TRENTON, N.J. (September 9, 2020) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced it will collaborate with the Rutgers EcoComplex in hosting a virtual conference on October 14 and 15, 2020 to highlight resources and opportunities available to members of the Garden State’s innovation economy during COVID-19. Leaders from New Jersey government, industry, academia, and the investment community will focus on strategies for accelerating innovation as the state begins to emerge from the pandemic. The event is open to the public and information can be found at https://csitcovid19-opportunities.eventbrite.com.

Planning Committee members include representatives from Rutgers New Jersey Agricultural Experiment Station, Rutgers EcoComplex, Rutgers Business School, Princeton Entrepreneurship Council and TechLaunch. Panelists include key players from the NJ entrepreneurial eco-system: angel investors and venture capitalists, support organizations, trade groups, academic centers, government agencies, incubators and accelerators.

“Every one of our participants brings a unique perspective to the conference, which will make for informative and dynamic discussions,” said CSIT Chairman Gunjan Doshi. “Connecting a wide array of industry partners to collaborate on steps forward will help to propel the innovation economy toward a post-COVID-19 landscape.”
Attendees at the two-day event will learn about financial and entrepreneurial resources available to help them weather the pandemic. Panel discussions will center around:

Current Angel and Venture Investing Trends and Opportunities: Seasoned angel and venture capital investors will talk about investment trends and offer tips and insights on ways for emerging companies to attract capital;

Keeping the Innovation State Growing: High-level representatives from the Governor’s Office, the Office of Innovation, BioNJ, Choose NJ, and Tech United will focus on current and future strategies for bolstering New Jersey’s innovation sector, particularly in light of the pandemic;

NJ’s Support for Underrepresented Innovators: Successful founders will discuss how the state is working to fulfill Governor Phil Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation despite the hurdles presented by COVID-19. This panel will be moderated by New Jersey’s Chief Diversity Officer Hester Agudosi;

Academic Innovation – Strong as Ever: Key members of academia will showcase New Jersey’s vibrant academic innovation scene and the role it plays in the fight against the pandemic.

Innovators Panel: Surviving and Thriving During Covid-19: Led by CSIT Executive Director Judith Sheft, this panel will include a discussion by founders about ways they are leveraging available resources designed to support members of the innovation economy during this unprecedented time. A copy of the full agenda can be found at https://csitcovid19-opportunities.eventbrite.com.

Assemblyman Andrew Zwicker, who chairs the Assembly Science Innovation and Technology Committee and is a member of CSIT, is scheduled to deliver the keynote address on October 15.

Zwicker noted that before and throughout the COVID-19 pandemic, CSIT has been instrumental in helping startups and emerging innovation-focused companies connect with the funding they need to grow in New Jersey.

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov/tls or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.

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TRENTON, N.J. (September 9, 2020) – The New Jersey Economic Development Authority (NJEDA) and the New Jersey Board of Public Utilities (NJBPU) today approved two Memoranda of Understanding (MOUs) that will make nearly $6 million available to support offshore wind and other clean energy projects in the State. Under the agreements, New Jersey’s Clean Energy Program™ (NJCEP), which is administered by NJBPU, will provide $4.5 million to support NJEDA-led workforce development projects aimed at preparing more New Jersey workers for jobs in offshore wind, and $1.25 million to support early-stage, New Jersey-based cleantech companies.
 
“Ever since Governor Murphy took office, we have been moving at a whirlwind pace on offshore wind, and especially with the twin crises of COVID-19’s economic devastation and climate change, we are not slowing down any time soon. Fueling our clean energy renaissance will be renewables like offshore wind, and since these industries don’t build themselves, we couldn’t be prouder to be developing a homegrown, inclusive, world-class workforce of cleantech and offshore wind technicians right here in the Garden State. New Jersey has the wind, and the time to get in on our new innovation economy – located in the strong winds right off our 130-mile coastline – is now,” said NJBPU President Joseph L. Fiordaliso.
 
 “Clean energy is the future and positioning New Jersey to lead the way in offshore wind and other clean energy initiatives is crucial not only to growing our state’s economy, but also to creating good jobs and business opportunities for workers and business owners in New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA’s partnership with the NJBPU will prepare New Jersey students and workers for clean energy jobs coming to our state and help innovative New Jersey companies lead in the clean energy and cleantech space. These are important steps that will support workers and companies impacted by the COVID-19 pandemic and pave the way for a strong, sustainable recovery.”  
 
Both Governor Phil Murphy’s ambitious New Jersey Energy Master Plan released earlier this year and his visionary Stronger and Fairer Economic Plan identify offshore wind and clean energy as target sectors that have strong potential to drive long-term, sustainable economic growth in New Jersey. In line with these plans, New Jersey has committed to producing 7,500 megawatts of offshore wind energy by 2035 and a wave of offshore wind projects is slated for development along the East Coast, with the first project – Ørsted’s Ocean Wind –  coming online in 2024.
 
Earlier this year, the Governor’s WIND Council released a report outlining recommendations for the creation of the WIND Institute to coordinate workforce and innovation efforts to position New Jersey as a leader in offshore wind and to ensure equitable access to opportunities in this new and expanding industry for minorities and women. With the MOUs approved today, the NJEDA and NJBPU will jumpstart progress toward implementing these recommendations with a total of $5.75 million in funding.
 
The first MOU provides $4.5 million to support offshore wind workforce development projects. Examples of these programs include: a competition to develop the first Global Wind Organization (GWO) safety training program in the Mid-Atlantic region; best-in-class wind turbine technician training programs; a plan to establish pathways for New Jersey students and workers to enter the offshore wind industry; and seminars about offshore wind job creation for labor unions, high schools, vocational technical schools, colleges, and universities so that students, energy workers, and job seekers can train to work in the industry.
 
In the second MOU, NJBPU will provide $1.25 million to fund programs supporting innovative, early-stage cleantech companies in New Jersey. The NJEDA plans to use this funding in partnership with the New Jersey Commission on Science Innovation and Technology (NJCSIT) to develop a seed grant program that will aid local cleantech businesses during critical proof of concept and prototyping stages. The NJEDA also intends to execute a research and development asset mapping and voucher initiative to increase equitable access to and utilization of the State’s existing cleantech innovation programs and initiatives.
 
The funding will be utilized immediately, with the aim of establishing operational programs by mid-2021.
  
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness. To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, LinkedIn and Instagram.
 
 
About the New Jersey Board of Public Utilities (NJBPU)
 
NJBPU is a state agency and regulatory authority mandated to ensure safe, adequate and proper utility services at reasonable rates for New Jersey customers. Critical services regulated by NJBPU include natural gas, electricity, water, wastewater, telecommunications and cable television. The Board has general oversight and responsibility for monitoring utility service, responding to consumer complaints, and investigating utility accidents. To find out more about NJBPU, visit our website at www.nj.gov/bpu, and follow NJBPU on Facebook, Twitter, LinkedIn, YouTube, and Instagram.
 
About New Jersey’s Clean Energy Program (NJCEP)
 
NJCEP, established on January 22, 2003, in accordance with the Electric Discount and Energy Competition Act (EDECA), provides financial and other incentives to the State's residential customers, businesses and schools that install high-efficiency or renewable energy technologies, thereby reducing energy usage, lowering customers' energy bills and reducing environmental impacts. The program is authorized and overseen by the New Jersey Board of Public Utilities (NJBPU), and its website is www.NJCleanEnergy.com. You can follow NJCEP on Facebook and Twitter.
 
 

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TRENTON, N.J. (4 de septiembre de 2020): New Jersey Economic Development Authority (NJEDA) anunció hoy una expansión por $10 millones de su Programa de préstamos para asistencia de emergencia a pequeñas empresas (Small Business Emergency Assistance Loan Program) a fin de apoyar a las pequeñas empresas y organizaciones sin fines de lucro afectadas por la pandemia de la COVID-19. El programa extendido se capitalizará mediante una subvención recibida de la apropiación de United States Economic Development Administration’s (USEDA’s) Coronavirus Aid, Relief, and Economic Security (CARES) Act.

“Como hemos dicho en muchas ocasiones, si bien la COVID-19 representa ante todo una crisis de salud, también representa una crisis económica grave que afecta a los propietarios de pequeñas empresas en las comunidades de todo nuestro estado”, expresó el gobernador Phil Murphy. “Las pequeñas empresas son el motor de nuestra economía y nosotros debemos asegurarnos de obtener los fondos necesarios para ayudarlas a tener éxito durante estos tiempos difíciles y sin precedentes”.

La NJEDA creó inicialmente su Programa de préstamos para asistencia de emergencia a pequeñas empresas (Small Business Emergency Assistance Loan Program) en la primavera, como parte de un conjunto de recursos para pequeñas empresas y organizaciones sin fines de lucro, luego de que el gobernador Murphy firmara el Decreto Ley 103, en donde se declaró el estado de emergencia y la emergencia de salud pública. El programa se lanzó con $10 millones de fondos de la NJEDA y, hasta la fecha, la NJEDA ha aprobado más de $7.5 millones en préstamos a través del programa. Las solicitudes adicionales se encuentran en etapa de revisión.

La segunda fase del Programa de préstamos para asistencia de emergencia a pequeñas empresas (Small Business Emergency Assistant Loan Program) se lanzará como un programa de $10 millones y ofrecerá hasta $100,000 en financiamiento de bajo costo a las pequeñas empresas y organizaciones sin fines de lucro elegibles de New Jersey para ayudar con los esfuerzos de recuperación y reapertura, como consecuencia de la COVID-19. Los fondos se pueden utilizar para pagar la renta o la hipoteca, la nómina o los servicios públicos. También se puede utilizar para comprar inventario, equipo de protección personal (PPE), muebles, accesorios o maquinaria. Para garantizar la equidad, $3.5 millones de los fondos se reservarán para las empresas en distritos censales elegibles como Zonas de Oportunidades.

La NJEDA espera que la solicitud para la fase 2 de su Programa de préstamos para asistencia de emergencia a pequeñas empresas (Small Business Emergency Assistance Loan Program) esté disponible en el otoño.
De acuerdo con los términos de la fase 1 del programa, los préstamos de la fase 2 tendrán plazos de diez años con cero por ciento de interés durante los primeros cinco años; luego se restablecerán a la tasa mínima vigente de la NJEDA durante los cinco años restantes, con un interés máximo del tres por ciento.

“Estamos agradecidos con la USEDA por darse cuenta de la enorme presión a la que se enfrentan las pequeñas empresas y las organizaciones sin fines de lucro de New Jersey a medida que comienzan a recuperarse del impacto económico de la COVID-19”, dijo el director ejecutivo de NJEDA, Tim Sullivan. “Bajo el liderazgo del gobernador Murphy, hemos priorizado el apoyo a las pequeñas empresas que se han enfrentado a decisiones sumamente difíciles en los últimos meses. La financiación anunciada hoy contribuirá, en gran medida, a que los propietarios de pequeñas empresas liberen capital para seguir adelante, ya sea mediante la creación de puestos de trabajo, la obtención de PPE u otro de los numerosos pasos necesarios para resurgir de la pandemia”.

Para ser elegible para el financiamiento de la fase 2 del Programa de préstamos para asistencia de emergencia a pequeñas empresas (Small Business Emergency Assistance Loan Program), las pequeñas empresas y las organizaciones sin fines de lucro deben existir y estar en funcionamiento durante al menos un año antes de la fecha del inicio de la solicitud, tener $5 millones o menos de ingresos anuales y una ubicación comercial física en New Jersey. También deben ser capaces de demostrar un impacto negativo como resultado del brote de la COVID-19. Los negocios que se desarrollan en el hogar no son elegibles para financiamiento en virtud de este programa.

“La NJEDA cuenta con un largo historial de apoyo a las pequeñas empresas en tiempos económicos sólidos, así como en tiempos difíciles”, dijo Dana Gartzke, quien realiza las funciones delegadas de subsecretaria de Comercio para el Desarrollo Económico (Delegated Duties of the Assistant Secretary of Commerce for Economic Development). “Estamos orgullosos de trabajar con Tim Sullivan y su equipo para hacer llegar fondos a las empresas que más los necesitan”.

La USEDA anunció la concesión de la subvención en una conferencia de prensa en Atlantic City a principios de esta semana. La NJEDA es una de las seis entidades o comunidades de New Jersey que comparten un total de $15.6 millones en fondos de subvenciones federales mediante CARES Act de la agencia federal. Las otras entidades son Burlington County, Cooperative Business Assistance Corporation, the Jersey City Economic Development Corporation, Rutgers – the State of New Jersey’s University Center, y the South Jersey Economic Development District. La vicepresidenta sénior de Finanzas y Desarrollo de NJEDA, Lori Matheus, representó a la NJEDA en el evento de hoy.

Gartzke señaló que los $11 millones de la USEDA a la NJEDA se proporcionaron a su agencia mediante CARES Act. La subvención cubrirá la expansión del Programa de préstamos para asistencia de emergencia a pequeñas empresas de la NJEDA y los costos administrativos relacionados.

Hay información completa sobre la respuesta de New Jersey ante el coronavirus disponible en https://cv.business.nj.gov.
 
Para leer el plan económico completo del gobernador Murphy, visite https://nj.gov/economicplan.
 

Acerca de la New Jersey Economic Development Authority
 The New Jersey Economic Development Authority (NJEDA) funciona como la principal agencia del Estado para impulsar el crecimiento económico. La NJEDA está comprometida a hacer de New Jersey un modelo nacional de desarrollo económico inclusivo y sostenible centrándose en las estrategias fundamentales para ayudar a desarrollar comunidades más fuertes y dinámicas, generar buenos puestos de trabajos para los residentes de New Jersey y ofrecer vías para una economía más sólida y justa.
Para obtener más información sobre los recursos de la NJEDA para empresas, llame a Atención al Cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter y LinkedIn.

TRENTON, N.J. (September 3, 2020) – Leveraging the New Jersey Economic Development Authority’s (NJEDA’s) Loan Loss Reserve Fund, 1st Bergen Federal Credit Union (1st Bergen) recently launched an EDA Small Business Loan Program to offer low-interest loans to small business and non-profit customers that have been impacted by the COVID-19 pandemic. The program is the latest step in the Community Development Financial Institution’s (CDFI’s) ongoing mission to provide low-income singles, couples, and families with programs and financial services that help them on their road to self-sustainability.  

1st Bergen is one of six CDFIs, and the only credit union, to participate in the CDFI Emergency Loan Loss Reserve Fund, a $10 million capital reserve fund that the NJEDA will use to take a first loss position on CDFIs’ COVID-related loans that provide low-interest working capital to microbusinesses that have been negatively impacted by the outbreak. The NJEDA will back these loans up to 50 percent if they default in the future. This will allow the CDFI partners to increase their capacity and participate in more loans, at flexible terms and lower interest rates.

1st Bergen is leveraging the allocation it received through the Loan Loss Reserve Fund to provide a total of $1 million in support to small businesses and non-profits impacted by the pandemic. The CDFI is offering loans of up to $75,000 with 2.75-percent interest for a term of up to five years. Deferred payments of up to six months are also available

As a credit union, a type of member-owned financial cooperative, 1st Bergen is focused on serving the financial needs of its members rather than making a profit. Credit unions typically provide the same services as traditional banks, often with lower rates and more favorable terms. All credit unions have a limited field of membership, and 1st Bergen’s membership is open to anyone who lives, works, worships, volunteers, attends school or conducts business in Bergen or Ocean counties, Paterson, or Jersey City. Immediate family of current members are also eligible to join 1st Bergen. Applicants to 1st Bergen’s EDA Small Business Loan program must be members of the credit union. 1st Bergen Chief Executive Officer (CEO) Robert Moore noted that membership is free, with a $5 minimum required in a checking account.

“Our focus at 1st Bergen has always been to arm our members with the resources they need to face whatever challenges come their way,” Moore said. “Funding we received from the NJEDA is allowing us to help our customers recover from the tremendous economic strain that COVID-19 has caused them.” 

Non-profit CDFI lenders like 1st Bergen are distinguished from other financial institutions by their community development mission and flexibility to determine the best use of limited government and private resources in their community. To be federally designated as a CDFI, a financial institution must certify that at least 60 percent of its financing activities are targeted to low- and moderate-income (LMI) populations or underserved communities.

“Small businesses, and particularly those in underserved communities, have been especially hard-hit by COVID-19,” NJEDA CEO Tim Sullivan said. “Credit unions like 1st Bergen play an integral role in providing businesses and nonprofits in these communities with equitable and inclusive access to the capital they need to successfully re-emerge from the pandemic.”

Established in 2009, 1st Bergen is the financing arm of the non-profit agency Greater Bergen Community Action, which is part of a nationwide network of poverty-fighting enterprises established to address the intractable and persistent problem of poverty in America.

Through a partnership with O.C.E.A.N. Inc. and Greater Bergen Community Action formed in October 2019, 1st Bergen expanded its reach into Ocean County, by opening a branch at O.C.E.A.N. Inc., where it now provides full banking services to its members in Ocean County and caters to individuals who are struggling to build their credit, or are tired of paying exorbitant check cashing fees. O.C.E.A.N. Inc. is a Community Action agency with a mission of providing quality and comprehensive services that improve the quality of life for individuals and families in Ocean County.

Comprehensive information about New Jersey’s coronavirus response is available at https://cv.business.nj.gov.
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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TRENTON, N.J. (September 3, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced that Atlantic Cape Community College (ACCC) has received a $40,000 Rural Business Development Grant from the United States Department of Agriculture (USDA) to support bizHub Cape May County, a collaborative effort to provide the first small business and entrepreneur resource center in Cape May County. bizHub was one of 14 projects planned with support from the NJEDA’s Innovation Challenge.

“The NJEDA congratulates Cape May County and the many stakeholders who have been involved in the project on securing the funding to turn the bizHub plan into reality. Entrepreneurship and creative new businesses will be a crucial element of New Jersey’s recovery from the economic impacts of the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “We are excited to see this project, which was planned with support from our Innovation Challenge, receive the funding needed to succeed.”
 
“We are grateful that Atlantic Cape has received the $40,000 from the USDA to support the bizHub in Cape May County,” stated Dr. Barbara L. Gaba, President of Atlantic Cape Community College.  “The Rural Business Development Grant is important to the work we began with NJEDA support and will help us continue our economic development efforts. Our partnerships with the Cape May County Freeholders and Crest Savings Bank are unwavering, especially now when current and future entrepreneurs need our support more than ever before.”  
 
The NJEDA launched the Innovation Challenge in 2018 to support Governor Phil Murphy’s vision for New Jersey as the state of innovation. The program provided $100,000 grants to municipal and county governments to support planning for key investments in projects that expand communities’ innovation ecosystems and create new opportunities for established businesses and workers. To date, the Authority has awarded 14 grants worth $1.4 million through the program.
 
bizHub is a collaborative project led by Atlantic Cape Community College (ACCC), Cape May County government, the Cape May County Chamber of Commerce, Crest Savings Bank, SCORE, and the South Jersey Economic Development District to create a small business support center in Cape May County. The project received a $100,000 grant through the NJEDA’s Innovation Challenge to support efforts to study the need for small business support services in Cape May County and plan the most effective way to provide those services.
 
“We are thrilled that the bizHub project has received USDA funding, but we could not have reached this point without the NJEDA’s support early in the process,” said Louis C. Joyce, Executive Director of the South Jersey Economic Development District. “The NJEDA’s Innovation Challenge grant allowed us to study the need for small business support in Cape May County and craft a plan that will provide assistance programs that address the unique challenges business owners and entrepreneurs in our region face. This was vital support that paved the way for us to successfully apply for federal funds.”
 
With NJEDA support, the bizHub team convened a Working Group dedicated to planning the project and conducted focus groups with relevant stakeholders, including people seeking to start or expand a business in Cape May County, successful business owners in the region, and professionals that assist in the business creation process, such as bankers, lawyers, accountants, and real estate agents. Through these efforts, the Working Group confirmed the need for an accessible, centralized small business resource center and crafted a plan for the bizHub to identify, train, and provide technical assistance to existing and prospective entrepreneurs and business managers with a particular focus on women, minority, and veteran-owned businesses. These services are particularly important in Cape May County, where the rural landscape and seasonal, tourism-driven economy have made large-scale economic development efforts challenging.
 
“The Cape May County Chamber is excited to partner with Atlantic Cape in creating this business resource center for the local business community,” stated Vicki Clark, President, Cape May County Chamber and bizHub Working Group member. “Cape May County offers many opportunities for the aspiring entrepreneur, but the challenges can often seem overwhelming and new business owners are often frustrated with uncertainty of who to turn to for help.  This new business resource center will provide aspiring business owners and those looking for assistance with the tools necessary to succeed in today’s marketplace.”
 
Drawing on the strength of this plan, the bizHub Working Group successfully applied for a $40,000 Rural Development Grant from the USDA. This program provides funding for rural projects that finance and facilitate development of small and emerging rural businesses, distance learning networks, and employment related adult education programs.
 
“I am proud to announce this critical funding to one of the areas most affected by COVID-19: small business. Investments like this are paramount to the goals of President Trump set forth in his Task Force on Agriculture and Rural Prosperity,” stated USDA New Jersey State Director Michael Thulen Jr. “This grant will pay dividends for years with business growth in Cape May’s Rural Community. It is truly an honor to give back to communities and help those seeking family sustaining jobs throughout this fantastic county.”
 
In addition to the USDA Grant Funding, the Cape May County Freeholder Board has provided $20,000 to support the project and Crest Savings Bank contributed $10,000. ACCC has also provided a matching in-kind donation of staff, classroom space on the college’s campus, and equipment to facilitate technical assistance training programs. Together these commitments have fully funded the bizHub project.
 
“Our region has needed to find new ways to support our business community during these times of rapid change that existed even before the challenges of COVID-19,” said Nancy Cleaver, Chief Lending Officer for Crest Savings Bank and bizHub Working Group member.  “It is gratifying that the solution we developed over the last few years is about to become a reality, when we need it most.”
 
bizHub Cape May County will launch in the fall of 2020. Business owners seeking more information should email Maria Kellett at mkellett@atlantic.edu. 
 
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

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

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A telephonic meeting of the New Jersey Economic Development Authority is scheduled for 10:00 AM, Wednesday, September 9, 2020.
 
The Members will convene to via conference call only.  Members of the public may participate in the meeting by calling in on the conference line.  Members of the public will have an opportunity to speak during the public comment segment of the meeting. The following conference number is being provided:
 
CONFERENCE NAME:  NJEDA BOARD MEETING (September 9, 2020)
PARTICIPANT DIAL-IN NUMBER:  877-692-8955
PARTICIPANT ACCESS CODE: 4204420
 
Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.
 
The agenda can be found 48 hours prior to the meeting on our website: www.njeda.gov

TRENTON, N.J. (September 2, 2020) – The New Jersey Economic Development Authority (NJEDA) today reminded emerging technology and life sciences companies in the Garden State that they have until September 30 to apply to the State’s 2020 Technology Business Tax Certificate Transfer Program, better known as the Net Operating Loss (NOL) Program.

Through the NOL Program, New Jersey businesses can apply to sell their net operating losses and/or unused research and development (R&D) tax credits in exchange for non-dilutive cash. 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.

“Governor Phil Murphy’s focus on connecting innovative companies with access to much-need capital long predates COVID-19 and has become more important than ever in recent months as they face financial hurdles imposed by the pandemic,” said NJEDA Chief Executive Officer Tim Sullivan.
Sullivan noted that entrepreneurs routinely find tremendous value in the NOL Program as a way to sell their losses without having to forgo equity in their businesses.   
 Additional NOL Program benefits include:

* 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.

To participate in this year’s NOL Program, companies must apply online by September 30, 2020. New Jersey state taxes must be filed in order to participate in the program. The deadline for the annual program is traditionally June 30, however Governor Murphy extended it via Executive Order 159 earlier this summer due to the COVID-19 pandemic. The NJEDA works collaboratively with the New Jersey Department of Treasury’s Division of Taxation to administer the program.

To access the NOL Program application, as well as information about the 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. (September 1, 2020) – While COVID-19 has been devastating for almost all businesses, esports – competitive video gaming –has expanded significantly as people across the world spend more time at home and more social interactions move into virtual spaces. Now, thanks to a number of initiatives supported by the New Jersey Economic Development Authority (NJEDA), including legalized betting on esports competitions and a first of its kind college esports league, New Jersey is set to take the lead as a United States epicenter of this rapidly growing industry.
 
Esports has been a growing industry for years, and it has continued to expand during the COVID-19 pandemic, when social distancing has forced many people to stay home and find ways to socialize virtually. Worldwide, there are twelve professional esports leagues, which include 120 franchised teams and roughly 1,000 professional players. Nearly 500 million people tune into esports events, and revenues from the industry are expected to surpass $1 billion in 2020. The industry’s growth has accelerated during the COVID-19 pandemic. This rapid expansion has created new opportunities for states that embrace esports, and the NJEDA is working with partners throughout the industry to make sure New Jersey is a destination for esports companies.
 
“As the COVID-19 pandemic persists, finding new ways to bring people together virtually and supporting industries that can thrive without in-person interaction is crucial,” said NJEDA Chief Executive Officer Tim Sullivan. “Esports are uniquely positioned to address both of these priorities, and the NJEDA is excited to help to bring the benefits of this new industry to communities throughout New Jersey.”
 
One strategy the State is using to drive interest in esports is allowing fans to place bets on esports matches the same way they bet on traditional sports such as basketball and football. The Vie.gg Legend Series, a two-week long global esports tournament beginning on August 31, 2020, will be the first opportunity for esports enthusiasts and other gamblers to bet on an esports event in New Jersey with the VIE.gg CS:GO Legend Series.
 
The VIE.gg CS:GO Legend Series is a two-week-long Counter-Strike: Global Offensive (CS:GO) tournament  developed through a partnership between Allied Esports, a global esports entertainment company, and Esports Entertainment Group, a licensed online gambling company focused on esports betting, with data and video rights licensed to leading esports data provider GRID. The inaugural event, which runs from August 31 through September 13, 2020, features 16 professional esports teams from around the world competing in the team-based, first-person action game.
 
Similar to traditional sports betting, esports fans will be able to place both “single outcome” bets on which team will win at each stage of the competition and more granular “in-play” wagers on live action components of each match. Live odds and additional betting opportunities will be integrated into the broadcast of all matches during the tournament, which can be watched on twitch.tv/AlliedEsports starting at 11 a.m. EDT each day.
 
To ensure fairness, the VIE.gg CS:GO Legend Series is conducted in line with industry-leading standards and practices for integrity, directed by Allied Esports’ membership in the Esports Integrity Commission (ESIC), and  event guidelines include specific rules for teams and players regarding betting, inside information, match fixing, and cheating.
 
“Esports is quickly emerging as an economic and cultural force on par with many other traditional sports, and it is important that New Jersey accommodate the many ways fans engage with their favorite teams and events,” said New Jersey Division of Gaming Enforcement (DGE) Director David L. Rebuck. “Allowing betting on esports not only provides more variety for sports wagering enthusiasts, but also makes New Jersey more attractive to the innovative companies that drive this growing industry.”
 
While the VIE.gg CS:GO Legend Series and other esports events that allow betting will grow New Jersey’s professional esports industry, the NJEDA is also supporting efforts to create opportunities for younger esports enthusiasts. In particular, the Authority is helping to facilitate the creation of Conference One (CF1), a first-of-its-kind college esports league that will be headquartered in New Jersey.
 
Despite the industry’s recent growth, there has never been a college-specific league for esports enthusiasts. Players are either amateurs or professionals; there is no path for esports student athletes comparable to traditional college sports. CF1 aims to change that by creating a collegiate varsity esports league that will bring together teams of students from more than 128 schools across the United States for live open league and tournament play. The league will also produce and disseminate other student-driven entertainment content and programming.
 
In the 2020-21 academic year, CF1 will run collegiate esports competition for colleges and universities in Riot Games’ newly released game title, Valorant. Schools will be organized into four regions: East, North, South, and West where they will compete in a round robin format culminating in regional tournaments. The league anticipates adding more titles in the future.

New Jersey-based Rutgers University and Stockton University have agreed to compete with Conference One this upcoming fall semester. A complete list of registered schools and Conference One competition details will be available online September 1, 2020 at CF1.gg. Schools interested in joining the league can sign up before September 21, 2020.

“Finding the ideal location to establish Conference One was challenging. We needed a place with a robust technology infrastructure that could handle the demands of major livestreamed events, a highly skilled and adaptable workforce, and an established sports wagering industry. Not many locations offer all of that, but New Jersey has it all,” said Anthony Gaud, CEO of G3 Esports, which established and manages Conference One. “We look forward to collaborating with the NJEDA and other partners throughout the state to grow Conference One while supporting New Jersey’s emerging status as the hub of the American esports industry.”
 
The launch of esports betting and Conference One this fall is just the beginning of the industry’s growth in New Jersey. Several New Jersey colleges have established esports teams and a few have begun developing coursework and internship programs to prepare students for careers in the field. The NJEDA supports these efforts and is actively seeking to connect with innovative esports businesses to accelerate the industry’s continued growth in New Jersey. Individuals and companies with innovative ideas related to esports are encouraged to reach out to William Penders, Senior Advisor – Office of Economic Transformation at wpenders@njeda.com.

To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 
About Gaud-Hammer Gaming Group (G3):
 
Connecting fans, brands, events, and venues to the world of esports Gaud-Hammer Gaming Group is a full-service esports, gaming and entertainment agency. We are committed to creating a safe, healthy, and supportive world, one that builds gamers’ skill sets, provides them with the tools to improve their lives and community, and drives the gaming culture forward. To learn more about Gaud-Hammer Gaming Group, visit http://www.g3esports.gg.
 

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TRENTON, N.J. (September 1, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced a $10 million expansion of its Small Business Emergency Assistance Loan Program to help support small businesses and nonprofits impacted by the COVID-19 pandemic. The expanded program will be capitalized by a grant received from the United States Economic Development Administration’s (USEDA’s) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation.

“As we’ve said many times, while COVID-19 is first and foremost a health crisis, it is also a severe economic crisis that affects small business owners in communities throughout our state,” said Governor Phil Murphy. “Small businesses are the heartbeat of our economy and it is incumbent upon us to ensure that we secure the funding necessary to help them succeed during these unprecedented and turbulent times."

The NJEDA initially created its Small Business Emergency Assistance Loan Program in the Spring as part of a suite of resources for small businesses and nonprofits following Governor Murphy’s signing of Executive Order 103, declaring a State of Emergency and a Public Health Emergency. The program was launched with $10 million in NJEDA funding, and to date, the NJEDA has approved more than $7.5 million in loans through the program. Additional applications are under review.

The second phase of the Small Business Emergency Assistant Loan Program will launch as a $10 million program and will offer up to $100,000 in low-cost financing to eligible New Jersey small businesses and nonprofits to help with recovery and reopening efforts as a result of COVID-19. The funding can be used to pay rent or mortgage, payroll, and/or utilities. It can also be used to purchase inventory, personal protective equipment (PPE), furniture, fixtures, or equipment. To ensure equity, $3.5 million of the funding will be reserved for businesses in Opportunity Zone-eligible census tracts.

The NJEDA expects the application for its Small Business Emergency Assistance Loan Program – Phase 2 to be available in the fall.

In line with the terms of Phase 1 of the program, Phase 2 loans will have ten-year terms with zero percent interest for the first five years, then resetting to the NJEDA’s prevailing floor rate for the remaining five years, with a three percent cap.

“We are grateful to the USEDA for realizing the enormous strain that New Jersey small businesses and nonprofits are under as they begin to bounce back from the economic impact of COVID-19,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, we have prioritized supporting small businesses that have faced incredibly tough decisions these past few months. The funding announced today will go a long way toward helping small business owners free up capital to move forward, whether that’s by creating jobs, obtaining PPE, or one of numerous other steps necessary to re-emerge from the pandemic.”

To be eligible for financing through Phase 2 of the Small Business Emergency Assistance Loan Program, small businesses and non-profit organizations must be in existence and in operation for at least one year prior to the date of application launch, have $5 million or less in annual revenue and a physical commercial location in New Jersey. They also must be able to show a negative impact resulting from the COVID-19 outbreak. Home-based businesses are not eligible for financing under this program.

“The NJEDA has a long track record of supporting small businesses through strong economic times as well as turbulent ones,” said Dana Gartzke, who performs the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “We’re proud to work with Tim Sullivan and his team to get funds into the hands of businesses that need them most.”

The USEDA announced the grant award at a news conference in Atlantic City today. The NJEDA is one of six New Jersey entities or communities to share a total of $15.6 million in federal CARES Act grant funding from the federal agency. The other entities are Burlington County, Cooperative Business Assistance Corporation, the Jersey City Economic Development Corporation, Rutgers – the State of New Jersey’s University Center, and the South Jersey Economic Development District. NJEDA Senior Vice President – Finance and Development Lori Matheus represented the NJEDA at today’s event.

Gartzke noted that the $11 million from the USEDA to the NJEDA was provided to his agency from the CARES Act. The grant will cover the expansion of the NJEDA’s Small Business Emergency Assistance Loan Program and related administrative costs.

Comprehensive information about New Jersey’s coronavirus response is available at https://cv.business.nj.gov.
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan

About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

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Companies Continue to Benefit From COVID-Relief Program

TRENTON, N.J. (August 27, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced it has supported 35 investments totaling more than $2 million into 11 innovation-focused companies through the New Jersey Entrepreneur Support Program since April. The program is designed to support COVID-19-impacted small businesses in the Garden State’s innovation ecosystem.

The New Jersey Entrepreneur Support Program is a $5 million program that offers a guarantee to support repayment of an investor loan advanced for working capital purposes and is designed to encourage investors to support businesses within their portfolios during this pandemic when investor support is crucial. It provides an NJEDA guarantee of up to 80 percent for an eligible new loan or convertible note by a qualified investor into a New Jersey qualified business, not to exceed a $200,000 guarantee per company.

NJEDA Chief Executive Officer Tim Sullivan noted that companies benefiting from the New Jersey Entrepreneur Support Program have an average of five employees and the average investment size is $59,000.

“We are finding that investors participating in this program are focusing on our state’s smallest innovation companies,” Sullivan said. “Strengthening New Jersey’s innovation sector is essential as we begin to recover from the pandemic, and it is encouraging to see investment dollars flowing to where they can make the biggest impact.” 

Since the NJEDA last reported out in mid-July, the Authority closed on guarantees on 16 investments into four innovation-focus businesses through the New Jersey Entrepreneur Support Program. These investments injected a total of $550,000 into the innovation economy. The investments supported information technology companies Peace of Mind (POM) Partners, based in Newark, and Tripod Technologies, headquartered in Cherry Hill, as well as health technology companies InquisitHealth, located in River Edge, and MAPay, LLC, based in Voorhees.

POM Partners and Tripod Technologies participated in the New Jersey Entrepreneur Support Program for the first time in recent weeks, while healthcare technology companies InquisitHealth and MAPay, LLC continued to benefit from the program, having previously received investments.

POM Partners has created a one-touch safety device that instantly connects customers to the help they need in an emergency. A robust safety system, the POM is a small and sleek button that attaches to a person’s belongings and connects to the POM Safe app, which has several safety features designed to provide peace of mind. Whether sending a user’s location to a designated contact, providing a virtual escort to ensure arrival to a destination on time, or acting as a visual deterrent against would-be assailants, the POM can help customers get out of an uncomfortable situation, and takes the stress out of personal safety on the job, while traveling to work, or in daily life. POM Partners has received six investments totaling $240,000 through the New Jersey Entrepreneur Support Program since mid-July.

“Our POM device is perfect for healthcare workers on the front lines in the fight against COVID-19, as it connects them directly with first responders, sends GPS locations, and opens two-way calling, all while eliminating the need to strip off gloves to use a cell phone,” said POM Partners President, Co-Founder & CEO Andrew Leahy. “Thanks to the New Jersey Entrepreneur Support Program, we are able to scale up our production and provide support to those combatting the pandemic.”

Tripod Technologies developed its flagship product, eureQa, to redefine the software test automation platform. eureQa is designed to enable companies to effectively operate their digital businesses and provides support for functional, cross browser/device, mobile & performance testing, and synthetic monitoring in a single enterprise class cloud platform. Powered by artificial intelligence and machine learning, eureQa is designed to give companies the tools they need to improve the user experience and overall quality. Tripod Technologies has received $150,000 from five investments as part of the NJ Entrepreneur Support Program since mid-July. 

“New Jersey’s proximity to an abundance of technology companies, coupled with its easy access to major markets like New York City, Philadelphia and Washington, has been extremely advantageous to us as we’ve grown,” Tripod Technologies CEO Badri Nittoor said. “Despite the challenges that COVID-19 poses to startups like ours, the New Jersey Entrepreneur Support Program has allowed us to continue attracting capital even during these uncertain times.”

InquisitHealth, which connects patients via a “peer-to-peer” mentoring platform, closed on four investments totaling $110,000 through the program since mid-July.

MAPay, LLC, developer of a healthcare payment network, received a $50,000 investment through the New Jersey Entrepreneur Support Program in August.

As previously announced by the NJEDA, InquisitHealth and MAPay, LLC closed on a combined $340,000 in investments through the program in prior months.

Investors are qualified for the New Jersey Entrepreneur Support Program if they have already provided funding to a New Jersey company through a simple agreement for equity (SAFE), convertible note, or equity investment as of March 9, 2020 (the date of the Governor's Executive Order 103). Participating investors are not required to be New Jersey residents and can include, but are not limited to, individuals, trusts, and corporations. There will be no fees associated with the NJ Entrepreneur Support Program.

The New Jersey Entrepreneur Support Program is part of a suite of pandemic relief programs the NJEDA launched this spring to provide a variety of resources for businesses of all sizes. These resources include grants for small businesses, support for private-sector lenders and Community Development Financial Institutions, funding for entrepreneurs, and technical support and marketplace information. In total, the NJEDA’s COVID-19 relief programs have supported nearly 15,000 small businesses in communities across New Jersey.

The NJEDA’s Small Business Emergency Assistance Loan Program hit a milestone this month when the Authority approved the 100th loan through the program.  To date, 100 businesses have been approved for loans totaling $6.8 million. The Small Business Emergency Assistance Loan Program provides working capital loans of up to $100,000 to businesses with less than $5 million in revenues.
  
Comprehensive information about New Jersey’s coronavirus response is available at https://cv.business.nj.gov.
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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