Annie D'Agostino, Author at NJEDA

CAMDEN, N.J. (May 16, 2019) – The New Jersey Economic Development Authority (EDA) today released a Request for Qualifications (RFQ) seeking eligible respondents for the purchase and development of the former Riverfront Prison site on the Camden Waterfront. The riverfront property, which boasts views of the Philadelphia skyline and approximately 8.75 acres of prime developable land as well as close proximity to a newly-established public park, is a prime location for new commercial or mixed-use development. Interested parties can access the RFQ, 2019-RED-RFQ-DEV-076, on the EDA’s website at www.njeda.gov/bidding.

"Gov. Murphy's economic development strategy is focused on making investments in New Jersey's communities, particularly our cities, where investment is needed most," NJEDA Chief Executive Officer Tim Sullivan said. "Redevelopment of the former prison site in Camden is a critical step in realizing the vision articulated in the North Camden Waterfront Study Area Redevelopment Plan and we are excited to be advancing this project via a process that will prioritize local input and stakeholder engagement."

In 2009, the NJEDA demolished Camden’s Riverfront Prison and initiated a large-scale environmental cleanup that involved capping the property with clean fill, topsoil, and vegetation. The rehabilitation project also included constructing a new public park, undertaking roadway improvements, and adding a parking lot on the site.

The RFQ released today applies to the approximately 8.75 acres of developable land that remains. To ensure the new development benefits the local community, redevelopment proposals must preserve the public park and include a description of how the proposed use will be consistent with the North Camden Waterfront Study Area Redevelopment Plan. The Plan’s vision is to create a vibrant, mixed-use district that provides new opportunities for riverfront recreation and attracts sustainable development while connecting existing residential neighborhoods to the waterfront.

The sale is governed by P.L. 2013 c. 22, as well as the New Jersey State House Commission-approved Procedures for the Disposition of the Riverfront State Prison Property. This includes a two-step RFQ/Sealed Bid process:

Step 1 – NJEDA will accept qualifications through September 18, 2019 at 2 p.m. Based on the criteria outlined in the RFQ, the EDA will establish a shortlist of eligible respondents.
Step 2 – NJEDA will issue a bid package to eligible respondents and accept sealed bids.

If necessary, the EDA will issue and accept best and final offers. The final sale and development will be subject to various approvals, including the New Jersey Department of the Treasury, the EDA Board, and the State House Commission.

Qualifications must be received by 2 p.m. on September 18, 2019 in a securely SEALED envelope or carton.

Qualifications should be shipped or delivered to:

New Jersey Economic Development Authority
Real Estate Division
REF # 2019-RED-RFQ-DEV-076
Due Date: September 18, 2019 at 2 p.m.
36 West State Street
Trenton, NJ 08625-0990

Submissions will be publicly opened on September 18, 2019 at the 36 West State Street location at 2 p.m.

For a complete list of qualification submission requirements and other information pertinent to this RFQ, visit https://www.njeda.gov/bidding.

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.

The New Jersey Economic Development Authority (NJEDA) and New Jersey Manufacturing Extension Program (NJMEP) today announced a pilot program to expand a Manufacturing Resource Guide. The initiative builds upon NJMEP’s current Educational Resource Directory and will provide additional resources and information to manufacturing companies’ growth.

“Manufacturing is a high-wage, high-value industry that has the potential to drive long-term, sustainable growth in communities around New Jersey. Unfortunately, growth in this industry has slowed in recent years because companies, parents, and students do not know about programs that are available to help them overcome challenges,” said John W. Kennedy, President of NJMEP. “Our collaboration with the NJEDA will help to broaden our Educational Resource Directory into a full Manufacturing Resource Guide and make it easier to access and search so that companies, parents, and students can take advantage of the full range of resources available in New Jersey to help them grow.”

New Jersey’s manufacturing industry produces more than $31 billion in economic output every year and employs more than 160,000 New Jersey workers. The industry is one of eight focus sectors identified in Governor Phil Murphy’s economic plan. However, it has faced increasing barriers to growth as an aging workforce and a shortage of young workers shrinks the number of qualified employees available to manufacturing companies and a growing skills gap slows productivity in the modern, technologically-demanding field.

Solutions to many of these problems are available. Not only do many New Jersey community colleges and vocational-technical schools offer upskilling opportunities for manufacturing workers, but the NJMEP also offers training courses and apprenticeship programs for employees, and government agencies, such as the Department of Labor, NJEDA, and the Business Action Center, offer workforce development and financing services.

Despite targeting the specific challenges manufacturing companies face, many of these resources are underutilized because the businesses they are intended to help do not know the programs exist or how to take advantage of them. To address this challenge, the NJMEP developed the Educational Resource Directory, a centralized source of information on programs for manufacturing companies that includes information about NJMEP programs, contacts for community college and vocational-technical schools, and points of contact for State initiatives to boost the industry.

The Memorandum of Understanding approved today authorizes a pilot program between the NJEDA and NJMEP to add further informational depth to the Educational Resource Directory and make the document easier to access. According to the agreement, the organizations will also work together to disseminate the expanded Resource Guide through a coordinated social media campaign. During the pilot period, the NJEDA and NJMEP will solicit stakeholder feedback through a roundtable discussion and survey of users who downloaded the guide.

“Building a stronger, fairer New Jersey economy includes providing smart, targeted support for industries like advanced manufacturing,” said NJEDA Chief Executive Officer Tim Sullivan. “New Jersey already has dozens of programs and initiatives aimed at helping businesses in this industry succeed, but programs cannot be effective if businesses do not know how to access them. The NJEDA’s collaboration with NJMEP will go a long way toward ensuring New Jersey’s business leaders understand the full range of resources available to them as they continue to grow and create new jobs for New Jerseyans.”

NJMEP’s current Educational Resource Directory can be found at: https://www.njmep.org/educational-resource-directory/

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

About the New Jersey Manufacturing Extension Program

NJMEP is a private, not–for-profit organization that improves the profitability and competitiveness of New Jersey’s manufacturers. Backed by the National Institute of Standards and Technology (NIST), NJMEP enables organizations to enhance their productivity and efficiencies, reduce costs, and improve employee performance. For more than 20 years, NJMEP has used its extensive network of connections and proven track record of success to help manufacturers adapt to the latest innovative technologies and best practices to realize more than $3.4 billion in value.

About the New Jersey Economic Development Authority

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.

TRENTON, N.J. (May 13, 2019) – Members of the first class of the New Jersey Economic Development Authority (NJEDA) and African American Chamber of Commerce of New Jersey’s (AACCNJ) Small Business Bonding Readiness Assistance Program have to date qualified for more than $4 million in surety bonding that will better position these firms to bid on public contracts. This is a major success for the program, which launched in January and supports Governor Phil Murphy’s vision for a stronger and fairer New Jersey economy by preparing small, minority- and women-owned businesses to obtain bonds, a crucial step in competing for state and federal government contracts.

“We are thrilled with the Small Business Bonding Readiness Assistance Program’s success,” said John Harmon, Founder, President, and CEO of AACCNJ. “The ability to get bonded and access financing is not only critical to small businesses growth, but also removes a barrier that has prevented many of these businesses from applying for state and federal contracting opportunities. Leveling the playing field in this way is crucial to building a stronger, fairer New Jersey economy where more small businesses can compete for opportunities and succeed.”

Launched in January 2019, the Small Business Bonding Readiness Assistance Program provides a comprehensive series of classroom trainings, workshops, and strategic counseling sessions covering a variety of topics relevant to small businesses in all sectors, including bonding and insurance, business development, financial presentation, construction and contract law, construction management, estimating, and credit. At the end of the program, all participating businesses receive a Bonding Readiness Segment Report, which provides an in-depth assessment of their strengths and weaknesses to help them plan for the future.

“The Small Business Bonding Readiness Assistance Program provided me and my team valuable training from experts in every aspect of business management and development,” said Jocelyn Tucker, Chief Executive Officer of Job One Contracting. “They worked with us patiently and without judgment to fill holes in our current operations and ultimately submit responsive bids on two large projects.”

Ten of the 30 small business owners who make up the program’s inaugural cohort have already received confirmation that they would be favorably considered for bonds ranging from $250,000 to $1 million. Final bond approvals will be conditional upon contract terms and bond forms, confirmation of satisfactory financing, and a favorable review of the underwriting information at the time the small business actually requests the bonds.

The businesses represent a variety of industries, including solar, construction, landscaping, and digital signage. New Jersey’s geographic diversity is well-represented in the cohort, with businesses from Elizabeth, Newark, Ewing, and Camden all receiving confirmation that they would be good candidates for bonding.

“Supporting small businesses and creating new opportunities for women- and minority-owned businesses to grow is vital to building a stronger, fairer New Jersey economy,” said NJEDA Chief Executive Officer Tim Sullivan. “The Small Business Bonding Readiness Assistance Program’s success providing guidance for growing businesses and removing barriers that have prevented many women- and minority-owned businesses from bidding for state and federal opportunities is an important step toward leveling the playing field and ensuring all New Jerseyans can play a leading role in our state’s economic success.”

For more information on the Small Business Bonding Readiness Program visit www.njeda.gov/NJBonding.

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 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.

From left: NJEDA’s Director of Business Development – South Region, NJEDA Managing Director of Business Development Paul Ceppi, 1^st Constitution Bank Vice President Jessica Dudick, Tavolo Pronto owners Patti and Arturo Balderas, Senior Business Development Officer Kathleen Durand

TRENTON, N.J. (May 13, 2019) – Representatives from the New Jersey Economic Development Authority (NJEDA) and 1^st Constitution Bank today visited Tavolo Pronto, a family-owned and operated eatery in Monmouth County, to highlight financing that has enabled the business to flourish in downtown Fair Haven.

In June 2018, Tavolo Pronto owners Arturo and Patti Balderas closed on a $150,000 direct loan from the NJEDA and a $420,000 loan from 1^st Constitution Bank, which enabled the husband-and-wife duo to purchase the 2,300 -square-foot facility in Fair Haven that Tavolo Pronto had been leasing for the past seven years. Tavolo Pronto currently employs 22 people and expects to hire four more within the next two years.

“Personalized service is what sets small businesses like ours apart,” Patti Balderas said. “The support we received from the NJEDA and 1^st Constitution Bank enabled us to stop paying rent and start building equity, while continuing to provide the one-on-one attention to our customers that they deserve.”

Tavolo Pronto, which has served customers for over a decade, prides itself on its full-service Italian bistro, bakery, and market, which serve specials daily. It also sells made-to-order take-home meals and allows parents of the town’s elementary and middle schools to order lunches for delivery to their children at school. In addition, Tavolo Pronto offers internships to eighth-grade students who are interested in every aspect of the business, from making pizza to waiting tables to learning back-end business operations.

The visit comes on the inaugural New Jersey Economic Development Day – which was passed through joint resolution by the New Jersey Legislature to promote economic growth. To celebrate New Jersey Economic Development Day and Tavolo Pronto’s success, and raise awareness for small business financing programs, NJEDA Managing Director of Business Development Paul Ceppi, Senior Business Development Officer Kathleen Durand, and 1^st Constitution Bank Vice President Jessica Dudick visited the restaurant.

“We’re pleased to celebrate the first New Jersey Economic Development Day by visiting Tavolo Pronto,” Ceppi said. “Hearing from entrepreneurs like Arturo and Patricia who work tirelessly to serve a loyal customer base and impact the local community reinforces the importance of supporting small businesses – a key component of Governor Murphy’s vision for a stronger and fairer New Jersey economy.”

“1^st Constitution Bank is proud to work hand-in-hand with the NJEDA to turn Arturo’s and Patricia’s dream of owning their own building into a reality,” Dudick said.

The NJEDA provides low-interest direct loans to eligible businesses for up to $2 million for fixed assets and up to $750,000 for working capital. Small business owners are encouraged to visit https://www.njeda.gov/small_midsize_business to see which NJEDA resources fit their businesses’ needs.

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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Tim Sullivan highlights NJEDA resources available to NJ's startup community during today's New Jersey Founders & Funders events.

Cherry Hill, N.J. (May 9, 2019) – More than two-dozen New Jersey entrepreneurs met today with investors from the Mid-Atlantic region as the New Jersey Economic Development Authority (NJEDA) hosted its semi-annual New Jersey Founders & Funders at 1776, a coworking space in the Cherry Hill Mall. Now in its sixth year, New Jersey Founders & Funders connects early-stage technology and life sciences companies with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models, and funding opportunities.

Since Founders & Funders started, nearly 300 emerging companies have participated in the events and follow-up responses from attendees indicate that the majority of participants are able to secure follow-up meetings with at least one investor.

“Governor Murphy is committed to making New Jersey the State of Innovation, and New Jersey Founders & Funders continues to be a successful model for connecting New Jersey’s innovative entrepreneurs with investment opportunities that will propel their growth and integration into New Jersey’s innovation ecosystem,” said NJEDA Chief Executive Officer Tim Sullivan.

Sullivan welcomed the crowd by detailing the role NJEDA plays in support of Governor Murphy’s vision for reclaiming New Jersey’s role as a leader in innovation, and how New Jersey Founders & Funders is part of a suite of NJEDA resources that support technology and life sciences companies at their earliest stages.

By hosting New Jersey Founders & Funders at 1776, the NJEDA is shining a spotlight on the innovation community that has formed at the coworking space since it opened late last year. Fifty-five entrepreneurs from 40 startups have already set down roots at 1776’s New Jersey location. Most of the tenants are artisans and makers, with the rest focused on technology and life sciences, event planning, branding and marketing, real estate, and customer experience management. 1776 is also one of more than a dozen collaborative workspaces to participate in the NJEDA’s NJ Ignite Program, which provides rent support to startup technology and life sciences companies locating in an approved collaborative workspace.

“The Cherry Hill location is our 10^th incubator space, but it’s our first within a mall,” 1776 CEO Jenn Maher said. “The unique setting sets us apart from many other collaborative workspaces and we welcome today’s New Jersey Founders & Funders event as an opportunity to introduce ourselves to a large number of New Jersey entrepreneurs and investors from throughout the Mid-Atlantic region.”

Among the companies that participated in today’s Founders & Funders event were:
1776 tenant Plas.md, a digital health technology company, was among the participants in today’s event. The startup is developing immersive virtual and augmented reality applications to improve human performance and resilience, particularly in the areas of health and education. Plas.md’s cardiac rehabilitation app, Bionautica Trails, is currently undergoing clinical trials at Jefferson Hospital.

Hope Trust, located in the CoLab at Bell Works, is a health-tech/financial-tech startup whose platform enables its customers to develop a special needs trust and comprehensive care plan that can be updated anytime, anywhere for people with special needs. Additionally, the company’s app-based concierge service provides assistance with day-to-day tasks such as paying bills, ordering groceries, and scheduling doctors’ appointments. Hope Trust can also serve as trustee for special needs and discretionary trusts. CoLab is also an NJ Ignite participant.

Akers Nanotechnology, Inc., located in Sewell, develops, manufactures, and supplies rapid mobile health tests based on proprietary nanotechnology platforms. Using digital applications, the platform provides instant information about health and metabolism for a healthy lifestyle. Akers Nanotechnology’s pipeline includes tests for testosterone and ketosis levels.

Twenty angel and venture capital firms were represented at today’s New Jersey Founders & Funders, including Tech Council Ventures, Differential Ventures, and the New Jersey Institute of Technology’s Highlanders Angel Network.

In addition to New Jersey Founders & Funders and NJ Ignite, NJEDA support for early-stage companies also includes the Technology Business Tax Certificate Transfer Program which enables unprofitable technology and life sciences companies to sell net operating losses and unused R&D tax credits for cash, and the Angel Investor Tax Credit Program, where investors can receive a tax credit for investments into New Jersey early-stage companies. For details on these and other programs, visit https://www.njeda.gov/tls.

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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The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, May 14, 2019 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.

M&T Bank Vice President – Business & Professional Banking Laurie B. Kaminsky, NJEDA Director Business Development – South Derrick Benns, M&T Bank Vice President Andrew Martin, NJEDA CEO Tim Sullivan, Trenton Corrugated Products Owner Ian Bernstein, NJEDA Senior Business Development Officer Kathleen Durand.

TRENTON, N.J. (May 6, 2019) – Trenton Corrugated Products, a designer and manufacturer of corrugated boxes and containers, received financing from M&T Bank and the New Jersey Economic Development Authority (NJEDA) that will enable the company to expand in Trenton. Trenton Corrugated Products’ new owners are using a $2.5 million M&T Bank loan with a 50 percent NJEDA participation to purchase the 160,000-square-foot building from the company’s previous owners.

A Mercer County mainstay since 1970, Trenton Corrugated Products has grown from a two-person venture into a thriving manufacturing business employing 35 people operating out of the 160,000-square-foot warehouse in the Capital City’s Hill Industrial Park. The company’s co-founders Anthony and Helen Pecoraro are retiring and recently sold the business to first-time entrepreneurs Ian and Cheryl Bernstein. The husband-and-wife team saw an opportunity to build on the established business’s success.

The financing was provided under NJEDA’s Premier Lender Program, through which 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.

“The advantage of working with small businesses such as Trenton Corrugated Products is that customers can expect high-quality service, well-crafted products, and personalized attention,” Bernstein said. “Thanks to M&T Bank and the NJEDA, we’ll be able to build upon the enterprise that Anthony and Helen started nearly a half-century ago.”

The company expects to hire 10 new employees.

“The NJEDA offers a growing number of programs and resources specifically designed to support small businesses as they hire locally and impact the local and national marketplace,” NJEDA Chief Executive Officer Tim Sullivan said. “Supporting small businesses like Trenton Corrugated Products is a centerpiece of Governor Murphy’s plan for a stronger and fairer New Jersey economy.”

Sullivan recently visited Trenton Corrugated Products 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. Kathleen Durand, NJEDA Senior Business Development Officer, M&T Bank Vice President – Business & Professional Banking Laurie B. Kaminsky, and M&T Bank Vice President Andrew Martin accompanied Sullivan on the visit.

“Through our partnership with the NJEDA, we can broaden the types of services that we offer to our clients and tailor them to each business owner’s specific needs,” Kaminsky said. “We are delighted to support the next phase of Trenton Corrugated Products’ growth.”

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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$60 Million Program Allows Eligible Companies to Sell Net Operating Losses for Cash

TRENTON, N.J. (May 1, 2019) – The New Jersey Economic Development Authority (NJEDA) announced today that it is currently accepting applications for the State’s 2019 Technology Business Tax Certificate Transfer Program, better known as the Net Operating Loss (NOL) Program. Through the NOL Program, New Jersey technology and life sciences companies can apply to sell their net operating losses and/or unused research and development (R&D) tax credits in exchange for non-dilutive capital. Applications are being accepted online through June 30, 2019 at https://www.njeda.gov/nol.

Heralded as a lifeline for companies that have not yet reached profitability, the capital raised through this program can be used for costs including, but not limited to, the expenses of fixed assets, such as the construction, acquisition and development of real estate, materials, start-up, tenant fit-out, working capital, salaries, and research and development expenditures. The NJEDA works collaboratively with the New Jersey Department of Treasury’s Division of Taxation to administer the program.

“The NOL Program has played a pivotal role in supporting hundreds of early-stage technology and biotechnology companies in the Garden State over the last two decades,” NJEDA Chief Executive Officer Tim Sullivan said. “As we continue to make New Jersey into the State of Innovation, we encourage entrepreneurs to explore how this critical program can help sustain their businesses while they work toward profitability.”

Over 530 companies have been approved for more than $1 billion in awards through the NOL Program since its inception in 1999. Last year alone, 49 companies were approved to share $60 million through the program.

The NOL Program offers numerous benefits to its participants, including:

The funding is non-dilutive, meaning that entrepreneurs do not have to give up equity in their companies to receive the money;
Emerging companies can use the funding they receive as working capital, and the businesses to which they sell are able to lower their tax burden;
The average historical award is over $1 million;
Nearly 90 percent of applicants successfully receive funding;
On average, funding is received within six to eight months of the application deadline (June 30^th).

Thirteen companies participated in the NOL Program for the first time in 2018, including Jersey City-based SCYNEXIS, Radius8 in Princeton, and Berkeley Heights-based CorMedix.

Biotechnology company SCYNEXIS is nearing its goal of commercializing Ibrexafungerp, a novel therapy designed to treat patients with difficult-to-treat and often life-threatening hospital-based invasive fungal infections, and women with vaginal yeast infections. SCYNEXIS has more than quadrupled its staff – from six to 25 – since moving from North Carolina to New Jersey in 2015 to benefit from the Garden State’s talented workforce.

“We’re ramping up Phase 3 trials of Ibrexafungerp and anticipate submitting our first New Drug Application in the second half of 2020,” SCYNEXIS Chief Executive Officer Marco Taglietti said. “Funding we received through the NOL Program this past year will bolster our cash flow as we work toward that critical point.”

Radius8 is a technology company that offers retailers real-time visibility into what is happening in proximity to their customers and stores. The company’s cloud-based software enables the company’s clients to leverage their brick and mortar stores to increase foot traffic, e-commerce conversion, and store productivity.
“We have found tremendous value in the NOL Program,” Radius8 Co-founder & CEO Sandeep Bhanote said. “Thanks to the funding received, we’ve been able to continue building out our platform and help even more clients provide their customers with a unique shopping experience.”

CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The company is focused on developing its lead product Neutrolin®, a novel, non-antibiotic antimicrobial solution designed to prevent costly and dangerous bloodstream infections associated with the use of central venous catheters, currently in Phase 3 development for patients undergoing chronic hemodialysis. Neutrolin is already marketed as a CE Marked product in Europe and other territories. In parallel, CorMedix is leveraging its taurolidine technology to develop a pipeline of antimicrobial medical devices, with active programs in surgical sutures and meshes and topical hydrogels.

“The cash from the NOL program bolsters our cash runway as we continue to move our Neutrolin development program forward,” said CorMedix CEO Khoso Baluch. “We are grateful for the NJEDA program.”

To participate in this year’s NOL Program, companies must apply online by June 30, 2019. To sell net operating losses or R&D tax credits generated through 2018, companies must file their corporate business tax returns with the NJ Division of Taxation by June 30, 2019. Applicants can expect to hear by the end of August if their applications are approved.

For more information on the NOL Program, including frequently asked questions, a complete list of eligibility requirements, and program details, please visit https://www.njeda.gov/nol. Questions about the NOL program may be submitted to nol@njeda.com.

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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TRENTON, N.J. (April 30, 2019) – Digital media production companies can now apply for tax credits through the New Jersey Digital Media Tax Credit Program, the New Jersey Economic Development Authority (NJEDA) announced today. The program is designed to spur economic activity and create new jobs by incentivizing production companies to create digital media content in New Jersey.

“Under Governor Murphy’s leadership, New Jersey is reclaiming its historic position as the State of Innovation, and a focused commitment to digital media is a critical component of that strategy. The Digital Media Tax Credit program’s targeted investments in one of the region’s fastest-growing high-wage sectors is crucial to bringing new jobs and economic opportunities to New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “The program will ensure New Jersey residents will have an opportunity to participate in this rapidly growing sector.”

Created as part of the “Garden State Film and Digital Media Jobs Act,” the Digital Media Tax Credit Program provides tax credits against a project’s qualified digital media production expenses. The base amount of tax credits available under the program is 20 percent of qualified expenses; however, the tax credit may be increased to 25 percent for goods and services purchased from vendors located in one of the following eight counties: Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, or Salem.

For a project to be eligible for tax credits under the New Jersey Digital Media Tax Credit Program, at least $2 million of the total production expenses must be incurred for services performed and goods purchased through vendors authorized to do business in New Jersey, and 50 percent of the production expenses incurred in New Jersey must be for wages and salaries paid to full-time employees in New Jersey.

The digital media tax credit also offers an incentive to encourage diversity in hiring. A bonus tax credit of two percent of qualified digital media production expenses is available to projects that submit a diversity plan for the hiring of women or minority persons on the digital media production.

The Digital Media Tax Credit is capped at $10 million per State fiscal year beginning with SFY2019 and ending with SFY2023. The total pool of tax credits available over this five-year period is $50 million.

An application and a complete list of eligibility requirements can be found at www.njeda.gov/digitalmedia.

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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From left: Provident Bank Senior Vice President John Falco, Max Barth, Jim Barth, NJEDA Director of Business Development – North Mathew Abraham, NJEDA Managing Director of Business Development Paul Ceppi, and NJEDA Business Development Officer Monika Athwal

TRENTON, N.J. (April 17, 2019) – Representatives from the New Jersey Economic Development Authority (NJEDA) and Provident Bank visited Barth’s Market in Union County today to raise awareness of the range of low-cost financing solutions available to help small businesses flourish in the Garden State. Financing provided by Provident Bank and the NJEDA has enabled the family-owned-and-operated market to expand following years of growth.

Situated in the heart of New Providence, Barth’s Market sells German specialty products and a variety of butchered and smoked meats, poultry, pork, and seafood, as well as produce, salads, prepared foods, and baked goods. The market also offers sandwiches, poke bowls, a salad bar, a hot food bar, and daily dinner specials to its growing customer base.

To satisfy increased demand, Barth’s Market expanded its first floor to 9,486 square feet and added a second floor of almost 7,000 square feet. The market also expanded by purchasing 18,000 square feet of land adjacent to its existing property. The expansions were supported by a Provident Bank loan with participation by the NJEDA through its Premier Lender Program.

The market currently employs 50 people and, as a result of the expansion, expects to hire an additional 10 employees in the next two years as the business continues to grow.

Barth’s Market has been serving customers for nearly eighty years – since Otto Barth started the business in New Jersey after arriving from Germany in 1940 – and is now flourishing under the leadership of Otto’s grandson Jim Barth, and Jim’s son Max.

“At Barth’s Market, we’re proud of our high-quality products and our personal relationship with our loyal patrons,” Jim Barth said. “Funding from the NJEDA and Provident Bank has enabled us to broaden our offerings while maintaining that personalized touch our customers know and love.”

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.

“Connecting small businesses like Barth’s Market with the financing necessary to thrive is an essential part of Governor Phil Murphy’s vision for a stronger and fairer New Jersey economy,” NJEDA Managing Director of Business Development Paul Ceppi said. “The Premier Lender Program is one of several tools available to help these small businesses grow within the Garden State, and we encourage business owners to contact NJEDA to learn more about our financing and resources.”

Ceppi was among the NJEDA representatives to visit Barth’s Market today, along with Provident Bank Senior Vice President John Falco.

“Helping small business owners to better position their enterprises within their local communities is at the core of Provident Bank’s mission,” Falco said. “Our participation in the Premier Lender Program allows us to tailor financing options to best fit the needs of our clients.”

Barth’s Market was named a 2018 NJ Family Business of the Year Award Winner by the Rothman Institute.

To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.NJEDA.com and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

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