Trenton, NJ – To showcase the rebuilding of small businesses impacted by Superstorm Sandy, the New Jersey Economic Development Authority (EDA) today delivered a Stronger NJ Business Grant check to Hotel Charlee in Seaside Heights to support the hotel’s ongoing recovery.  Grants and loans have recently been approved for several other Seaside Heights businesses, including Clown Around Amusements, Kohr’s Frozen Custard – The Original, Seaside Lumber, and Betty and Nick’s Bait and Tackle. 

“We look forward to seeing many familiar and new faces on the boardwalk this summer, and we are optimistic that this season will be strong,” said Greg Kohr, Owner, Kohr’s Frozen Custard – The Original.  “The struggles we have faced since Sandy have really unified the Seaside business community and we all appreciate the help the state has provided.  We want people to know Seaside remains a great place to visit and vacation.”

Kohr’s was recently approved for a combination of grants and loans to help with the recovery of its three Seaside Heights locations.

To date, the EDA has approved over $5.4 million in grants and loans to 26 businesses in Seaside Heights and Seaside Park.  In addition, under the Stronger NJ Neighborhood and Community Revitalization (NCR) program, $5 million has been approved for demolition and debris removal on the Seaside boardwalk. 

”As the boardwalks and beaches start to come to life for the summer, it’s exciting to see so many businesses better positioned than they were this time last year,” said EDA Chief Executive Officer, Michele Brown.  “This year is particularly important for these businesses as we enter the second tourist season since Sandy.  Many businesses struggled last year, and we look forward to helping more businesses get back on their feet.”  

Statewide, over 470 businesses have been approved for grants and loans totaling more than $50 million. Additionally, the EDA has recommended the approval of eleven municipalities for $10 million in Streetscape grants under the Stronger NJ Neighborhood and Community Revitalization (NCR) program, and provided $2.5 million in grants to five Community Development Financial Institutions offering recovery loans to Sandy-impacted small businesses.

The EDA is inviting applicants to one-on-one meetings with business advisors in their respective communities to assist impacted businesses with the completion of their applications. This will help expedite the process and ensure that additional burdens are not placed on the businesses. The EDA expects to hold workshops twice per week throughout May and into June, in Sandy-impacted municipalities.

Applicants are contacted via telephone prior to the workshops to schedule appointments and inform them of any documentation or information needed to complete their application.  The first workshop was held in Seaside Heights on Tuesday, May 6^th, followed by a workshop in Beach Haven on Thursday, May 8^th.

The Stronger NJ programs are funded through New Jersey’s Community Development Block Grant Disaster Recovery (CDBG-DR) allocation from the United States Department of Housing and Urban Development (HUD).  Similar to other Sandy relief grant programs, there are strict federal eligibility requirements to which the EDA and applicants must comply. 

For more information on the Stronger NJ Business programs, visit http://application.njeda.com/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).

Over 100 Businesses Approved for Sandy Recovery Funding since April 1

Trenton, NJ – Demonstrating the Christie Administration’s commitment to the recovery of small businesses in the aftermath of Superstorm Sandy, the New Jersey Economic Development Authority (EDA) today announced significant progress since April 1^st in the award of Stronger NJ Business Grant, Loan, and Neighborhood and Community Revitalization (NCR) funds to impacted businesses and communities throughout the state.

Since April 1^st, 103 businesses have been approved for grants and loans totaling over $12.1 million. Additionally, EDA recommended the approval of seven municipalities for $5.2 million in Streetscape grants under the NCR program. 

“Sandy-impacted businesses and communities all over the state are still in need of assistance and we are happy to be able to offer targeted support to get them back on track,” said Michele Brown, EDA Chief Executive Officer.  “Through the Stronger NJ programs, we have approved over $66.5 million to support ongoing recovery efforts, and we continue to move applications forward as quickly as possible.”

Recently approved grants include businesses from impacted communities in both north and south Jersey, such as Seaside Waverunners in Seaside Heights, Acme Beach and Bike in Beach Haven Gardens, Edward’s Steakhouse in Jersey City, Galvanic Printing & Plate Company in Moonachie, and Green Cove Marina in Brick.

Galvanic Printing, which has been serving customers since 1910, lost expensive equipment to flooding, including three of its four vehicles and a forklift.  Following the storm, its printing presses and other equipment valued at over $1 million were standing in more than two feet of water. 

“Thanks to help from our friends, we were able to get one of our presses up and running within a week, before our power was even restored,” said John Moss, President, Galvanic Printing.  “It has taken some time to recover, but with the support of our community, our bank, and the EDA, we’re getting there.”

Green Cove Marina experienced extensive damage to its docks, offices, boats and equipment as a result of the storm.  According to Owner Karen Davidson, “Our customers and the Brick community at large have been very supportive since the storm, and now our grant from the EDA will help us to start the summer in a stronger position.”

A combination of loans totaling $2 million was approved in April to support Shake Shoppe Arcade, an arcade and concession shop located on the boardwalk in Seaside Heights that experienced significant damage. Assistance includes a working capital loan up to $142,750 and a construction loan up to $988,743 under the Stronger NJ Business Loan Program, as well as a direct EDA loan of $894,974 to refinance an existing mortgage and provide additional working capital. Per U.S. Department of Housing and Urban Development requirements, the construction loan is contingent on a successful environmental and historical review by the New Jersey Department of Environmental Protection (DEP).

Family-owned By the Sea Too was approved for a Stronger NJ working capital loan of up to $198,300. In addition to other damage, the Ortley Beach-based restaurant lost its outdoor enclosed porch in the storm, resulting in the loss of 50-percent of its seating capacity last season.

The EDA also recommended that seven municipalities advance to the next phase of the approval process under the Streetscape component of the NCR Program.   The EDA advanced four municipalities under the first round in February.

The Streetscape component of the NCR Program was allocated $10 million to provide grants of $125,000 to $1.5 million per project to support “Main Street” revitalization improvements in impacted communities. Projects were selected based on objective scoring criteria.

The municipalities selected from Round One include Highlands, Asbury Park, Keansburg and Sea Isle City. The projects under Round Two that would utilize the remainder of the $10 Million allocation include South Toms River, Hoboken, Long Branch, Atlantic City, Neptune, Margate and Belmar. All projects move on to federally required environmental and historic preservation reviews by the DEP to ensure compliance with applicable federal laws and regulations.

With the majority of outstanding applications requiring action from applicants, the EDA is inviting applicants to one-on-one meetings with business advisors in their respective communities. This will help expedite the process and ensure that additional burdens are not placed on the businesses. The workshops are designed to help businesses complete their applications.  The EDA expects to hold workshops twice per week throughout May and into June, in Sandy-impacted municipalities where there are a large number of pending applications.

Applicants are contacted via telephone prior to the workshops to schedule appointments and inform them of any documentation or information needed to complete their application.  During the first workshop, which took place yesterday in Seaside Heights, business advisors met with eight local businesses to help with completing their applications. 

The Stronger NJ Business programs are funded through New Jersey’s Community Development Block Grant Disaster Recovery (CDBG-DR) allocation from the United States Department of Housing and Urban Development (HUD).  Similar to other Sandy relief grant programs, there are strict federal eligibility requirements to which the EDA and applicants must comply. 

For more information on the Stronger NJ Business programs, visit http://application.njeda.com/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929)

$2.5 Million Awarded to Community Development Financial Institutions to Fund Ongoing Recovery

Trenton, NJ (May 6, 2014)– Supporting Governor Christie’s commitment to the recovery of businesses and communities in the aftermath of Superstorm Sandy, the New Jersey Economic Development Authority (EDA) announced the closing of grants to Community Development Financial Institutions (CDFIs) under the Stronger NJ Neighborhood and Community Revitalization (NCR) Program.  These microlenders will use the funds to expand their existing programs supporting recovery, extending the EDA’s reach to small businesses in communities across New Jersey.

“CDFIs are playing a critical role in restoring the vitality of small businesses in New Jersey post-Sandy.  The grants awarded to these organizations will help to broaden the scope of the EDA’s support to include even more small businesses and microenterprises,” said Michele Brown, EDA Chief Executive Officer. “Our partnership with CDFIs allows us to leverage dollars and ensure we are effective in reaching underserved businesses and communities.”

Through the NCR Program, a total of $2.5 million was allocated to provide CDFIs with grants to fund small business loans in the nine most impacted counties. The five microlenders, which were each approved for a $500,000 grant, include The Intersect Fund Corporation, Cooperative Business Assistance Corporation (CBAC), New Jersey Community Capital (NJCC), Greater Newark Enterprises Corporation (GNEC) and UCEDC.  To date, they have provided a total of over 250 loans to impacted businesses in excess of $6 million.  Businesses include DJ’s Delights, an Asbury Park deli and catering service that received a loan from NJCC; and Keyport-based Planet Food, which took advantage of UCEDC’s recovery loan program.  

The NCR grants build on the EDA’s previous investment of $1 million in loans to NJCC and CBAC immediately following Superstorm Sandy.   Additionally, through the Loans to Lenders component of its Fund for Community Economic Development, the EDA makes capital available to financial intermediary organizations that can effectively reach small businesses in local markets, microlenders  including CDFIs. These organizations have the ability to offer term loans and lines of credit to microenterprises and small businesses not qualified for traditional bank financing.

CBAC has closed 16 loans totaling over $600,000 to Superstorm Sandy affected businesses since November of 2012.  The additional funding from the NJEDA will enable CBAC to assist more businesses in Atlantic and Cape May Counties. 

“The funding from the EDA will enable us to assist more businesses in Atlantic and Cape May Counties,” said Harry Stone, Executive Director and Chief Executive Officer, CBAC.  “We work closely with business owners throughout the application process to prevent unnecessary delays and expedite funding.” 

NJCC’s mission is to transform at-risk communities through strategic investments of capital and knowledge, including flexible financing, technical assistance, and consulting services. Since inception in 1987, NJCC has invested over $328 million into underserved communities across New Jersey, which has created or preserved over 6,500 jobs. The NCR grant proceeds will be used to boost NJCC’s existing disaster lending recovery program, which has already offered more than 40 loans totaling over $1.7 million.   

Located in New Brunswick and Newark, the Intersect Fund Corporation provides coaching and microloans, with a focus on low-income, minority- and women-owned businesses throughout New Jersey. The $500,000 NCR grant will fund disaster relief loans at reduced interest rates.  Through its existing programs, the Intersect Fund has provided 95 loans to Sandy-impacted businesses totaling $735,000.  In April, the EDA Board approved a $500,000 investment through the Loans to Lenders program to further boost the capacity of the organization’s traditional and recovery lending programs. 

Formed in 2005, GNEC became a CDFI in 2007, providing financial assistance and training to small businesses in a variety of areas, including financial literacy, and business planning and management across myriad industries. GNEC has provided Technical Assistance training to  3,000 unique individuals and graduated more than 200 entrepreneurs through its long-term training program, including workshops, seminars and one-on-one counseling.   To date, GNEC has supported over $2 million in lending both directly with microloans and through participation/referrals with strategic partners.  Of the loans provided, 90 percent were to minority-owned enterprises, and 70% of those businesses were located in underserved communities.  GNEC benefitted from $500,000 of Loan to Lender funds in 2012.  The NCR grant will allow the organization to now offer a financing program expressly dedicated to recovery.

In 2011, the EDA formed a strategic partnership with UCEDC to deepen its reach into underserved communities and provide greater access to resources for aspiring entrepreneurs and small business owners.  The organization promotes community economic development by providing businesses with access to start-up capital and other services such as loans, government procurement assistance, and technical support.  The NCR grant will supplement UCEDC’s efforts to provide capital to impacted small businesses.   To date, 106 loans totaling in excess of $3.6 million have been approved through UCEDC’s existing recovery programs. In addition, UCEDC has provided $3 million in Community Advantage 7a and 504 loans for non-Sandy purposes.  In 2012, UCEDC received $500,000 of Loan to Lender funds from the EDA to enhance the capacity of UCEDC’s financing programs.

For more information on the Stronger NJ Business programs, visit www.njeda.gov/strongernjbusiness or call the EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929). To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.# # #

Trenton, NJ –The New Jersey Economic Development Authority (EDA) today joined with Assembly Speaker Vincent Prieto to visit Stronger NJ Business Grant recipient Custom Steel Contractors in Kearny to see firsthand how the company’s grant has contributed to its recovery from Superstorm Sandy. 

Located in the Kearny Point Industrial Park, Custom Steel has been serving the construction industry for nearly three decades. The company’s clients include St. Joseph’s Hospital, the Newark Renaissance Building and various other municipal and business organizations. Most of the equipment Custom Steel needed to function was destroyed by five feet of storm surge, including computer controlled equipment and six trucks. 

“A very specialized drilling machine critical to our operations was destroyed,” said Dan Moran, President, Custom Steel.  “Our Stronger NJ Business Grant has helped us cover part of the cost of rebuilding that equipment, and we’re now on track toward having one of our best years yet.

“It’s exciting to see Sandy-impacted businesses like Custom Steel successfully recovering from the storm and in this case – coming back even stronger than before,” said EDA Chief Executive Officer Michele Brown. “The manufacturing sector plays an important role in New Jersey’s economy and we are pleased that the Stronger NJ grant is helping to support Custom Steel’s continued success in the State.”

To date in Hudson County, 36 grants totaling $1.6 million have been approved.  Statewide, over 430 businesses have been approved for grants and loans totaling more than $48 million. Additionally, EDA has recommended the approval of eleven municipalities for $10 million in Streetscape grants under the Stronger NJ Neighborhood and Community Revitalization (NCR) program. 

The Stronger NJ programs are funded through New Jersey’s Community Development Block Grant Disaster Recovery (CDBG-DR) allocation from the United States Department of Housing and Urban Development (HUD).  Similar to other Sandy relief grant programs, there are strict federal eligibility requirements to which the EDA and applicants must comply. 

For more information on the Stronger NJ Business programs, visit http://application.njeda.com/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).

Initiative Builds on Christie Administration’s Commitment to Innovation and Entrepreneurship

TRENTON, N.J. (May 1, 2014) – Continuing Governor Chris Christie’s efforts to catalyze technology-led growth, the New Jersey Economic Development Authority (EDA) will host the State’s first New Jersey Founders & Funders event in June to directly connect entrepreneurs with investors.  The initiative is aimed at spurring the growth of early-stage technology and life sciences companies and will be held at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick.

“We are pleased to offer another opportunity for our growing technology and life sciences companies to access the resources they need to thrive in New Jersey,” said EDA Chief Executive Officer Michele Brown.  “By directly connecting companies with investors, New Jersey Founders & Funders will serve to complement the Christie Administration’s ongoing efforts to spur innovation, entrepreneurship and job creation in the State.”

New Jersey Founders & Funders will take place on June 10 at 12:00 p.m.  To date, participating investors include ff Venture Capital, Edison Ventures, Genacast Ventures, KEC Ventures, Milestone Venture Partners, NewSpring Capital, NextStage Capital, Osage Venture Partners, ARC Angel Fund, GHO Ventures, Jumpstart NJ Angel Network, Klifer Capital, and SoundBoard Angel Fund. The EDA is continuing to secure additional participants.  Companies interested in attending should register at https://application.njeda.com/tls.

Companies should be New Jersey based with a focus on commercializing their technology.   Companies that register for the event will be contacted by a member of the EDA’s Technology & Life Sciences team to discuss the information that should be provided to participating investors. This includes the company’s commercialization strategy and business plan, as well as specific requests for investors such as funding opportunities.  The EDA expects to host New Jersey Founders & Funders quarterly.

To drive the commercialization of innovative technology within the State, the EDA offers a continuum of assistance to support companies at every stage of growth.  In addition to launching New Jersey Founders & Funders, the Technology Business Tax Certificate Transfer (NOL) Program also offers support to companies beyond the venture funding stage.  The program allows emerging technology and life sciences companies to sell New Jersey tax losses and/or research and development tax credits to profitable businesses in order to raise cash to finance their growth and operations. In December, 54 companies were approved to share the $60 million allocation available through the NOL Program in Fiscal Year 2014. Each of the 54 applicants approved will receive an estimated $1.1 million, which is a 21 percent increase from last year. 

Other recent efforts include the Angel Investor Tax Credit program, which was signed into law by Governor Christie in January 2013.  The program provides credits against New Jersey corporation business or gross income tax for 10 percent of a qualified investment in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state.  Since EDA began accepting applications to the program in July, 30 investments have been approved representing the injection of $14.7 million of capital into New Jersey companies. 

With an eye toward nurturing the next generation of technology pioneers, EDA entered into a partnership with TechLaunch, LLC in February 2012 to create New Jersey’s first Technology Accelerator.  The Accelerator provides seed-stage technology companies funding, mentorship, business training, key services and exposure to qualified investors to increase the value of an enterprise and the likelihood of follow-on funding.  The program culminates in a demonstration and investor pitch from each company. TechLaunch has completed two LaunchPad business boot-camps at Montclair State University since 2012 and “graduated” a total of 19 companies. TechLaunch began its third class this month.  

The EDA also helps increase available capital for emerging technology companies by investing as a limited partner in venture capital firms that invest in New Jersey-based companies. Funds in which the EDA invest in demonstrate an ability to leverage the Authority’s investment with other investment dollars at a minimum ratio of 3:1.  Gains resulting from these investments are utilized to offer new funding opportunities to support New Jersey businesses.  In total, EDA has approved investments in 12 venture funds in excess of $40 million; to date, these funds have leveraged the EDA’s investment in New Jersey businesses by more than 62 times.

With successful graduates like Amicus Therapeutics, Genewiz and Chromocell Corporation, which today boast over 100 employees each, CCIT continues to be New Jersey’s leading life sciences incubator.  CCIT has welcomed three new tenants in 2014, following the addition of ten companies last year.  New tenants include Novanex, VClinBio, and Crystal Pharmatech. 

For more information on the full range of programs and services EDA offers to the technology industry, visit www.njeda.gov/TLS.  To learn about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

Trenton, NJ (April 16, 2014)  – Continuing the Christie Administration’s commitment to the recovery of small businesses and communities in the aftermath of Superstorm Sandy, the New Jersey Economic Development Authority (EDA) announced today the award of a $50,000 Stronger NJ Business Grant to Havana Tropical Café, a Cuban Restaurant located in Highlands. This grant follows the EDA’s recommendation in February that Highlands receive approval for a $1.5 million “Streetscape” grant from the Stronger NJ Neighborhood and Community Revitalization (NCR) program for improvements to the borough’s downtown area, including Bay and Washington Avenues.

“Businesses like Havana Tropical Café embody all of the wonderful qualities we have seen time and again within the small business community as the state recovers from Sandy,” said EDA Chief Executive Officer Michele Brown. ”We have provided support to many small companies, but perseverance, a positive attitude and love for their communities is really what drives business owners to rebuild.  We look forward to supporting many more businesses in Highlands and other impacted areas across New Jersey.”

To date, Stronger NJ grant and loan support totaling more than $42 million has been approved by the EDA for more than 390 businesses.  This includes 11 grants in Highlands and 60 in all of Monmouth County. In addition to Highlands, other Monmouth County communities recommended for “Streetscape” grants include Asbury Park, Keansburg, Long Branch, Neptune and Belmar, totaling over $6 million. 

According to Havana Tropical Café owner and Cuban-native Ralphy Amado, his entire restaurant was destroyed by flooding, including walls, floors, furniture, and appliances.  Amado reopened in August 2013, after months of rebuilding, most of which he did himself, with the help of friends.  Amado depleted his savings, even selling his truck to help fund the rebuilding. 

“This has been a very challenging time, but we love the beautiful Highlands community and were determined to stay here,” said Amado.  “I am very grateful for our landlord, our many friends, and so many Highlands residents who have been so supportive and have expected nothing in return. The Stronger NJ grant will help us get back on our feet as we approach the summer season.”

The Stronger NJ Business Grant program is funded through New Jersey’s Community Development Block Grant Disaster Recovery (CDBG-DR) allocation from the United States Department of Housing and Urban Development (HUD).  Similar to other Sandy relief grant programs, there are strict federal eligibility requirements to which the EDA and applicants must comply. To date, 374 grants have been approved totaling $18.1 million. 

The Streetscape grant recommended for approval under the NCR, also funded through the State’s CDBG-DR allocation from HUD,  would help Highlands improve its downtown area, including the construction of new crosswalks, Americans with Disabilities Act (ADA) compliant intersections, new street trees, streetlights and furniture, and wayfinding signage. Following EDA action, all Streetscape projects must undergo federally required environmental and historic preservation reviews by the NJ Department of Environmental Protection.

For more information on the Stronger NJ Business programs, visit http://application.njeda.com/strongernjbusiness or call the EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).

Trenton, NJ (April 8, 2014) – Building upon Governor Christie’s commitment to the recovery of businesses and communities in the aftermath of Superstorm Sandy, the New Jersey Economic Development Authority (EDA) today approved loans totaling over $5.6 million for storm-impacted small businesses. In addition, seven municipalities were selected to advance under the Streetscape component of the Neighborhood and Community Revitalization (NCR) Program. 

“As we approach the second summer since Superstorm Sandy, we remain fully committed to the recovery of small businesses and communities across the State,” said Michele A. Brown, EDA Chief Executive Officer. “From the Seaside Boardwalk to the City of Hoboken, today’s projects illustrate the range of assistance we are providing to aid ongoing recovery efforts.”

A combination of loans totaling $2 million was approved to support Shake Shoppe Arcade, an arcade and concession shop located on the boardwalk in Seaside Heights that experienced significant damage.  Assistance includes a working capital loan up to $142,750 and a construction loan up to $988,743 under the Stronger NJ Business Loan Program, as well as a direct EDA loan of $894,974 to refinance an existing mortgage and provide additional working capital.  Per U.S. Department of Housing and Urban Development requirements, the construction loan is contingent on a successful environmental and historical review by the New Jersey Department of Environmental Protection (DEP).

A Stronger NJ working capital loan up to $117,937 was approved to support Barnegat Light Liquor Store, a liquor and convenience store that experienced power outages and damaging surges during the storm. Family-owned By the Sea Too was approved for a Stronger NJ working capital loan up to $198,300. In addition to other damage, the Ortley Beach-based restaurant lost its outdoor enclosed porch in the storm, resulting in the loss of 50-percent of its seating capacity last season.

Stronger NJ Business loans totaling over $2.8 million were also approved for three related businesses in Seaside Heights.  This includes a $457,210 working capital loan for Saddy Family Trust, which owns three properties on Boulevard in the Borough, including those that house Bamboo Bar and Karma Night Club; a working capital loan of just over $1 million for Karma Night Club; and, a working capital loan of over $1.3 million for Bamboo Bar. 

The EDA also presented seven municipalities that were selected based on objective scoring criteria to advance to the next phase of the approval process under the Streetscape component of the NCR Program.  The EDA advanced four municipalities under the first round in February.  The Streetscape component of the NCR Program was allocated $10 million to provide grants of $125,000 to $1.5 million per project to support “Main Street” revitalization improvements in impacted communities. Projects from Round One that reached the minimum scoring threshold were rolled into Round Two for consideration.  

The municipalities selected from Round One include Highlands, Asbury Park, Keansburg and Sea Isle City. The projects under Round Two that would utilize the remainder of the $10 Million allocation include South Toms River, Hoboken, Long Branch, Atlantic City, Neptune, Margate and Belmar. All projects move on to federally required environmental and historic preservation reviews by the DEP to ensure compliance with applicable federal laws and regulations. 

Storm-impacted New Jersey municipalities with established traditional business districts were eligible to apply.  Project evaluation criteria included: location in a HUD-designated impacted county, anticipated completion date, benefit to a low-to-moderate income community, applicant’s experience with projects of similar size and scope, and the extent to which the project will enhance the neighborhood and community at large.

For more information on the Stronger NJ Business programs, including the complete list of eligibility and eligible uses of funds, visit www.njeda.gov/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).