Economic Development Authority to Host Grant Workshop in Little Ferry

TRENTON, N.J. (September 4, 2013) – 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) announced two Bergen County businesses, JJ&K Distributors in Moonachie and JNT Technical Services in Little Ferry, were recently awarded Stronger NJ Business Grants to assist in their rebuilding efforts. 

“Little Ferry and Moonachie were among the hardest-hit communities and we’re glad businesses in this area are coming to us for help in getting back on their feet,”  said Michele Brown, CEO of the EDA. “We encourage any business with at least $5,000 in storm damage to apply for a grant. The application deadline is October 31, so there’s still time to apply.”   

JJ&K Distributors, an importer and distributor of specialty wholesale foods in Moonachie for over 30 years, lost about half of its inventory due to extensive flooding.   

Alicia Ruschke, owner of JJ&K Distributors, said, “The timing of the storm could not have been worse, as our warehouse was fully stocked with popular foods for the upcoming holiday season.  It has been a challenging year, but we’re optimistic that we’re on track for a successful season this year.  We’ve worked hard, and the support from the state is helping us to bridge the financial gap created by the storm.” 

JNT Technical Services Inc. is a manufacturer and designer of specialized performance and maintenance equipment for the power generation and other energy related industries.  JNT also lost nearly all of its inventory due to flooding from Sandy. 

“It was our top priority to minimize disruption to our customers,” explained Glenn Jorgensen, President and Chief Executive Officer of JNT Technical Services.  “It has been a very challenging year, but the JNT team has worked hard to maintain a high level of quality and service.  We very much appreciate the loyalty of our clients, as well as the grant support we have received from the State.” 

The Stronger NJ Business Grant program offers grants of up to $50,000 to New Jersey businesses damaged by the storm.  To date, the EDA has received 400 completed grant applications, and 60 businesses have been awarded grants totaling over $3 million.  

The EDA will host a Stronger NJ Business Grant Workshop on September 13 at Little Ferry Borough Hall, 215-217 Liberty Street in Little Ferry from 9:00 a.m. – 5:00 p.m.  To schedule your appointment with a business advisor, please contact Patience Purdy at (609) 858-6924 or PPurdy@njeda.com.  Appointments are available, but not required. 

Beginning May 1^st, 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 is making low-cost loans of up to $5 million available to businesses and non-profits that were 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, which launched today, will offer 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. 

Stronger NJ Business Grant applications must be received on or by October 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). 

EDA business advisors are located at One-Stop Career Centers in the nine most impacted counties to help businesses with the application process.  The Bergen County one-stop is located at 60 State Street, 2nd Floor, Hackensack, NJ  07601. Business advisors will be available every Tuesday and Thursday from 8:30 a.m. to 4:30 p.m.  Appointments are suggested, but not required.

$75 Million Program Will Offer Financial Assistance to Sandy-Affected Small Businesses and Strengthen Local Communities

Trenton, NJ – In support of Governor Christie’s commitment to helping storm-impacted small businesses and communities recover, the New Jersey Economic Development Authority (EDA) today at a Board meeting approved the creation of the Stronger NJ Neighborhood and Community Revitalization (NCR) Program. The $75 million program will offer 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.

“As New Jersey continues to rebuild and recover, it is critical that we remain focused on strengthening our local communities and restoring economic vitality throughout the state,” said EDA Chief Executive Officer Michele A. Brown. “The Stronger NJ Neighborhood and Community Revitalization Program will help lead to neighborhood stability, increased local tax revenues, new employment opportunities and the attraction of additional investment to our region.”

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 businesses and communities. The $75 million Stronger NJ NCR Program will support projects located throughout the state, with a focus on the nine most impacted counties of Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, and Union, as defined by the U.S. Department of Housing and Urban Development (HUD). The $260 million Stronger NJ Business Grant and $100 million Stronger NJ Business Loan programs were previously introduced and remain active.

Through the NCR Program, $62.5 million will be allocated to help advance development and public improvement projects with grants and/or loans, up to a maximum of $10 million per project. Projects must fall under at least one of the following four categories: 

1. Catalytic Projects, which must be located in commercial or industrial areas. These projects must include planned physical improvements that have commercial or mixed uses, including retail, office, hospitality, community, and industrial; projects with a housing component can only receive funding for the commercial component. Projects can involve construction or rehabilitation of commercial and mixed-use buildings, parking, and supporting infrastructure (i.e. utilities, streetscape, drainage, etc.).
2. Transformative Neighborhood Projects, which must have the same characteristics of catalytic projects, but be located within residential areas.
3. Innovation Projects, which also must have the same attributes of catalytic projects, but may be of a smaller scale and involve multi-tenant technology business development. This could include the creation of specialized laboratory or research and development space to be used by a technology business. Projects may be stand-alone or distinct parts of a larger development.
4. Recreational, Cultural and Park Land Amenities, which must be planned physical improvements that have recreational or cultural uses within commercial, residential or existing/planned park areas. These projects can involve construction or improvement of parks, recreational structures, boardwalks and esplanades, cultural and community facilities, and supporting infrastructure (i.e. utilities, streetscape, signage and drainage).  

Applicants must be for-profit developers; municipalities and county governments undertaking publically owned or to be publically owned projects; state or municipal redevelopment agencies; or, other eligible economic development non-profits. Funds may be used for construction and/or rehabilitation, property acquisition and assembly, demolition and clearance, environmental investigation and remediation, pre-development costs, mitigation measures, and infrastructure.

To be eligible for funding, projects in the nine most impacted counties must either have been damaged by the storm or demonstrate that they will contribute to the revitalization of an area that sustained damage. Projects located outside the nine counties must have sustained damage themselves. Projects must show a clear ability to utilize the entire amount of awarded funding by December 31, 2014. In accordance with federal requirements, projects must also meet at least one of four defined national objectives: urgent need; low and moderate income employment creation; low and moderate income area benefit; and/or slum and blight reduction. A gap in project funding must exist, and funds provided under the program cannot duplicate benefits related to recovery provided by other governmental and insurance sources.

The EDA will utilize $10 million to support main street revitalization projects in order to advance the recovery of economic activity in the commercial corridors of storm-impacted communities. The program will offer financial assistance to support improvements such as streetscapes, lighting sidewalks, façade, code-related and other physical upgrades to commercial areas.

In addition, the NCR Program will allocate a total of $2.5 million to provide existing CDFIs with up to a $500,000 grant to fund small business loans in the nine most impacted counties. 

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

Stronger NJ Business Grant Funds Will Support Recovery and Rebuilding at First Avenue Pizza

First Ave Pizza “Open for Business” Video

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 that First Avenue Pizza in Manasquan is the recipient of a $50,000 Stronger NJ Business Grant.  The business has received a check for $32,000, which represents the first disbursement of their grant and will support First Avenue’s rebuilding. 

“I continue to be so impressed by the resiliency of New Jersey’s small businesses,” said Michele Brown, CEO of the NJ Economic Development Authority (EDA).  “It seems the challenges presented by Superstorm Sandy have united our communities, as business owners, local officials, and citizens have pulled together to rebuild.  The Stronger NJ Business Grant program is here to support businesses like First Avenue, which are determined to overcome these challenges and remain vital parts of their communities.”

First Avenue Pizza, located in Manasquan since 1998 was flooded by more than four feet of water and surrounded by 3-4 feet of sand.  Sand also seeped into the building when the front door collapsed.  But First Avenue Pizza reopened on May 23, in time for Memorial Day weekend.

“We have worked hard to get our business up and running again, and are happy to be back,” said Rachel Vukovic, Owner, First Avenue Pizza.  “Our customers have been so loyal and we appreciate their support, as well as the assistance offered to us by the State through the Stronger NJ Business Grant Program.”

To date, the EDA has received 330 completed applications under the Stronger NJ Business Grant Program, and 50 businesses have been awarded grants totaling up to $2.62 million.  Once approved for a grant, businesses have up to one year to submit receipts and invoices for eligible expenses, at which point the EDA will issue a disbursement.

Eligibility for Stronger NJ Business Grants is no longer tied to whether a business has applied for a Small Business Association Loan.  In some cases, businesses may be eligible for reimbursement of repair costs incurred prior to applying for a grant.

Since May 1^st, 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 provides low-cost loans of up to $5 million to eligible businesses and non-profits that were impacted by the storm, as well as businesses looking to expand within storm-impacted communities.

Applications for Stronger NJ Business Grants must be received on or by October 31, 2013.  For more information on the Stronger NJ Business Grant program, 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). 

To help businesses with the application process, EDA business advisors are located at One-Stop Career Centers in the nine most impacted counties.  The Monmouth County one-stop is located at 60 Taylor Avenue in Neptune. Business advisors are available every Tuesday and Thursday from 8:30 a.m. to 4:30 p.m.  Appointments are suggested, but not required.

Stronger NJ Business Grant Funds to Support Recovery and Rebuilding

TRENTON, N.J. (August 15, 2013) – Demonstrating the Christie Administration’s commitment to the recovery of small businesses in the aftermath of Superstorm Sandy, Michele A. Brown, Chief Executive Officer of the New Jersey Economic Development Authority (EDA), delivered a Stronger NJ Business Grant check  for more than $25,000 today to Van Note Custom Canvas, a customized watercraft canvas business in Lavallette.  The grant represents the first disbursement of the business’s overall $50,000 grant and will support Van Note’s rebuilding process as a result of damage from Sandy.  

“The recovery process from the storm has been long and challenging, and I have seen remarkable examples of strength and perseverance among business owners impacted by Superstorm Sandy,” said Michele Brown.  “There is still work to be done, but so many businesses have managed to get their doors open through sheer determination. We are happy to support worthy businesses like Van Note Custom Canvas with the Stronger NJ Business Grant program.”

Van Note Custom Canvas, which offers customized watercraft canvas work, opened in 1993 in Normandy Beach.  In 2004, it moved to its larger location in Lavallette.  The business experienced four feet of flooding from the storm, and lost all of its inventory and equipment.  Employees were able to return to the business two weeks after the storm and reopened in early March.

“Like other businesses in Lavallette , we were devastated by the storm. We are all doing our best and helping each other however we can,” said Thomas Van Note, owner of Van Note Custom Canvas.  “The support we are receiving from the State will help us to recover and rebuild so we can continue to offer the same level of service we always have.”

Another Lavallette business, The Music Man Singing Ice Cream Shoppe, recently received the first $40,000 of their $50,000 Stronger NJ Business Grant.  Located in Lavallette since 2003, the Music Man was surrounded by 4 and 1/2 feet of water following the storm.  All of the business’s inventory and equipment were destroyed, and the entire interior of the building had to be renovated.

“I am happy to see that the grants are being administered in a methodical, structured fashion, and I hope as many businesses as possible will receive the same support The Music Man has,” said Josephine Sessa-Agliata, owner of The Music Man Singing Ice Cream Shoppe. “It’s a detailed application, but guidance from my EDA business advisor along the way simplified the process.”

Beginning May 1st, 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 is making low-cost loans of up to $5 million available to businesses and non-profits that were impacted by the storm, as well as businesses looking to expand within storm-impacted communities.

Eligibility for Stronger NJ Business Grants is no longer tied to whether a business has applied for a Small Business Association Loan.  In some cases, businesses may be eligible for reimbursement of repair costs incurred prior to applying for a grant.

To date, the EDA has received 270 completed applications under the Stronger NJ Business Grant Program, and 45 businesses have been awarded grants totaling up to $2.38 million.  Once approved for a grant, businesses have up to one year to submit receipts and invoices for eligible expenses, at which point the EDA will issue a disbursement.

Applications must be received on or by October 31, 2013.  For more information on the Stronger NJ Business Grant program, 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).  

EDA business advisors are located at One-Stop Career Centers in the nine most impacted counties to help businesses with the application process.  The Ocean County one-stop is located at 1027 Hooper Ave, Building 6, in Toms River. Business advisors will be available every Monday, Wednesday and Friday from 8:30 a.m. to 4:30 p.m.  Appointments are suggested, but not required.

TRENTON, N.J. (Aug. 13, 2013) – Following the launch of the Angel Investor Tax Credit last month, the New Jersey Economic Development Authority (EDA) today approved the first investment under the program at its August Board meeting.  The 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 Angel Investor Tax Credit demonstrates the Christie Administration’s continuing focus on nurturing early-stage technology businesses and ensuring that the next scientific advancements take place right here in New Jersey,” said EDA Chief Executive Officer Michele Brown.  

The program provides credits against New Jersey corporation business or gross income tax for 10 percent of a qualified investment in certain emerging technology businesses. The approved $17,500 investment for New Providence-based Edge Therapeutics, Inc. was made by Jonathan Perelman in exchange for stocks in the business. The clinical-stage biopharmaceutical company is focused on developing and commercializing life-saving hospital products that improve patient outcome by addressing acute, fatal or debilitating conditions after brain hemorrhage that have no current effective treatment. The EDA previously provided Edge Therapeutics with $100,000 in convertible debt, which was converted to equity in 2012.  Edge Therapeutics also participated in New Jersey’s Technology Business Tax Certificate Program.

Brown added that the Board approved several other projects that also seek to capitalize on the talent in our region and provide an environment that catalyzes innovation, entrepreneurship and job creation.

The EDA helps increase available capital for emerging technology companies by investing as a limited partner in venture capital firms.   The Board approved an investment of $2.5 million in ff Rose Venture Capital Fund, L.P., which was formed in 2012 and is part of the ff Venture Capital family of funds.  The Fund is anticipated to be between $50 million and $70 million and is seeking to invest in approximately 40 angel-stage internet and technology companies.  It has raised $25 million to date and made 11 investments totaling $4.7 million. The Fund has agreed to invest two dollars for every one dollar the EDA invests in New Jersey-based companies, resulting in a minimum of $7.5 million of capital. In addition, ff Rose is planning to establish a location in New Jersey.  

Prior to today’s action, the EDA had approved investments in 11 venture capital funds in excess of  $40 million; to date, these funds have leveraged the EDA’s investment into New Jersey businesses by more than 62  times.  Gains resulting from these investments are utilized to offer new funding opportunities to support New Jersey’s technology businesses.

The Board also approved a lease with Orthobond Corporation, a biotechnology company developing surface modification technology that can be applied to virtually any material to produce a desired biological response. The company is currently the largest tenant at the EDA’s Commercialization Center for Innovative Technologies (CCIT), which is part of the Technology Centre of New Jersey in North Brunswick.  Since moving to CCIT in 2009, Orthobond has grown from two to four laboratories and expanded from a staff of three to 11.  The company expects to add another eight jobs over the next few years. To support its growth, the EDA entered into a lease with Orthobond for just over 7,050 square feet of generic wet lab space at the Biotechnology Development Center II (BDC), which is also part of the Technology Centre campus.  Orthobond also participated in the Technology Business Tax Certificate Transfer Program.

Brown noted that the graduation of Orthobond from the CCIT into the BDC demonstrates exactly how the concept of the generic wet labs was designed to work: a startup company thrives in the incubator, then moves on to graduate or “tweener” space, and, hopefully in future years, to much larger space on the Technology Centre campus.  

“From angel tax credits to venture fund investments and real estate, today’s Board action illustrates the diverse range of support New Jersey now offers our technology community,” Brown said.

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.

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

For more information on the Angel Investor Tax Credit Program, visit www.njeda.gov/angeltaxcredit.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

Businesses Receive Stronger NJ Business Grant Funds to Support Recovery

TRENTON, N.J. (August 6, 2013) – Demonstrating the Christie Administration’s commitment to the recovery of small businesses in the aftermath of Superstorm Sandy, Michele A. Brown, Chief Executive Officer of the New Jersey Economic Development Authority (EDA), delivered a check today to Surf City boutique Fisheads for the first disbursement of the business’s Stronger NJ Business Grant.  She also visited Petitte Home Furnishings and Howard’s Seafood in Beach Haven, both of which received grants from the Stronger NJ Business Grant Program.   The grants will support these family owned and operated businesses in their rebuilding process as a result of damage from Sandy. 

“We applaud the hard work of business owners like these who have demonstrated tremendous fortitude and determination by rebuilding and remaining part of the LBI community,” said Brown. “It hasn’t been easy for them, and we at the EDA are happy to provide Stronger NJ Business Grants to support their recovery.”

Fisheads, a boutique offering clothing, gifts, jewelry and home furnishings, lost nearly all of its inventory, display equipment and furniture in the storm.  The business was approved for a grant of up to $50,000 through the Stronger NJ Business Grant Program and received a check for over $37,500 today.

“I was determined to reopen Fisheads, as I was not going to let the storm win,” said owner Carol Townsley.  “I learned about the Stronger NJ Business Grant Program directly from Governor Christie when he visited Long Beach Island in May.  I immediately applied and am so grateful for the support I have received.”

Petite Home Furnishings, which lost all if its inventory to the storm, received a grant of $100,000, which consists of $50,000 for both their Beach Haven and Surf City locations. Howard’s Seafood suffered loss of inventory and equipment, as well as structural damage.  They received a $50,000 grant.

Petitte Home Furnishings has been located in Beach Haven since 2007, and opened a second location in Surf City in 2009.  The business provides a full line of home furnishings and accessories, as well as complimentary design service.  The storm destroyed inventory and equipment, including its delivery truck.  The Surf City location reopened in January, followed by Beach Haven in May. 

“Like many businesses in the area, we suffered tremendous loss and struggled to get back on track following the storm,” said owner Mary Ann Petitte.  “With the help of the Stronger NJ Business Grant Program, we have been able to better provide for our customers, helping to restore the shore one room at a time.”

Howard’s Seafood, a Beach Haven staple since 1950, was damaged by flooding from the storm surge, requiring complete renovation and replacement of equipment.  The popular restaurant reopened in time for Mother’s Day.

“The damage from flooding was devastating and it took a lot of hard work to get to the point where we could reopen,” Kevin Sparks, Chef and Owner of Howard’s Seafood, said.  “The grant support offered by the State has been a lifesaver.”

Beginning May 1^st, 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 is making low-cost loans of up to $5 million available to businesses and non-profits that were impacted by the storm, as well as businesses looking to expand within storm-impacted communities.

Eligibility for Stronger NJ Business Grants is no longer tied to whether a business has applied for a Small Business Association Loan.  In some cases, businesses may be eligible for reimbursement of repair costs incurred prior to applying for a grant.

To date, the EDA has received 270 completed applications under the Stronger NJ Business Grant Program, and 41 businesses have been awarded grants totaling up to $2.18 million.  Once approved for a grant, businesses have up to one year to submit receipts and invoices for eligible expenses, at which point the EDA will issue a disbursement.

Applications must be received on or by October 31, 2013.  For more information on the Stronger NJ Business Grant program, 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). 

EDA business advisors are located at One-Stop Career Centers in the nine most impacted counties to help businesses with the application process.  The Ocean County One-Stop is located at 1027 Hooper Ave, Building 6, in Toms River. Business advisors will be available every Monday, Wednesday and Friday from 8:30 a.m. to 4:30 p.m.  Appointments are suggested, but not required.