Annie D'Agostino, Author at NJEDA

State Resources Support Small Business Expansion

TRENTON, N.J. (January 11, 2017) – The growth of many small- and mid-sized businesses throughout New Jersey was supported in 2016 by tailored financing solutions created from a toolkit of programs administered by the New Jersey Economic Development Authority (EDA).

“Each of the businesses that make up New Jersey’s diverse small business community have unique financing needs, and in some instances, a business is best served through a combination of EDA programs,” EDA Chief Executive Officer Melissa Orsen said. “We encourage businesses of all sizes to explore the creative and versatile solutions the EDA offers.”

Through its traditional financing programs, which include direct loans, bank participations and guarantees, and tax-exempt bonds, the EDA supported the growth and sustainability of a wide range of small- and mid-sized businesses and not-for-profit organizations across New Jersey in 2016 with more than $538 million in financing, leveraging more than $920 million in public/private assistance. These 157 projects are associated with the expected creation of approximately 1,270 new jobs and an estimated 4,700 construction jobs.

In some cases, EDA small business programs serve as a complement to tax credits offered under the Grow New Jersey (Grow NJ) program, which is administered by the EDA under the Economic Opportunity Act. Through Grow NJ, the State’s primary job creation and retention program, companies with as few as 25 employees may be eligible for “per job” tax credits associated with relocating to New Jersey or creating and retaining jobs at risk of moving elsewhere.

In Middlesex County, New York Popular, Inc. is utilizing a $1.1 million EDA direct loan to acquire and expand a 54,560-square-foot facility consisting of three buildings in Carteret. The company, an apparel wholesaler, was also approved for a $5.3 million tax-exempt bond, and Grow NJ tax credits of $9.7 million over 10 years to encourage the company to relocate all of its operations from Brooklyn, New York, creating 150 new jobs.

Through the EDA’s Premier Lender Program, the EDA partners with more than two dozen banks. Businesses benefit from low-cost financing with quick turnaround time from approval to closing, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk. Businesses can use this financing for fixed assets, working capital, and/or the refinancing of other bank debt.

In Ocean County, Rubbercycle, LLC, a manufacturer of top quality rubber and surfacing for military, commercial and residential use, closed on a $13.5 million loan with Premier Lender TD Bank that included a $2 million EDA participation to acquire a property in Lakewood to house its operations. The company was also previously approved for Grow NJ tax credits of up to $2.4 million over 10 years to encourage it to remain and grow in New Jersey, where it will retain 25 jobs and create 15 new positions, rather than relocate its operations to New York.

Also approved for a TD Bank loan under EDA’s Premier Lender program was Liscio’s Bakery in Glassboro, Gloucester County. In 2016, Liscio’s closed on a $5 million loan with a $1 million EDA participation to help the bakery purchase equipment. Liscio’s, which provides baked goods for wholesale customers in the Mid-Atlantic region, was approved previously for Grow NJ tax credits of up to $13.5 million over 10 years to encourage the company to remain and expand in Glassboro, where it will create 71 new jobs and retain 176 jobs that were at risk of leaving for Pennsylvania.

“The support offered by the EDA has enabled Liscio’s to remain and grow in New Jersey,” said Liscio’s co-owner Chad Vilotti. “As a small and growing business, EDA programs have helped us overcome challenges and ultimately create jobs.”

To learn about EDA resources for small businesses and not-for-profits, visit www.njeda.gov/small_midsize_business and follow @NJEDAWasHere on Twitter and LinkedIn.

The EDA is part of the state’s results-driven Partnership for Action. Led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.

All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

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

North Brunswick, N.J. (January 5, 2017) – National leaders in biotechnology venture capital (VC) will offer insights and advice to New Jersey entrepreneurs interested in securing funding to advance their businesses on January 17. The New Jersey Economic Development Authority (EDA) will host and deliver “Early Stage Biotech Investing in 2017: Strategies for A Changing Environment,” a two-hour panel discussion featuring speakers that will offer tips and guidance in biotechnology VC investing.

“Early-stage companies are always interested in best practices for raising funds,” EDA Chief Executive Officer Melissa Orsen said. “This event offers them the opportunity to hear directly from some of the top biotechnology VC firms in the country.”

The discussion, which will be held at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick beginning at 4:30 p.m., is co-sponsored by BioNJ, the New Jersey Technology Council, and the HealthCare Institute of New Jersey. Biotechnology companies interested in attending should register online at https://www.njeda.gov/Press-Room/Events/CCIT-Biotech-Funding-Panel.

Arch Ventures’ Tom Brennan; Flagship Pioneering’s Dr. Jason Park; and, Versant Ventures’ Dr. Cameron Pitt will answer a variety of funding questions, including:

How will venture capitalists fund the next generation of drugs, diagnostics and devices?
What should you look out for as an early and emerging commercial biotech company seeking funding?

Brennan is a venture partner at Arch Ventures, where he is involved with all aspects of value creation of early-stage advanced technologies. With $2 billion under management, Arch is one of the largest providers of seed and early-state capital in the United States. Brennan grew up in Northfield, Atlantic County, and graduated from Stevens Institute of Technology.

Dr. Park is a principal at Flagship Pioneering. Flagship has $1.8 billion under management and has become one of the nation's leading venture creation firms in the life sciences. Flagship’s scientific ventures start by exploring unprecedented solutions for unsolved problems representing unproven value opportunities.

Dr. Pitt is an associate at Versant Ventures, where he focuses on healthcare investment. The company has $1.9 billion under management and invests across all stages of company development, with an emphasis on the discovery and development of novel therapeutics. Since the firm's founding, 50 Versant companies have achieved successful acquisitions or initial public offerings.

The event will also give biotechnology companies the chance to visit CCIT, a 46,000-square-foot life sciences incubator that is home to nearly two dozen businesses. With 27 wet labs and access to offices, conference rooms, a supportive staff and a variety of additional resources, CCIT is ideal for emerging companies looking to grow in the Garden State. CCIT is located within the Technology Centre of New Jersey, a 75-acre research park that houses such companies as Chromocell and Orthobond (both of which are CCIT graduates), Allergan, and Merial. Companies interested in touring CCIT should visit www.njeda.gov/CCIT or contact Lenzie Harcum at lharcum@njeda.com.

For more information about resources available to support New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

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The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, January 10, 2017 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.

TRENTON (December 27, 2016) – With 2017 just days away, entrepreneurs and consumers around the Garden State are making their New Year’s resolutions. Whether you have decided that 2017 will be the year that you get healthier, better manage your finances, or make sure your kids’ educations are on solid footing, several New Jersey Economic Development Authority (EDA)-supported companies offer a variety of products and services to help you reach your goal.

“New Jersey innovators continue to come up with creative ways to help the average consumer,” EDA Chief Executive Officer (CEO) Melissa Orsen said. “We encourage you to check out these technology companies focused on health, personal finance, and education that can help you meet your goals in 2017.”

Health
Did you make a resolution to follow through on your doctor’s recommendations? Gold Group Enterprises’ GoMo Health® offers Concierge Care® to engage patients in their moment of need. Based on patient preferences, the “concierge” sends personalized resources, tips, and motivational messages to guide each person on their healthcare journey. By actively engaging patients both in and out of hospitals and encouraging compliance with healthcare regimens, GoMo Health aims to reduce the incidence of hospital re-admission. Gold Group Enterprises participated in the State’s Technology Business Tax Certificate Transfer (NOL) Program. “The NOL Program enabled us to quicken the pace of our product enhancements and research and development by providing funding to expand our software development team,” Gold Group Enterprises CEO Bob Gold said.

Have you vowed to always take your medicine in 2017? VEESAG Mobile can help with that…and more! Located at the EDA’s Commercialization Center for Innovative Technologies (CCIT), VEESAG Mobile creates devices that are designed to reduce hospital visits and to help people focus on health and wellness. The company’s smart watch, Mobile Personal Emergency Response System (MPERSENS®), reminds wearers to take their medication. It also comes equipped with a one-touch emergency button, as well as location tracking, fall detection, and remote monitoring, and can share critical information with family members. “CCIT provides us with numerous resources to be successful, from office space to technological needs to fulfill frequent meetings with individuals from all over the world who are interested in our products,” Raj Sadhu, VEESAG Mobile Founder and CEO, said.

Is your goal in 2017 to find a low-cost health plan? Check out Lyndhurst-based Vitals, which provides employers and health plans with cost and quality transparency tools that help consumers shop for healthcare. The company also operates Vitals.com, a website that helps over 10 million consumers each month search for the best quality doctors in their areas. Vitals.com has repeatedly participated in the NOL Program. “Our ability to sell net operating losses for cash enhances the company’s ability to invest even further in our technology and innovation for the future,” Vitals Chief Financial Officer Bryan Perler said.

Financial Health
Looking to have a better understanding of your investment portfolio next year? Jersey City-based CircleBlack’s cloud-based platform delivers up-to-date information on all of an investor’s financial relationships, including investment performance, potential pitfalls, and progress toward goals. It also sends proactive, portfolio-specific alerts and content straight to their mobile devices when their investments are impacted, giving them the knowledge needed to take action. CircleBlack, which also has an office in Princeton, received more than $3 million in investments that qualified for New Jersey’s Angel Investor Tax Credit Program and participated in the NOL Program. “The support we’ve received from the State has not only helped us grow, but has also enabled us to enhance our platform, thereby helping more advisors and investors,” said CircleBlack CEO John Michel.

Have a college student looking to fund his or her education in 2017? Launched in 2015, PeduL is a Newark-based company that creates a platform helps students crowdfund higher-education opportunities. The company takes funding that each student receives on the platform and gives it to the student’s college or university in the form of third-party scholarships. PeduL attended the EDA’s New Jersey Founders & Funders event in October. “As a young startup, we appreciated the advice and feedback we received from investors during New Jersey Founders and Funders,” PeduL Co-founder, President and Chief Operating Officer Kayla Jackson said.

Education
Want your kids to excel at math in the coming year? Check out education technology (EdTech) company Tabtor Math. Tabtor offers students a learning program that provides personal attention from a dedicated tutor and is specifically tailored to every child’s unique learning needs. The results — an increase in math scores for students and worldwide recognition for the South Brunswick-based startup. “The community in New Jersey is overwhelmingly supportive of providing the best educational outcomes for its children; more than 15 percent of our overall global consumers are based in the Garden State and the evidence of student success has been overwhelming,” Tabtor Math Founder Raj Valli said.

Looking for innovative ways to help a student learn? EdTech company NuSkool converts pop culture and entertainment into learning tools for the classroom. The company offers online access to a complete library of standards-based lesson plans, assessments, quizzes, and test prep exams through its subscription-based entertainment-learning platform. NuSkool, which participated in the New Jersey Founders & Funders event in May, leases space at EDA-supported Cowerks in Asbury Park and Vi Innovation Hub in Holmdel. “I want to make sure that the kids here in New Jersey have access to the same innovation and technology found in New York and Silicon Valley,” NuSkool Founder Abran Maldonado said. “If there’s anything I can do to make that happen, then I’ll feel like I’ve done my part.”

For more information about resources available to New Jersey’s life sciences companies, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
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TRENTON (December 20, 2016) – As New Jersey technology and life sciences companies wind down 2016 and gear up for 2017, the New Jersey Economic Development Authority (EDA) looks back at the ten EDA-supported companies that generated the most buzz on @NJEDATech’s Twitter account this year:

“The companies highlighted today, along with so many others, represent the entrepreneurial spirit that is alive and well in New Jersey,” EDA Chief Executive Officer (CEO) Melissa Orsen said. “I am continually impressed with the broad spectrum of technology and life sciences companies currently calling New Jersey ‘home,’ and I look forward to seeing what’s in store for the State’s technology sector in 2017.”

Admera Health (@AdmeraHealth1) aims to utilize next generation technology platforms and advanced bioinformatics to redefine disease screening, diagnosis, treatment, monitoring, and management through innovative, personalized solutions. The South Plainfield-based company, a spinout from the EDA’s Commercialization Center for Innovative Technologies (CCIT) graduate GENEWIZ (@GENEWIZ), received an EDA loan through the Edison Innovation VC Growth Fund, which provided the company with working capital to support its operations, including growing its staff. “Admera has always been on the forefront of patient care and, with EDA support, we hope to become the standard of care across the industry,” Admera CEO Dr. Guanghui Hu said. Read more: EDA Support Enables Nationally-Recognized Admera Health to Expand Patient Care

Chromocell (@ChromocellC) discovers new drugs to manage pain, and develops and commercializes novel technologies beneficial to the average consumer – including new flavors, nutritional ingredients, and therapeutics. Chromocell grew from a small biotechnology startup that utilized space at CCIT into an innovative life sciences company that now employs over 120 people in graduate space on the Technology Centre of New Jersey campus in North Brunswick. “Growing the company in New Jersey has provided a variety of benefits,” Chromocell CEO Christian Kopfli said. “First and foremost, access to talent in the area is unprecedented.” Read more: Partnerships and State Resources Key to CCIT Graduate Chromocell’s Success

Cowerks (@Cowerks) is among the many New Jersey coworking spaces that enable entrepreneurs from different companies to work side by side, sharing ideas. Cowerks, which routinely offers technology-related events and programs, plans to use funding from an EDA loan to expand its existing location in Asbury Park and to occupy and build out another facility in the city. “With the expanded facility will also come opportunities for us to hold even more classes and workshops, enabling us to become the go-to resource for technology and entrepreneurial activities in the area,” Cowerks Co-Founder Bret Morgan said. Read more: With EDA Support, Cowerks Expects to Quadruple Available Space for Startups and Entrepreneurs in Asbury Park

CytoSorbents (@CytoSorbents), a Monmouth Junction medical device company focused on critical care immunotherapy, is commercializing a blood purification technology called CytoSorb® to reduce deadly inflammation common to many lethal conditions in the intensive care unit. CytoSorbents participated in the State’s Technology Business Tax Certificate Transfer (NOL) Program and received funding from the New Jersey Technology Council’s (NJTC) NJTC Fund 1, in which the EDA invested $7.15 million in a limited partnership investment. “We chose to move to New Jersey in 2001 to take advantage of available laboratory space and New Jersey’s excellent workforce,” CytoSorbents Chief Financial Officer (CFO) Kathy Bloch said. Read more: EDA-Supported CytoSorbents Creates Global Partnerships to Commercialize Life-Saving Blood Purification Device

Bergen County-based Eventcombo (@eventcombo) offers an online ticketing platform for events across all the major cities in the United States. The platform brings added value to event organizers, enabling them to “bundle” other amenities event-goers might need along with the tickets, including dinner reservations, merchandise and parking and eventually branding. Eventcombo became the first company to obtain funding as a direct result of networking that occurred at New Jersey Founders and Funder, when it received an investment from NJIT Highlanders Angel Network earlier this year. Eventcombo Co-Founder and Chief Marketing Officer Joseph Kaufman noted, “New Jersey Founders & Funders has been an amazing resource in developing relationships and connections.” Read more: New Jersey Founders & Funders Event Drives Investment in Bergen County-based Eventcombo

Located in Jersey City, Fusar Technologies (@FUSARtech) develops technology that can turn regular helmets into smart helmets for cyclists, motorcyclists, skaters, skiers, and snowboarders to use during their adventures. Fusar, which was featured over the summer on the premier episode of CNBC’s “Adventure Capitalists,” previously participated in New Jersey Founders & Funders and the NOL Program. “We wouldn’t be where we are today without the ample support from so many facets of the state’s technology sector,” Fusar Founder and CEO Ryan Shearman said. Read more: Combining Passion and Public and Private Resources, Fusar Technologies Arrives on National Scene

Enabling teachers to create virtual classrooms, NuSkool (@NuSkoolOfficial) offer online access to a complete library of standards-based lesson plans, assessments, quizzes, and test prep exams through its subscription-based entertainment-learning platform. NuSkool, which participated in the New Jersey Founders & Funders event in May, leases space at Cowerks and Vi Innovation Hub, located in Holmdel. “When you form friendships and bonds with other entrepreneurs at co-working spaces like CoWerks and ViHub, you begin to root for one another,” NuSkool Founder Abran Maldonado said. Read more about NuSkool: New Jersey Founders & Funders Event among State Resources Helping Education Technology Company NuSkool Grow

Bedminster-based STOPit (@STOPitcybrbully) creates software that enables anyone who witnesses a bullying incident, either cyber or traditional, to instantly and anonymously report it via their smartphones or computers. National media outlets have praised STOPit for its app, which is currently available for Android and iOS systems. STOPit has received millions of dollars in funding from investors who took advantage of New Jersey’s Angel Investor Tax Credit Program. “The Angel Investor Tax Credit provides a meaningful boost in value to our shareholders,” STOPit CFO Parkhill Mays said. Read more: Somerset County Startup STOPit Receives National Recognition for Giving Students Power to Report Bullying

Based in Totowa, VectraCor (@VectraCor) has developed what it describes as the world’s first cardiac electrical biomarker (CEB®) that may help nurses and doctors potentially detect and diagnose heart attacks. VectraCor participated in October’s New Jersey Founders & Funders and the company’s existing investors have benefited from the State’s Angel Investor Tax Credit Program. “The quality of the talent pool in New Jersey, particularly in the medical technology space, is very high, and that is important to the future success of our company,” VectraCor President and CEO Brad S. Schreck said. Read more: New Jersey Founders & Funders Provides Platform for Passaic County-based VectraCor to Pitch Life-Saving Technology

CCIT tenant Visikol (@Visikol) develops a versatile biological clearing agent, named Visikol®, that penetrates tissue and renders it transparent for optical analysis. Founded in 2012 by Rutgers PhD candidates, Visikol has exclusively licensed the rights to the technology through an agreement with Rutgers University. Visikol CEO Michael Johnson noted, “We know that working in this environment in such close proximity to other companies in the biotechnology arena will help make us stronger as we continue to develop our technology platform for commercialization.” Read more: EDA Welcomes Rutgers University Spinout Visikol as Newest Commercialization Center for Innovative Technologies Tenant

To learn more about resources available to New Jersey’s emerging technology and life sciences companies, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
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(left to right) Maureen Hassett, Tim Lizura and Lori Matheus of the EDA, Annie Fox, Resource Development Manager, Habitat for Humanity Burlington County, Fred Cole and Melissa Orsen, EDA.

For the second consecutive year, New Jersey Economic Development Authority (EDA) CEO Melissa Orsen volunteered with Habitat for Humanity of Burlington County to work on a new home for a family in need as part of the Christie Administration’s sixth annual “Season of Service.” Orsen worked alongside EDA President and Chief Operating Officer Tim Lizura, and Senior Vice Presidents Fred Cole, Lori Matheus, and Maureen Hassett, putting the finishing touches on a four-bedroom home in Beverly.

The day’s activities included installing flooring, plumbing, woodworking, and general clean-up. Habitat for Humanity of Burlington County will market the home to identify an eligible family in need to acquire the home through its unique low interest home buying program.

Habitat for Humanity is an international non-profit organization that brings together families and volunteers to help build affordable housing for local communities, serving over 6.8 million people worldwide to date. The Habitat for Humanity of Burlington County branch is based in Maple Shade, and was started in 1987. They have been able to complete homes in Burlington City, Mt. Holly, Medford, Cinnaminson, Beverly, Pemberton, Palmyra, Florence, Moorestown, Burlington Township, Bordentown, and Mt. Laurel. Habitat of Burlington has been able to serve thousands of people each year with opportunities for volunteers to give back to their community and with the families who get to have a part in the conception of their homes.

Habitat sells the homes to low income families with zero interest financing, payments not exceeding 30 percent of gross income, and no down payment required. Participating families must complete 250 to 400 hours of “sweat equity” to build their home and the homes of other Habitat families, work in Habitat’s ReStores, and attend Homeowner Education classes, meetings, and special events.

Habitat of Burlington received a loan in 2015 through the EDA’s Small Business Fund to purchase the building it had been leasing since 2014. Prior to that, the entity’s corporate offices and ReStore operations had been located in Cinnaminson. The move to Maple Shade was driven by the goal of expanding, and attracting more customers to the ReStore, which sells donated, secondhand items to raise money for the organization.

The Christie Administration’s annual Season of Service activities allow Administration staff to perform volunteer work at various locations across the State to help New Jersey residents. Continuing the success of previous service initiatives, this year’s activities are focused on serving New Jersey’s most at-risk residents.

In the spirit of Season of Service, EDA has undertaken its second annual Community Challenge Initiative, through which each department within the EDA participates in a community service project. Organizations supported to date under the 2016 Community Challenge include Isles, Inc., Farmers Against Hunger, Rolling Harvest, Arm in Arm, Ronald McDonald House, Operation Shoebox, Children’s Home Society of NJ, Trenton Area Soup Kitchen, the Stray Cat Project, and Homefront.

The EDA is accepting comments on proposed changes to its Economic Impact Model, approved by the Board of the EDA on December 13, 2016 and subject to the Governor’s 10-day veto period.

The model was developed by JLL in 2012 to help measure the likely impact of a given development to the State. The EDA utilizes the model to assess economic outputs, impacts, likely job creation and taxes to be generated for applications submitted under the Grow New Jersey (Grow NJ) and Economic Redevelopment and Growth (ERG) programs. The EDA, in collaboration with JLL, has recommended revisions to the model in the following areas:

Update the rate of inflation assumption
Treatment of direct and indirect benefits beyond applicant commitment period
Potential recoupment related to projects which do not comply with their agreed to extended commitment periods
UEZ impact
Renovation costs
Implementation of NJ’s Gross Income Tax progressive scale rates
New Jersey Earned Income Tax Credit
Corporate Status/Corporation Business Tax Policy
Updated Sales Tax rate

Click here to view the full Board memo, detailing the revisions listed above.

Click here to view the June 2012 overview of the NJEDA Economic Impact Model.

The revised model will become effective on February 16, 2017. All ERG and Grow applications received on or after this date will be reviewed utilizing the revised model. ERG and Grow applications currently in-house or received prior to February 16, 2017 will be reviewed utilizing the current model. Should any applications approved for an award prior to February 16, 2017 require a modification that results in a 25% or more change in the project, the project will be reevaluated using the net benefit model effective at the time of original approval; however, all modification requests approved after the June 13, 2017 EDA Board meeting will be reevaluated utilizing the revised model.

Comments must be received by 5:00 p.m. on Friday, January 6 and should be mailed to:

Maureen Hassett
Senior Vice President
NJEDA
P.O. Box 990
Trenton, NJ 08625-0990

TRENTON, N.J. (December 13, 2016) – Three manufacturing sector projects expected to create a total of 390 new jobs were approved today by the Board of the New Jersey Economic Development Authority (EDA) for tax credits under the Grow New Jersey (Grow NJ) Program. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the State’s main job creation and retention incentive program.

“Manufacturing is one of several key industries targeted for growth under the EOA,” said EDA Chief Executive Officer Melissa Orsen. “Manufacturers are particularly important to the State’s economy for the career opportunities they offer, but also for the trade activity they spur and the important goods they provide that fuel other industries.”

Under the Grow NJ program, projects in targeted industries are eligible for “per job” bonuses. Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry; of those, more than 45 percent are in the manufacturing sector. Other targeted sectors under the EOA include technology, life sciences, finance, and logistics.

In Passaic County, Vitaquest International LLC, a custom contract manufacturer of nutritional supplements, is expanding its assembly and packing capabilities by moving to a 79,650-square-foot facility in Paterson where it will invest more than $4.1 million. The expansion in Paterson would result in the creation of 100 new jobs and retention of 110 jobs at risk of leaving the State for Rochester, NY.

Cascades Containerboard Packaging, a manufacturer of containerboard and corrugated paper products, is considering constructing a state-of-the-art facility in Union County, in the city of Elizabeth, Union County, or Newtown, CT. The project is expected to create 182 new jobs, and is associated with private investment of more than $116 million.

In Somerset County, Cyalume Specialty Products Inc., may expand in Franklin Township, where it would invest $4.5 million to renovate a 44,392-square-foot facility, or relocate to a company-owned facility in West Springfield, MA. If it chooses Franklin Township, the manufacturer of specialty chemical products for the pharmaceutical, medical products and cosmetics markets expects to create 10 new jobs and retain 27 at risk of leaving the State.

Projects in two other sectors targeted for growth under the EOA, finance and life sciences, were highlighted at today’s meeting. Advisor Group, Inc., a financial services company consisting of a network of broker-dealers, is considering relocating to Jersey City, bringing with it 60 new jobs and $1.78 million in private investment. If Advisor Group chooses Jersey City over Brooklyn, it would lease and renovate a 17,840-square-foot facility.

Also in Jersey City, life sciences company Noven Pharmaceuticals, a specialty pharmaceutical company engaged in the research and development, manufacturing, marketing and sale of prescription pharmaceutical products, has identified a 16,000-square-foot facility where it may locate 30 employees and invest $1.9 million in the new site. The alternative would be to relocate these positions to the company’s headquarters in Miami.

The Business Action Center (BAC) worked in collaboration with the EDA to help cultivate these economic development projects, providing interdepartmental advocacy and ongoing customer support. As a performance-based program, approved Grow NJ projects must first generate new tax revenue, complete capital investments, and/or hire or retain employees to receive approved benefits.

The EDA and BAC are part of the State’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: BAC, Choose New Jersey, the Office of the Secretary of Higher Education and the EDA.

In other Board action, the EDA approved changes to its Economic Impact Model. Details can be found via www.njeda.gov/EIModelComments.

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

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

TRENTON, N.J. (December 13, 2016) – To stimulate the redevelopment of underutilized properties and catalyze future development opportunities in strategic urban areas, the Board of the New Jersey Economic Development Authority (EDA) today approved an expansion of its Real Estate Impact Fund. Originally created as a pilot program to provide early capital to private developers, the Fund will now offer a public component, allowing Urban Aid municipalities and eligible local redevelopment agencies or county improvement authorities to also qualify for low-interest financing.

The EDA established the Real Estate Impact Fund in 2014 to fill a marketplace need given the unique challenges associated with securing early project financing, particularly for developments in urban markets. The Fund aims to revitalize underutilized properties in Urban Aid municipalities by providing upfront construction capital that smaller-scale commercial or mixed-use development projects may need to advance. The public component of the Fund was crafted based on discussions with community stakeholders that emphasized a need for a similar type of flexible loan product to advance the ultimate development of properties that are currently owned by a municipality, local development agency or county improvement authority.

“By turning underutilized properties into viable development sites, the expanded Real Estate Impact Fund will help pave the way for private investment and the creation of new job opportunities in targeted communities across New Jersey,” said EDA Chief Executive Officer Melissa Orsen.

The expanded Fund will enable Urban Aid municipalities, local redevelopment agencies or county improvement authorities to qualify for low-interest loans of up to $750,000 for certain project costs, including: title, survey, environmental studies and remediation, market and development impact analysis, demolition and debris removal, site boundary security, and marketing the site for sale. To be eligible, the property must be owned by the applicant, lien free, and, viable for mixed-use or commercial development, with proper zoning. Applicants will be required to provide a plan for the end-use of the site.

In addition to the new public component of the Fund, the program remains available to for-profit and non-profit developers and business entities with demonstrated experience in successfully completing real estate development projects. These applicants may be eligible for financing of up to $3 million. The EDA Board acted today to lower the owner equity requirement related to the private component of the Fund from 20 percent to 10 percent, excluding grants or developer fees. Small and mid-size development projects, typically not exceeding a total project cost of $15 million, are eligible. Qualified projects include mixed-use (residential and minimum 20 percent commercial); retail; office; industrial; entertainment venues; associated parking garage structures, and/or land acquisition/assemblages for development. Projects can be either new construction or substantial rehabilitation.

During the Fund’s pilot phase, the EDA provided $1.27 million in financing to East Grand Associates Urban Renewal Associates, LLC to support a 55,463-square-foot commercial development on the site of a former New Jersey Transit bus maintenance facility in Elizabeth. The $17 million project, led by Jacobs Enterprises, is currently under construction and will include a 25,000-square-foot Foodtown supermarket in an area of the city that has been characterized as a “food desert.” As the first major chain grocery store to locate east of Routes 1 & 9 in the city, the new Foodtown will improve access to fresh, healthy, and affordable for more than 50,000 residents. The project was supported by a mix of private and public funding sources, including $4.8 million through the Economic Redevelopment and Growth program.

Orsen noted, “The benefit of the East Grand project to the residents of Elizabeth is clear. We look forward to supporting more transformative projects through the Real Estate Impact Fund that will promote healthy, strong communities.”

Applications for the expanded Real Estate Impact Fund will be accepted beginning January 3, 2017. More information on the Fund is available at www.njeda.gov/RealEstateImpactFund.

The EDA is part of the State’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.

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

TRENTON (December 13, 2016) – Continuing its commitment to bolster the Garden State’s dynamic technology sector, the New Jersey Economic Development Authority (EDA) acted today to support the growth of Wylei Inc., an Artificial Intelligence (AI) machine learning technology company that recently relocated its headquarters to Jersey City.

The EDA Board approved Wylei, Inc. for a $650,000 loan through the Edison Innovation VC Growth Fund. Wylei’s technology incorporates machine learning with AI, to help corporations and marketers realize personalized communication at scale. The company offers a suite of products and services that leverage Wylei’s real-time predictive intelligence and adaptive content patented platform across all channels and devices. Wylei’s technology is used by Fortune 500 companies such as Adidas, Epsilon, Experian, Marriott, Dell, Time Inc., and others.

Created to enhance support of early-stage businesses that have attracted funds through venture capital investors, the Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales by providing up to $1 million in subordinated convertible debt financing. Wylei intends to use the loan approved today for growth capital needs, including marketing and business development.

“As a bourgeoning technology hub with an active entrepreneurial spirit, Jersey City offers an array of opportunities for businesses of all sizes,” EDA Chief Executive Officer Melissa Orsen said. “We are thrilled that today’s action will support Wylei’s growth within the City’s already vibrant technology sector.”

Wylei, which opened its doors at the Jersey City location last month, plans to add 20 new jobs in the State within the next two years. When industry leader Meg Columbia-Walsh became Wylei’s CEO earlier this year, she relocated the company’s headquarters from Lancaster, PA to Jersey City and hired seven new employees. Columbia-Walsh, who has strong ties to New Jersey’s technology ecosystem, felt the State would provide a fantastic opportunity for her company’s growth and access to talent.

“Jersey City’s growth is a perfect match for an advanced AI technology start-up and to attract top talent to the state,” Columbia-Walsh said. “Our staff loves the area and our new offices are beautiful. We have had a ribbon cutting with Mayor Fulop and know this will be a perfect place to grow. Our AI platform is unrivaled and we look forward to our clients visiting the state as well.”

Also, today, the EDA approved a Grow New Jersey (Grow NJ) award to encourage Noven Pharmaceuticals, Inc. to relocate its regulatory and clinical research team to Jersey City. The company, which is a subsidiary of Hisamitsu Pharmaceutical Co., specializes in the in the research development, manufacturing, marketing, and sales of prescription pharmaceutical products. The project would result in the creation of 30 new jobs for the State. Grow NJ is the State’s main job creation and retention incentive program.

The EDA is part of the state’s results-driven Partnership for Action. Led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.

All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

For more information about various programs and resources available to New Jersey’s technology sector, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

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

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