The New Jersey Economic Development Authority's next public Board Meeting will be held on Thursday, January 16, 2020 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. 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.
NJEDA offers the public the opportunity to offer public comments during the Open portion of its Board Meetings. Pursuant to provisions of the Open Public Meetings Act, N.J.S.A. 10:4-12, NJEDA is entitled to permit, regulate or prohibit public participation in its meetings. Members of the public who are interested in offering comment should review the NJEDA’s policy on public comment, which is established to maintain order and prevent disruption of the meeting. The NJEDA’s policy on public comment can be found at www.njeda.gov/publiccomment.
Expanded Eligibility Under New Program Rules
TRENTON, N.J. (January 10, 2020) – The New Jersey Economic Development Authority (NJEDA) has begun accepting applications for the 21st Century Redevelopment Program, which makes grants up to $50,000 available to communities to help them create plans to redevelop, repurpose, or regreen vacant and underutilized retail or office park properties. Changes announced in August 2019 opened the program to more projects and streamlined the application process.
“Governor Murphy’s holistic vision for investment in communities includes exploring creative ideas for transforming dormant properties into engines of growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The 21st Century Redevelopment Program will help to encourage communities to tap into these sites in ways that contribute to the local economy, including supporting young, innovative companies.”
The 21st Century Redevelopment Program was created in October 2018 in response to a number of demographic and economic trends that have led to many suburban office parks and shopping malls becoming empty or underutilized, leaving host communities saddled with the costs of maintaining infrastructure and roads while coping with depleted resources and lost jobs and business opportunities. The program awards grants of up to $50,000 to help municipalities, counties, and redevelopment agencies identify strategies to address the challenges resulting from persistent suburban office and retail vacancies. Grant recipients are also required to participate in at least two events hosted by the NJEDA to foster a dynamic discussion about community-driven approaches for reimagining vacant office and retail properties.
Through stakeholder outreach, the NJEDA learned that while communities need grant funding to address the challenges posed by underutilized or vacant spaces, some of the eligibility requirements in the original program limited accessibility for many potential applicants. Recent updates to the program maintained the basic intent of the original program but build in greater flexibility, which will allow more communities to benefit.
The most significant challenge the NJEDA identified was stringent square footage and vacancy requirements that barred too many potential projects from eligibility. The new program expands eligibility by removing space and vacancy rate as eligibility requirements and instead incorporates them into the scoring criteria used to evaluate projects. This will broaden access to the program while ensuring that properties of significant scope and scale are prioritized.
The new 21st Century Redevelopment Program also expands potential uses for the grant funding to more clearly include community planning efforts and to include support for communities exploring an “area in need of redevelopment” designation under Assembly Bill 1700. This bill, signed by Governor Murphy on August 9, 2019, allows municipalities to designate vacant and underused malls and corporate office parks that have had significant vacancies for at least two consecutive years as “areas in need of redevelopment,” which gives them greater flexibility surrounding future land-use decisions related to the property.
With this change, potential uses of the grant funding now include, but are not limited to:
- Legal analysis to explore the appropriateness of designating one or more relevant properties in the community as an “area in need of redevelopment.”
- Stakeholder engagement and facilitation to identify community desires and needs.
- The identification of appropriate funding sources to support community led re-use of one or more properties.
- Cataloging relevant retail and office properties in a community and identifying priority sites when considering community needs.
- Economic analysis relating to the feasibility of various redevelopment and/or reuse scenarios.
- Land-use planning identifying the most suitable re-use scenarios.
Another key improvement to the program addresses the process by which the NJEDA will accept applications. Instead of the rolling application process built into the original program, the NJEDA will now establish a competitive application window of 90 days. Once all applications are received, staff will evaluate and score them competitively, with the five highest scoring applications to be recommended to the Board for grants. This will ensure only the plans with greatest community benefit will receive funding rather than offering an advantage based simply on when the application was received.
More information about the 21st Century Redevelopment Program is available here: www.njeda.gov/21stcentury.
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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During the weekend of January 18-19, EDA will be performing scheduled maintenance on the web servers that host www.njeda.gov, iDMS, affirmative action and the online application web sites. Because users may experience loss of data when submitting forms, EDA is disabling the iDMS, affirmative action and online application sites completely during this time. These areas should be working normally following the maintenance period. We apologize for any inconvenience this may cause.
NJEDA Chief Executive Officer Tim Sullivan, Newark Deputy Mayor Allison Ladd, and representatives from M&T Bank visited Brick City Gold today.
Newark, N.J. (January 9, 2020) – Representatives from the New Jersey Economic Development Authority (NJEDA), Newark Mayor Ras J. Baraka’s office, and M&T Bank visited Brick City Gold in Newark today to raise awareness of the range of low-cost financing solutions offered by the NJEDA to support the growth of small businesses in New Jersey. The jewelry retailer recently opened the doors on its new, permanent facility with support from the NJEDA’s Premier Lender Program.
“Helping small Newark businesses to prosper and increase hiring is an important goal of Mayor Baraka’s Equitable Growth strategy,” Newark Deputy Mayor of Economic Development Allison Ladd said. “In helping Brick City Gold to expand, Governor Phil Murphy and the NJEDA have again demonstrated their deep commitment to the people of Newark.”
Brick City Gold has been selling jewelry in Newark since 2000 and specializes in custom made jewelry, laser welding, laser engraving and casting of jewelry. Company founder and owner Mohamed Shameer Sadar has been in the jewelry business for more than 35 years.
Due to continued success, Brick City Gold outgrew a leased 1,000-square-foot facility and purchased a 5,500-square-foot building next door. Financing for the purchase was secured in the form of a $1.25 million M&T Bank loan with a 50 percent NJEDA participation through the NJEDA’s Premier Lender Program.
“After more than a decade of paying rent, Brick City Gold finally has a permanent home, thanks to the NJEDA and M&T Bank,” Sadar said. “Now we can expand our role in the global jewelry market with the online presence, via our website – www.brickcitygold.com, while creating opportunities for Newark’s highly-talented workforce.”
Sadar relocated Brick City Gold’s entire operations to the new facility and plans to expand the manufacturing component of the business with the extra space. Brick City Gold plans to double its workforce – from five employees to 10 – within the next two years.
NJEDA Chief Executive Officer Tim Sullivan was among NJEDA representatives to visit Brick City Gold today. He was joined by NJEDA Vice President of Policy & Communications Tai Cooper and Business Development Officer Monika Athwal. Ladd and M&T Bank Vice Presidents Philip Wagenti and Shannon Lazare also accompanied Sullivan.
“Under Governor Murphy’s leadership, we are focused on working with our partners in cities like Newark to drive economic activity and build a stronger and fairer New Jersey economy,” Sullivan said. “Through our Premier Lender Program, we’re working hand-in-hand with local banks like M&T Bank to provide small business owners with the funding they need to succeed.”
Through the Premier Lender Program, the NJEDA works with more than two dozen banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and NJEDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.
“Partnering with the NJEDA enables us to offer more financing to more small businesses in the Garden State,” Wagenti said. “We are excited to see what’s in store for Brick City Gold in 2020 and beyond.”
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 EDA resources for businesses call EDA 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. (January 7, 2020) – The New Jersey Economic Development Authority (NJEDA), in partnership with the New Jersey Department of Labor (DOL) and the New Jersey Division of Gaming Enforcement, issued a Request for Information (RFI) today, seeking input on workforce development opportunities for current and future sports wagering industry employees in New Jersey. The RFI is the latest in a series of steps the State of New Jersey is taking to make the Garden State a hub for sports wagering innovation, services, and technology.
Sports wagering platform providers, casinos, suppliers within the sports-betting supply chain, post-secondary educational institutions, relevant industry or trade groups, and municipal or county governments are encouraged to respond to the RFI via /wp-content/uploads/pdfs/rfps/RFI-OET-095/OET_SportsBetting_WorkforceDevRFI_V14.aspx . Responses must be submitted by 11:59 p.m. on Friday, January 31, 2020.
Submissions should include information on the types of skills or knowledge unique to the sports-betting industry, like trading, that may not be currently prevalent in New Jersey’s (or the United States’) labor markets. Respondents should also provide potential ideas for creating workforce development training programs or initiatives that train New Jersey workers in these relevant skills.
In less than a year and a half of legal regulated sports wagering, customers have wagered over $3 billion on sports in New Jersey, topping Nevada in May, July, and August for money bet on sports.
“Sports wagering is a high-wage, high-growth sector that has already benefited New Jersey’s economy,” NJEDA Chief Executive Officer Tim Sullivan said. “Creating good paying jobs and cultivating a talent pipeline to support this burgeoning industry is critical to Governor Murphy’s vision to creating a stronger and fairer New Jersey economy.”
Sullivan noted that New Jersey has all the ingredients necessary to make it a world-class destination for companies throughout the sports wagering ecosystem– a strategic location at the heart of the Northeast Corridor, best-in-class digital infrastructure, a highly-talented workforce, and an innovative and progressive regulatory regime.
“We’re seeing enormous interest from companies up and down the sports wagering supply chain wanting to learn more about how they can get involved with this growing industry in the Garden State,” New Jersey Division of Gaming Enforcement Director David Rebuck said. “The feedback NJEDA will receive as a result of the RFI will help New Jersey strengthen this industry as we enter a new decade and beyond.”
The NJEDA held its first-ever sports betting networking event in September 2019 to connect leaders within the Garden State’s growing sports wagering industry and is planning several initiatives throughout 2020 to continue to grow and foster connectivity among companies and additional stakeholders within New Jersey’s sports wagering industry, including the formation of an Executive Working Group to help guide policy development within the sector.
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, 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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Computer software manufacturer Sembient recently joined the growing list of startups approved to receive rent through NJ Ignite.
TRENTON, N.J. (January 7, 2020) – Computer software manufacturer Sembient recently joined the growing list of startups approved to receive rent support through the New Jersey Economic Development Authority’s (NJEDA’s) NJ Ignite program. The startup moved to Building 78 at Kearny Point late last year.
NJ Ignite helps technology and life sciences startups realize the benefits of collaborative workspaces by providing up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace.
Sembient develops computer software that provides spatial analytics and real-time occupancy data to help businesses understand how their spaces are being used. This information feeds companies’ decisions on how to best design and operate indoor environments that are productive and comfortable for employees and visitors.
“Our Software-as-a-Service product enables our clients to create intelligent workspaces that improve the employee experience and reduce real estate and energy costs,” said Sembient Chief Executive Officer and Co-founder Aleksandar Jovicic. “We look forward to expanding our company with the support of the collaborative work environment at Kearny Point and the NJ Ignite program."
NJ Ignite is made possible through a combination of support from the NJEDA and the collaborative workspace, with the NJEDA covering up to six months’ rent and the collaborative workspace covering rent for half the length of NJEDA’s commitment. As a supplement to a financial commitment, participating incubators, accelerators, and coworking spaces are required to offer tenants a minimum of eight innovation-ecosystem-building events per year, such as Meetups, guest speakers, and office hours with professionals such as lawyers, accountants, and consultants. Sembient will have the opportunity to partake in these benefits.
“NJ Ignite offers startups and entrepreneurs the necessary real estate to expand their businesses,” NJEDA Chief Executive Officer Tim Sullivan. “Coworking spaces provide the perfect setting for startups to learn from one another and for entrepreneurs to collaborate with fellow innovators. This dynamic is an essential element toward realizing Governor Phil Murphy’s vision for making New Jersey the State of Innovation.”
Considered one of the most significant adaptive reuse initiatives in the region, Kearny Point is an up-and-coming modern workplace that is home to a diverse community of pioneering businesses. Building 78, the first building to be redeveloped under its multiphase plan, features creative flex office spaces and a co-working facility known as Kearny Works. Later this month Kearny Point will open The Annex, which features two floors of state-of-the-art creative office space, modern amenities and break-out areas in a historic, naturally lit crane-way.
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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Expanded Program Includes Larger Tax Credit, Diversity Bonus
TRENTON, N.J. (January 3, 2020) – The New Jersey Economic Development Authority (NJEDA) issued a reminder today that the expansion of the State’s Angel Investor Tax Credit Program went into effect on January 1, 2020.
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. This figure represents the broadest definition of an “emerging business” compared to neighboring states. More than $530 million in investments have been leveraged through the Angel Investor Tax Credit Program since it began in 2013.
“Increasing the benefit investors receive for injecting capital into young companies is an important step in positioning New Jersey as a leader in innovation,” Governor Phil Murphy said. “New Jersey’s most precious asset is its people, and encouraging investment in minority- and women-owned businesses will help to create the most diverse and inclusive innovation economy in the nation.”
Over the summer, Governor Murphy signed legislation expanding the program. Changes to the program include an increase in the tax credit from 10 percent to 20 percent of a qualified investment, with an additional five percent bonus available for investments 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.
“With the enhancements to our Angel Investor Tax Credit signed into law by Governor Murphy, New Jersey now has one of the most progressive and potent tools of any state to encourage investment in early-stage innovative companies,” said NJEDA Chief Executive Officer Tim Sullivan. “With this tool in the toolkit, we will be able to attract and grow more of the growing companies that will inject new vitality into the Garden State economy.”
Debbie Hart, President and CEO of BioNJ and the Vice Chair of the Commission on Science, Innovation and Technology, sees the expansion of the Angel Investor Tax Credit Program as instrumental in strengthening New Jersey’s life sciences and technology ecosystem.
“New Jersey companies have long led the way in medical innovation and expanding the Angel Investor Tax Credit Program will enable them to attract even more investments and receive critical funding to further their life-saving and life-enhancing missions,” Hart said.
The investor community also hails the program’s expansion as key to the growth of the Garden State’s innovation economy.
“By expanding the Angel Investor Tax Credit Program, New Jersey is acknowledging and mitigating the inherent risk that comes with investing in early stage companies, which often take a long time to reach profitability,” said Stephanie Caravela, Managing Director of Jumpstart NJ Angel Network. “This expansion will have a profound and lasting impact on the innovation community for years and decades to come.”
All applications must be submitted within six months of the time the investment is made.
The Angel Investor Tax Credit Program is administered by the NJEDA, with the assistance of the Department of the Treasury’s Division of Taxation. More information can be found at www.njeda.gov/angeltaxcredit.
To learn more about resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov/tls or follow @NewJerseyEDA on Twitter, Facebook, and LinkedIn.
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TRENTON, N.J. (2 de enero de 2020) — La New Jersey Economic Development Authority (NJEDA) ha anunciado hoy que ha empezado a aceptar solicitudes para el Micro Business Loan Program El programa piloto ha sido diseñado para proporcionar una financiación de hasta 50 000 dólares a empresas emergentes y microempresas con fines de lucro de Nueva Jersey. Estas empresas pueden utilizar la financiación como capital de trabajo o para comprar material.
Para asegurar que la financiación es accesible a las empresas emergentes y microempresas que más lo necesiten, una empresa debe tener ingresos anuales de menos de 1 500 000 de dólares en el año fiscal actual y no puede tener más de 10 empleados a tiempo completo en el momento de la solicitud. Las empresas emergentes pueden ser consideradas para recibir esta financiación, pero primero deben demostrar que han completado un programa de formación empresarial o sesiones de asesoramiento del Small Business Development Center.
«El nuevo Micro Business Loan Program ayudará a llenar un vacío en el conjunto de recursos de la NJEDA al permitirnos ofrecer una financiación de bajo costo a empresas muy pequeñas, a menudo empresas emergentes», declaró Tim Sullivan el director ejecutivo de la NJEDA. «Pensamos que es fundamental mejorar el acceso al capital y apoyar a las microempresas a medida que crecen, crear empleos e invertir en nuestras comunidades para construir una economía más fuerte y justa en Nueva Jersey».
El Micro Business Loan Program funcionará como un programa piloto durante un periodo de hasta tres años a partir de la fecha en que las solicitudes se pongan a disposición del público o hasta que el suministro total de fondos de 1 000 000 de dólares esté completamente agotado.
En noviembre de 2019, el gobernador Phil Murphy firmó el Decreto Ejecutivo número 91, en el que se establece una Public Bank Implementation Board, que se encargará de planificar el desarrollo de un banco público para Nueva Jersey. Gracias a la visión del gobernador Murphy de un banco público, los fondos públicos podrían destinarse a reducir las necesidades insatisfechas de capital comunitario. El Micro Business Loan Program servirá como proyecto de demostración inicial de cómo un banco público puede servir para ofrecer financiación a bajo costo y con condiciones flexibles a empresas emergentes que pueden tener dificultades para acceder a la financiación bancaria convencional.
Acerca de la New Jersey Economic Development Authority
La New Jersey Economic Development Authority (NJEDA) constituye el organismo principal del estado para impulsar el crecimiento económico. La NJEDA se compromete a hacer de Nueva Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible al centrarse en estrategias clave que ayudan a construir comunidades fuertes y dinámicas, crean buenos puestos de trabajo para los residentes de Nueva Jersey y proporcionan vías para una economía más fuerte y más justa. Mediante la asociación con una variedad diversa de partes interesadas, la NJEDA crea y aplica iniciativas para mejorar la vitalidad económica y la calidad de vida en el estado, a la vez que fortalece la competitividad económica a largo plazo en Nueva Jersey.
Para obtener más información sobre los recursos de la NJEDA, llame al servicio de atención al cliente de la NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga @NewJerseyEDA en Facebook, Twitter y LinkedIn.
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Grants and Technical Assistance Available to NJ Small Businesses Seeking Federal SBIR/STTR Funding
TRENTON, N.J. (December 23, 2019) – The New Jersey Commission on Science, Innovation and Technology (CSIT) is now accepting applications for grants through the New Jersey Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Support Program. The program provides technical and financial support to Garden State companies pursuing SBIR and STTR funding. Learn more and apply for funding here: https://www.njeda.gov/about/Public-Information/CSIT/Federal-and-State-Technology-(FAST)-Partnership-Pr.
“The innovation and research and development (R&D) contributions coming from New Jersey’s technology and life sciences communities are both impressive and vital to the creation of groundbreaking drugs and therapies,” CSIT Chairman Gunjan Doshi said. “Enabling entrepreneurs to maximize financial and educational benefits as they vie for federal funding and work toward commercialization will serve to strengthen the competitiveness of New Jersey small businesses on the national stage.”
The federal SBIR and STTR grant programs provide more than $3 billion each year to small businesses in a variety of technology and life sciences areas that propose innovative ideas that meet specific federal R&D needs. The SBIR program enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.
Initially capitalized with $500,000, the New Jersey SBIR/STTR Support Program has two core components: technical assistance for companies applying for federal SBIR/STTR funding and direct grant funding for businesses that are currently part of the federal program. The technical assistance piece of the program offers help with proposal preparation, specialized reviews, and critiques of draft proposals. The CSIT will also create a State SBIR/STTR one-stop website and establish a SBIR/STTR Alumni Advisory Group to provide additional support for New Jersey businesses that are applying to the federal SBIR/STTR Programs.
In addition to providing these resources for applicants, the CSIT will also provide up to $125,000 of matching grant funding to one New Jersey technical assistance provider per year that is applying to the Federal and State Technology (FAST) Grant Program. The FAST Program provides federal financial assistance to local organizations for outreach, technical assistance, and financial assistance initiatives that increase the number of SBIR/STTR applications. Applications for this component of the program are due January 13, 2020.
The second component of the New Jersey SBIR/STTR Support Program offers $375,000 in matching grants to New Jersey small businesses that have been successful in the federal SBIR/STTR programs. The CSIT will award $25,000 matching grants for general business operating costs to seven businesses that have received a federal Phase I SBIR/STTR award and $50,000 bridge funding grants to four NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. Companies can use these funds to maintain project activities and cover general operating costs. Applications for these grants are due January 20, 2020.
Information about program requirements and application materials for both components of the New Jersey SBIR/STTR Support Program are available here: https://www.njeda.gov/about/Public-Information/CSIT/Federal-and-State-Technology-(FAST)-Partnership-Pr.
Application Timelines
| Component 1: Grants for Technical Assistance Providers | Component 2: Grants for Businesses that have been Successful in the SBIR/STTR Program | |
| Application Available | December 16, 2019 | December 16, 2019 |
| Application Due | January 13, 2020 | January 20, 2020 |
| Winners Announced | February 21, 2020 | February 21, 2020 |
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TRENTON, N.J. (December 18, 2019) – The New Jersey Economic Development Authority (NJEDA) today announced that it is now accepting applications for its Micro Business Loan Program. Designed to provide financing to early-stage and micro businesses in New Jersey, the pilot program makes financing of up to $50,000 available to for-profit New Jersey businesses, who can use the financing for working capital or to purchase equipment.
To ensure that the financing is accessible to the early-stage and micro businesses that need it most, to qualify, a business must have annual revenues of less than $1,500,000 in the most current fiscal year, and cannot have more than 10 full-time employees at time of application. Startup businesses may be eligible for financing, but must first demonstrate that they have completed an entrepreneurship training program or Small Business Development Center counseling sessions.
“The new Micro Business Loan Program will help to fill a gap in the NJEDA’s suite of resources by enabling us to offer low-cost financing to very small, often early-stage companies,” said NJEDA CEO Tim Sullivan. "Improving access to capital and supporting micro businesses as they grow, create jobs, and invest in our communities is critical to building a stronger, fairer New Jersey economy.”
The Micro Business Loan Program will operate as a pilot program for a period of up to three years from the date applications were made available to the public, or until the $1,000,000 total funding pool is fully exhausted.
Last month, Murphy signed Executive Order #91, establishing a Public Bank Implementation Board, which will be tasked with planning the development of a public bank for the Garden State. Under Governor Murphy’s vision for a public bank, public funds could be directed toward reducing unmet community capital needs. The Micro Business Loan Program will serve as the initial demonstration project for how a public bank could serve to make financing available, at a low-cost and with flexible terms, to early-stage businesses that may have difficulty accessing conventional bank financing.
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, 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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