Trenton, NJ – Continuing the Christie Administration’s commitment to the recovery of small businesses in the aftermath of Superstorm Sandy, the New Jersey Economic Development Authority (EDA) announced today that several Ocean City businesses have recently been awarded Stronger NJ Business Grants to support their recovery from Sandy.

Pelican Pete’s Island Car Wash, Neal’s A&D Tire Service, Christina’s Butterfly Boutique, Making Waves, and Serendipity Bed and Breakfast all received grants from the Stronger NJ Business Grant program, which offers grants of up to $50,000 per impacted location to New Jersey businesses damaged by the storm.  To date, 132 businesses have been approved grants totaling over $6.6 million. 

“We encourage any business with at least $5,000 in damage from the storm to contact us as there are still funds available to support small businesses,” said Michele Brown, CEO of the EDA. “The Stronger NJ Business Grant and Loan programs can help business owners fund the gap between the resources they have available and what they need to get their businesses back to where they were before the storm.”  

Making Waves, a women’s clothing boutique featuring contemporary clothing and accessories, experienced major flooding, resulting in building damage and complete loss of inventory and display fixtures at its Ocean City location. The business’s three other locations in southern NJ experienced significant damage and loss of inventory as well.

“The damage from the storm was terrible, but the disruption in business following the storm added insult to injury. The Stronger NJ Business Grant is really helping us get back on track,” said Making Waves owner Francine Keller.Serendipity Bed and Breakfast, located just half a block from the ocean, lost the entire contents of its basement to flooding including their boiler, electrical panel, and fire monitoring panel. They also suffered major damage to their chimney, but fortunately the flooding did not make it up to the first floor.

“Returning to our business, which is also our home, to survey the damage following the storm was completely overwhelming,” said Karen Morella, Owner, Serendipity Bed and Breakfast. “Our recovery hasn’t been easy, but with the help of our neighbors and some trusted contractors, we are now doing fine. We truly appreciate the grant the state has provided.”

Since May 1, storm-impacted small businesses have been able to apply for EDA administered grants of up to $50,000 through the Stronger NJ Business Grant Program. The program launched two days after the U.S. Department of Housing and Urban Development (HUD) approved New Jersey’s Community Development Block Grant (CDBG) Disaster Recovery Action Plan. Governor Christie called on the EDA to administer $460 million of the state’s CDBG Disaster Recovery allocation to support the recovery of impacted businesses. The Stronger NJ Business Grant program is the first of these CDBG-funded business recovery programs and is utilizing $260 million of the allocation. 

On July 1, the EDA unveiled the $100 million Stronger NJ Business Loan program, which offers  loans of up to $5 million with no interest or principal payments for up to 24 months to businesses impacted by the storm, as well as businesses looking to expand within storm-impacted communities.

The third Stronger NJ Business program, the $75 million Neighborhood and Community Revitalization Program, offers financial assistance to support 1) development and public improvement projects; 2) main street revitalization; and, 3) Community Development Financial Institutions providing loans to small businesses.

Grant applications must be received on or by December 31, 2013.  For more information on the Stronger NJ Business programs, including the complete list of eligibility criteria and eligible uses of funds visit http://application.njeda.com/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929). 

The EDA is hosting a series of grant workshops in storm-impacted areas during which business owners can meet with a business advisor to either complete an existing grant or loan application, or begin a new one.  Please check our workshop calendar to find a workshop in your area.

Municipalities Can Apply For Grant Funding Through Stronger NJ Neighborhood and Community Revitalization Program Beginning Today

Following Governor Christie’s announcement on October 8th, the New Jersey Economic Development Authority (EDA) today launched the application for its $10 million Streetscape component of the Stronger NJ Neighborhood and Community Revitalization (NCR) Program.  Through this initiative, Storm-impacted municipalities will be able to apply for grants to advance Main Street revitalization projects.

Grants of $125,000 to $1.5 million are available to support various projects, including streetscapes, lighting, sidewalks, facade enhancements, and code-related and other physical upgrades to commercial areas. 

To be eligible, projects must be targeted within a commercial or mixed-use district. Projects also should result in a public benefit to the municipality. Eligible uses of funds include:

• Public building facade and building enhancement/revitalization efforts;
• Streetscape enhancement/revitalization efforts; and,
• District wayfinding and image enhancements/revitalization efforts.

Storm-impacted New Jersey municipalities with established traditional business districts are eligible. A ‘main street’ district is defined as a commercial or mixed-use zoned area with a concentration of older or historic buildings within its boundaries. Projects located in the nine most impacted counties (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union) will receive priority consideration. 

For more information on the Stronger NJ NCR program, including the complete list of eligibility requirements and application, visit www.njeda.gov/ncr or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).

TRENTON, N.J. (October 8, 2013) – In support of the Christie Administration’s commitment to spur business growth and community investment, the Board of the New Jersey Economic Development Authority (EDA) took action today to incentivize investments in emerging technologies, encourage significant redevelopment in urban centers and support diverse business expansion projects. In total, these projects are expected to result in the creation of more than 1,600 construction jobs, nearly 490 new, full time jobs and the retention of 400 existing jobs.

“The projects approved today by the Board reflect the breadth and depth of economic activity happening in our state,” said EDA Chief Executive Officer Michele Brown.  “EDA support is very important for these projects to come to fruition, and they, in turn, are important to spur economic development and job growth.”

To encourage business expansion and retention in Bergen County, EarthCam Incorporated was approved for both a Business Employment Incentive Program (BEIP) and Business Retention and Relocation Assistance Grant (BRRAG) award. The global technology leader is contemplating a move to a 41,544-square-foot facility in Upper Saddle River or a location in New York. If New Jersey is chosen, the company expects to double its staff to 160 and invest over $6 million. 

The Board approved a BEIP and BRRAG to encourage McGraw-Hill Global Education Holdings to remain and expand its operations in Mercer County. The digital learning company is seeking to move to independent, stand-alone space in East Windsor, which would involve the creation of 40 new, high-wage jobs and an investment of approximately $2.15 million. The company is also reviewing locations in New York.

In a move designed to maintain jobs that are at risk of leaving the state and fuel job creation, the Board approved a Grow New Jersey award to encourage Maplewood Beverage Packers to expand in New Jersey. The company, which manufactures and distributes Arizona Iced Tea products, is considering development options in-state or relocating operations to New York. If the company selects New Jersey, it will develop land in Woodbridge, adjacent to its current operations in Edison, significantly increasing its footprint and employee base.   Plans call for the construction and outfitting of a 560,000-square-foot structure for manufacturing and distribution, which would result in the retention of 215 jobs and the creation of 100 new, full-time positions. 

Consistent with the recently signed New Jersey Economic Opportunity Act of 2013, the Board also took action on three projects that were submitted under a competitive solicitation that closed in December 2012 and made $100 million in tax credits available through the residential component of the Urban Transit Hub Tax Credit Program. The Act allows EDA to approve up to $33 million in tax credits for those qualified residential projects that did not previously receive funding. 

This includes Harborside Plaza 7 in Jersey City, a $291 million mixed-use project that will feature a 69 story residential tower, a parking podium and ground level retail. The project, a joint venture of Mack-Cali Realty and Ironstate Holdings, is expected to create 700 construction jobs and 18 new permanent positions. Matrix Development Group was approved for credits to advance its mixed-use project in New Brunswick that will boast over 390 rental units and 215,000 square feet of office space. The $108 million project, which also involves façade, plaza and streetscape improvements, will help to bolster the City’s retail market and encourage residents and workers to utilize mass transit. It is expected to create more than 100 new, full-time jobs and an estimated 450 construction jobs.

To support Springfield Avenue Marketplace in Newark, the Board approved tax credits through the Hub program, as well as bond financing and an Economic Redevelopment and Growth award. Spearheaded by Tucker Development Corp., the $91.75 million project will transform a vacant, blighted site into a 287,000-square-foot mixed-use development featuring an apartment complex, grocery store, restaurant and retail space. It is expected to create over 100 new, full-time jobs, 300 part-time positions and an estimated 145 construction jobs.

To accelerate New Jersey’s position as a leading technology hub, the Board approved investments in two emerging companies under the Angel Investor Tax Credit Program. Investors John C. Dries and GHO Investors, LLC  applied for tax credits based on their investments of $4.2 million in Monmouth Junction-based semiconductor company United Silicon Carbide, Inc., a Rutgers University spin-out specializing in the development of high efficiency Silicon Carbide devices and foundry services. The second company, Princeton Power Systems, is a designer and manufacturer of technology products for energy management, micro-grid operations and electric vehicle charging. The Marshall J. Cohen Family Trust was approved for tax credits for its $550,000 investment in the Lawrenceville Company. The Angel Investor Tax Credit Program is a result of legislation Governor Christie signed in January to spur job creation and growth in New Jersey’s emerging technology industries.

The Board also approved new leases for space at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick and Waterfront Technology Center at Camden. PDS Biotechnology, an early stage cancer immunotherapy biotechnology company, was based in Indiana and looked at various locations in New Jersey and Pennsylvania before choosing to execute a one year lease at CCIT. Rutgers University finalized its 64-month lease in Camden, where approximately 12 faculty and graduate student researchers will utilize 5,193 square feet of pre-built lab space for special projects and biology-related research.

As part of ongoing efforts to support New Jersey businesses and communities damaged by Superstorm Sandy, EDA announced that storm-impacted municipalities can apply for funds through the streetscape revitalization component of the Stronger NJ Neighborhood and Community Revitalization Program (NCR) beginning October 24, 2013. The $10 million initiative will offer grants to support business district improvements, including streetscapes, lighting, sidewalks, façade enhancements, and code-related and other physical upgrades to commercial areas. 

In a related action, the Board approved the first grant under the NCR program to the Intersect Fund Corporation (IFC) for $500,000.  The non-profit IFC is a Certified Development Financial Institution (CDFI) and micro-lender, providing coaching and micro-loans to low-income, minority and women-owned businesses throughout New Jersey. The proceeds of the grant will be used to create a loan fund to offer disaster relief loans at reduced interest rates to small businesses within the nine counties most impacted by Superstorm Sandy.

The Board also extended the application deadline for the Stronger NJ Business Grant Program. Grant applications were previously due to EDA by October 31, 2013 and now must be submitted by December 31, 2013.

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

Municipalities Can Apply For Grant Funding Through Stronger NJ Neighborhood And Community Revitalization Program Beginning October 24

Trenton, NJ – Supporting Governor Christie’s commitment to the recovery of businesses and communities in the aftermath of Superstorm Sandy, the New Jersey Economic Development Authority announced today that storm-impacted municipalities will be able to apply for grant funds to advance Main Street revitalization projects beginning October 24, 2013.

The $10 million initiative, which is one component of the Stronger NJ Neighborhood and Community Revitalization (NCR) Program, will offer grants of $125,000 to $1.5 million to support various projects, including streetscapes, lighting, sidewalks, facade enhancements, and code-related and other physical upgrades to commercial areas. 

“The health of our Main Street districts is a key factor in the recovery of New Jersey’s economy,” said EDA Chief Executive Officer Michele A. Brown. “This funding will help to restore and enhance the economic vitality of business districts throughout the State.”

To be eligible, projects must be targeted within a commercial or mixed-use district. Projects also should result in a public benefit to the municipality. Awarded funds must be used by December 31, 2015. The eligible uses of funds include:

•  Public building facade and building enhancement/revitalization efforts;
•  Streetscape and public realm enhancement/revitalization efforts; and,
•  District wayfinding and image enhancements/revitalization efforts.

Eligible applicants include any storm-impacted New Jersey municipality with one or more established traditional business districts. A ‘main street’ district is defined as a commercial or mixed-use zoned area with a concentration of older or historic buildings within its boundaries. Projects located in one of the nine most impacted counties (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union) will receive priority consideration. Funds may be provided during the design and construction of a project or upon project completion. Federal environmental and historical reviews may be required. All funds requested for a project must be applied for at the same time; partial funding requests are prohibited. 

Following the approval of New Jersey’s Community Development Block Grant (CDBG) Disaster Recovery Action Plan, Governor Christie called on the EDA to administer $460 million of the state’s CDBG Disaster Recovery allocation to assist storm-impacted businesses. The May launch of the Stronger NJ Business Grant program and the subsequent Stronger NJ Business Loan program were the first two of these CDBG-funded business recovery initiatives which utilize $360 million of the allocation.

The NCR program is the third CDBG-funded business recovery initiative utilizing $75 million of the allocation to provide financial assistance to support development and public improvement projects, Community Development Financial Institutions providing loans to small businesses; and, the third and final main street revitalization component.  The first two components of the program launched September 4. This includes an allocation of $62.5 million in grants and loans to support catalytic and transformative neighborhood and commercial corridor projects, including mixed-use development; innovation projects involving technology business development; and, projects tied to recreational, cultural and park land amenities. 

Additionally, the Board approved the first grant today under a $2.5 million component of the NCR program that was allocated to provide Community Financial Development Institutions (CDFI) with grants to fund small business loans in the nine most impacted counties. This $500,000 grant was awarded to the Intersect Fund Corporation (IFC), a non-profit CDFI and micro-lender which provides coaching and micro-loans to low-income, minority and women-owned businesses throughout New Jersey. The proceeds of the grant will be used to create a loan fund to offer disaster relief loans at reduced interest rates to small businesses within the nine counties most impacted by Superstorm Sandy.

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