qualified small businesses. Authority guarantees through the Premier CDFI Program may support CDFI term loans and working capital lines of credits, which reduces the CDFI’s total exposure in these transactions, thereby reducing risk and potentially lowering the cost of borrowing for the small businesses.

To access the program, CDFIs first must submit an application to the Authority for Premier CDFI status. The NJEDA then evaluates the organization’s history of lending and portfolio management. Once CDFIs are approved for Premier CDFI status, small businesses that are in discussions potential financing with a CDFI may apply, in partnership with the CDFI, to the Authority for a participation, guarantee, or direct loan of up to $500,000.

“Small businesses are the lifeblood of our communities, providing unique, personal service and job opportunities, but they often cannot access the same financing tools as larger competitors. At a time when COVID-19 has disrupted every aspect of our lives, with South Jersey being hit particularly hard, it is imperative that we do everything in our power to help small businesses weather the current crisis and prepare for the future,” said CBAC President and CEO Harry Stone. “We are proud to partner with the NJEDA expand our capacity to serve more business owners and communities.”

In addition to approving UCEDC, CBAC, and NJCC to participate in the Premier CDFI Program, the NJEDA also approved the three CDFIs for $1.5 million loans through the CDFI Loan to Lenders Program. These loans will support the CDFIs’ efforts to provide low-cost financing to small businesses impacted by COVID-19 and the resulting economic downturn.

“Under the best of circumstances, business owners in underserved communities face challenges accessing capital. COVID-19 has only made that already challenging situation worse. As the pandemic continues, CDFIs are going to play a key role in helping small businesses survive and adapt to the ‘new normal,’” said NJCC President Wayne Meyer. "The NJEDA’s partnership and support will be critical to our efforts to provide the resources businesses need to keep paying their employees and preparing new systems that are sustainable over the long term.”

To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan

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, and LinkedIn.

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Expanded Program Increases Tax Credits for Investors, Encourages
Investment in Women- and Minority-owned Businesses
TRENTON, N.J. (July 14, 2020) – Fourteen businesses in New Jersey’s technology, life sciences, and clean energy sectors received a combined $12.3 million from 50 investments approved through the state’s Angel Investor Tax Credit Program during the first half of 2020, the New Jersey Economic Development Authority (NJEDA) announced today. Two of the approved companies benefited from legislation signed by Governor Phil Murphy last year expanding the program.
New Jersey’s Angel Investor Tax Credit Program offers a refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology or life sciences business with a physical presence in New Jersey that conducts research, manufacturing, or technology commercialization in the state. Businesses must have fewer than 225 employees to participate in the program, and at least three quarters of those employees must work in New Jersey. Investors have up to six months from the time of investment to apply to the program. More than $561 million in investments have been leveraged through the Angel Investor Tax Credit Program since it began in 2013.
Governor Phil Murphy signed legislation last summer expanding the program. Beginning January 1, 2020, investors have been able to receive a 20 percent tax credit (up from 10 percent) on eligible investments and an additional five percent bonus for investments made in a business located in a qualified opportunity zone, low-income community, or a business that is certified by the State as minority- or women-owned. The legislation furthers the Governor’s vision of creating the most diverse innovation ecosystem in the nation and reclaiming the state’s role as a leader in innovation.
“Re-establishing New Jersey’s historic leadership role in the innovation economy is one of Governor Murphy’s top priorities, and the Angel Investor Tax Credit Program’s augmented parameters help advance that goal by encouraging investment in emerging businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “We are excited to see more investors taking note of this attractive program and for the potential it brings for more precious capital to fuel the state’s innovation ecosystem.”
Sullivan noted that anyone considering investing an innovation-focused business should see if they are eligible to benefit from this program.
Two first-time participants in the New Jersey Angel Tax Credit Program were the first to benefit from the newly-expanded program. Elucida Oncology was the first company to qualify for the expanded 20 percent tax credit under the enhanced program and Bark Biome, doing business as DIG labs, was the first company to receive two investments that were eligible for the additional five percent bonus for investing in a woman-owned business. The remaining investments approved for the other 12 companies during the first half of 2020 were made at the end of 2019.
Biotechnology company Elucida Oncology, located in Monmouth Junction, focuses on clinical research, development and commercialization of life-changing technology to find, see, and treat an array of tumors. The company has created a novel, ultra-small nanoparticle delivery platform to further its work of detecting and treating primary tumor and metastatic cancers in order to extend and enhance people’s lives.
“As an entrepreneur and former Pfizer executive, I cannot underscore enough the critical value that early funding brings to companies like ours,” said Elucida Oncology CEO Geno J. Germano said. “I applaud and thank Governor Murphy for expanding the Angel Investor Tax Credit. I know it will impact our conversation with investors in the months and years ahead.”
Woman- and minority-owned Bark Biome, LLC, doing business as DIG labs and located in Lebanon, Hunterdon County, is an individualized pet health-technology platform that also markets, manufactures and sells personalized canine supplements. The company is developing a technology platform for pet parents to collect, analyze, and translate real-time insights into actionable health plans.
“Unfortunately, women – especially those who are ethnically diverse – have a much tougher time attracting capital than our male counterparts,” said DIG labs CEO Tara Zedayko. “The five percent bonus added to the programs for investing in women-owned businesses has been a terrific tool as we speak with potential investors.”
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 about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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A telephonic meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Friday, July 17, 2020 at 10:00 am.

CSIT BOARD MEETING
+1 551-220-2262 United States, Jersey City (Toll)
Conference ID: 954 817 444#
Link to join via Microsoft Teams

 

A copy of the proposed agenda can be found at www.njeda.gov/csit

TRENTON, N.J. (July 10, 2020) – As part of its efforts to establish New Jersey as a zero emission transportation hub, the New Jersey Economic Development Authority (NJEDA) today issued a Request for Information (RFI) seeking perspectives on electric medium and heavy-duty vehicles (MDHVs). Input from industry and communities will help to inform the use of proceeds from the Regional Greenhouse Gas Initiative (RGGI), which are earmarked for climate change reduction, environmental justice and clean energy. Responses to the RFI are due no later than 5:00 PM EST on August 14th, 2020. The RFI is available at /wp-content/uploads/pdfs/rfps/RFI098/2020-RFI-OET-TL-098_Commercial-ZE-MHDV_200709.pdf
.
 
“With its strategic location along the North East corridor and extensive transportation assets, including the nation’s second busiest port and second densest road and rail network, New Jersey depends more than any other state on its ability to move people and goods safely, efficiently, and cleanly. Transportation electrification will help protect New Jersey residents from harmful emissions and pollutants that disproportionately impact environmental justice communities, and will create new opportunities for businesses and workers,” said NJEDA Chief Executive Officer Tim Sullivan. “The RFI released today will allow us to hear directly from commercial vehicle owner-operators, manufacturers, related supply chain businesses, and community representatives about their plans and needs so we can craft the right programs to accelerate electrification and localize investment. This is particularly pressing now, as we work to address the health and economic impacts of COVID-19.”
 
On January 29, 2018, Governor Murphy signed Executive Order 7 (EO 7), instructing state government agencies to return New Jersey to full participation in the Regional Greenhouse Gas Initiative (RGGI).  RGGI is a multi-state, market-based program that establishes a regional cap on carbon dioxide (CO2) emissions from the electric power generation sector allowing for auctioning of emissions rights. New Jersey’s participation in RGGI will provide the State with quarterly auction proceeds that are divided among the NJEDA, New Jersey Department of Environmental Protection (NJDEP), and New Jersey Board of Public Utilities (NJBPU).  The State’s inaugural RGGI strategic funding plan, released in April 2020, includes plans to invest an estimated $80 million each year in programs that reduce greenhouse gas emissions, drive forward projects that boost clean energy and create jobs, protect the health of residents in environmental justice communities, and increase the resiliency of coastal communities.
 
“Helping New Jersey become a zero emission vehicle state is necessary to avoid the worst impacts of climate change.  It is also important to improve air quality, especially in communities already overburdened by pollution,” said NJDEP Commissioner Catherine R. McCabe. “Currently, transportation accounts for the largest share, more than 40 percent, of greenhouse gas emissions in New Jersey. The RFI released by the NJEDA today is a critical step toward crafting new programs that will build on the Murphy Administration’s efforts to reduce these emissions, to protect our communities and economy from the harmful effects of climate change.”
 
Electrifying New Jersey’s commercial transportation sectors will play a central role in achieving Governor Murphy’s goal of reducing GHG emissions 80 percent by 2050, which is a major component of the New Jersey Energy Master Plan. In addition to the environmental benefits, cleaning New Jersey’s transportation fleets will also create new jobs and attract investments in the Garden State. Some reporting has assessed that the electric vehicle supply chain market is worth more than $160 billion globally and is growing at a compound rate of close to 25 per cent each year. Tapping into this market will provide significant economic benefits for businesses and workers in New Jersey.
 
“Increasing the use of zero emission medium and heavy-duty vehicles in New Jersey will improve public health by cutting down on dangerous emissions, reduce electricity costs for all by using the grid more efficiently, and protect consumers from unpredictable fuel costs,” said NJBPU President Joseph L. Fiordaliso. “The information gathered through this RFI will move us closer to achieving Governor Murphy’s goal of 100 percent clean energy and will ensure the State provides the right support industry and businesses need to quickly adopt zero emission MHDVs.”
 
The RFI released today solicits input from owners, operators, manufacturers and other supply chain businesses, environmental justice advocates, impacted communities, researchers, and other stakeholders to help inform future programming based on RGGI auction proceeds.
 
Responses to the RFI must be submitted via e-mail to: RFI-MHDVelectrification@njeda.com no later than 5:00 PM EST on August 14th, 2020 with the subject line “RFI Response-2020-RFI-OET-TL-098.”
 
All questions concerning the RFI must be submitted via e-mail to: RFI-MHDVelectrification@njeda.com no later than 5:00PM EST, on July 22nd, 2020 with the subject line “Questions-2020-RFI-OET-TL-098.” Answers will be publicly posted on the Authority’s website on or about July 24th, 2020 at: https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs.
 
Related Work and Procurements
 
In parallel to the RFI, the NJEDA recently issued a Request for Qualifications/Proposals (RFQ/P) for zero-emission MHDV market study and programmatic consulting services. The complete RFQ/P is available at https://www.njeda.gov/IPMBidding#104.
 
 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, and LinkedIn.
 
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
 

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Please be advised that a telephonic meeting of the New Jersey Economic Development Authority is scheduled for 10:00 AM, Tuesday, July 14, 2020.
 
The Members will convene to via conference call only.  Members of the public may participate in the meeting by calling in on the conference line.  Members of the public will have an opportunity to speak during the public comment segment of the meeting. The following conference number is being provided:
 
CONFERENCE NAME: NJEDA BOARD MEETING (July 14, 2020)
PARTICIPANT DIAL-IN NUMBER: 877-692-8955
PARTICIPANT ACCESS CODE: 4204420

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays. 

 
 

Please be advised that the NJEDA’s Trenton headquarters (36 West State Street) will be closed the week of July 6, 2020.
 
As a result of the closing, mail receipt by the NJEDA may be temporarily delayed. Customers and vendors are recommended, to the extent possible, to communicate with staff via email. For any questions, please contact NJEDA Customer Care at customercare@njeda.com.