Grant Funds to Support Superstorm Sandy Business Recovery

TRENTON, N.J. (July 17, 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) today visited AAMCO of Asbury Park and Beckman’s on the Beach in Belmar to deliver checks from the Stronger NJ Business Grant Program.

“AAMCO of Asbury Park and Beckman’s of Belmar are wonderful examples of the passion and resiliency we’ve seen among New Jersey business owners since Superstorm Sandy,” said Timothy Lizura, President and Chief Operating Officer of the EDA, who visited both Monmouth County businesses today. “The Stronger NJ Business Grant Program supports businesses in reaching their goals of rebuilding and staying in New Jersey for the long haul.  Small businesses like AAMCO and Beckman’s are the backbone of the Jersey Shore economy.”

AAMCO of Asbury Park has been providing transmission service and repairs and complete car care to the surrounding area since 2007.  After experiencing major roof damage, AAMCO reopened three weeks after the storm, but the impact to the business went beyond physical damage. Being closed for a significant period of time, combined with the destruction sustained by the Asbury Park community, diminished AAMCO’s base of viable local customers. AAMCO of Asbury Park will use their  $50,000 grant to supplement their operating cash flow as they get back on track.

“We at AAMCO of Asbury Park appreciate the continued patronage of our customers during our recovery from Superstorm Sandy,” said Patrick Infante, Sr., Owner, AAMCO of Asbury Park. “This has been a challenging time for all of us at the Jersey Shore, and we are very grateful for the support of our community as well as the State.”

Lizura also delivered the second disbursement of their $50,000 grant to Belmar seasonal convenience store and deli Beckman’s on the Beach. Storm flooding led to severe damage, including a loss of all inventory. Their grant will be used for inventory, rent, payroll and utilities. 

“Thankfully, Beckman’s was open for business in time to take advantage of the busy summer season,” said owner Jerome Beckman. “We’re facing challenges this year that are very different from a typical summer, but fortunately, things are slowly but surely returning to normal.  The Stronger NJ Business Grant is helping us to bridge the gap.”

Serving the Belmar community for the past seven years, Beckman owns a second store, Beckman’s Asbury Park, and comes from a family that has been part of the area’s business community for many years. 

Other Monmouth County businesses that have been approved for Stronger NJ Business Grants include Eastern Lines Surf Shop in Belmar, and Casa Comida in Long Branch.

Beginning 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 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.

To date, the EDA has received 236 completed applications under the Stronger NJ Business Grant Program, and 27 businesses have been awarded grants totaling up to $1.46 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 Monmouth County one-stop is located at 60 Taylor Avenue in Neptune. Business advisors will be available every Tuesday and Thursday, from 8:30 a.m. to 4:30 p.m.  Appointments are accepted, but not required.

TRENTON, N.J. (July 11, 2013) – In support of the Christie Administration’s efforts to stimulate job creation and encourage business growth, large and small companies from Bergen County to Cumberland County were approved for financing through the New Jersey Economic Development Authority (EDA) at its July Board meeting. 

“From an e-commerce retailer based in the United Kingdom to a cooperative of fisherman in Monmouth County, the companies that were approved for assistance this month illustrate the diverse range of business that are looking to remain and grow in New Jersey,” said EDA Chief Executive Officer Michele Brown.  

Brown said that through the Business Employment Incentive Program (BEIP) alone EDA assistance of approximately $11 million is expected to leverage more than $31 million in private investment and lead to the creation of an estimated 880 new jobs in the State.

The U.S. subsidiary of Nature Delivered Limited, a United Kingdom-based e-commerce retailer, is looking to New Jersey to expand in the U.S. market.  The fast growing company specializing in healthy snack foods is considering New Jersey or Pennsylvania for the site of its new mail order distribution center.  Also considering New Jersey for its U.S. expansion is Orexo US, Inc., the U.S. subsidiary of Orexo AB, headquartered in Sweden. The emerging specialty pharmaceutical company is contemplating New Jersey for the location of corporate office space. 

As part of its growth strategy, CVS Pharmacy, Inc. is planning to establish a new operations facility to support its pharmacy services.  The company is considering several potential locations, including Florham Park, as well as sites in Texas and Arizona.  David Yurman Enterprises is considering Lyndhurst for its new East Coast Logistic & IT Center. The designer, manufacturer, wholesaler and retailer of fine jewelry, women’s fragrances and luxury eyewear would be moving operations that are currently located in New York. 

During the meeting, EDA CEO Michele Brown also updated the Board on the State’s business recovery efforts.  Brown noted that 26 businesses have been awarded funding of up to $1.4 million through the Stronger NJ Business Grant Program, which makes grants of up to $50,000 available to storm-impacted small businesses.  Brown announced that the EDA launched the Stronger NJ Business Loan Program on July 1, offering low-cost loans of up to $5 million to businesses and non-profits that were impacted by the storm, as well as businesses looking to expand within storm-impacted communities. To date, the EDA has received over 30 applications.

Brown noted that companies can also take advantage of the EDA’s various small business lending programs.  Middletown-based Belford Seafood Cooperative Association, Inc. is utilizing the Small Business Fund to help finance equipment repairs following damage from the storm.  The cooperative sells fish caught by its members to wholesale fish markets and also provides its members with boat slips. EDA Premier Lender Two River Community Bank is providing a $350,000 term loan to the company for working capital, which includes a 50-percent EDA participation. 

“By partnering with our Premier Lender banking partners, EDA is helping to increase access to capital for small businesses across New Jersey,” Brown said.  “With Premier Lender status, we are able to work with more than 40 commercial banks to offer businesses low-cost financing opportunities with fast turnaround.”

Through the Main Street Business Assistance Program, the EDA is working with Premier Lender Bank of America to support Dataline Analytics, Inc. of West Windsor. The consumer marketing information company, which expects to add three new employees to its existing staff of 15, is receiving a working capital line of credit with a one-year EDA guarantee.  In Vineland, Giordano Vineland Scrap Material, LLC is using a loan from Premier Lender Fulton Bank that includes a 50-percent EDA participation through the Statewide Loan Pool Program to refinance an existing line of credit and equipment loans.  The recycling plant and solid waste hauling company expects to create 10 new jobs, growing to 90 employees. 

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 EDA and the Office of the Secretary of Higher Education.

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 Grant and Loan programs, visit http://application.njeda.com/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).

Ocean County Salon Approved For $48,999 in Grant Funds to Support Business Recovery

TRENTON, N.J. (July 9, 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) announced  that Crystal’s Beach Salon in Ortley Beach has been approved for $48,999 through the Stronger NJ Business Grant Program. The grant will support the family-owned and operated business in its rebuilding process as a result of damage from Sandy. 

“Local businesses like Crystal’s Beach Salon are one of the most important elements of the economy of our shore towns, especially now during our Sandy recovery efforts,” said Brown. “The Stronger NJ Business Grant Program will help businesses stay in the area to rebuild and grow well into the future.  Small businesses help to create jobs and attract people to live and work in Ocean County and nurture a thriving tourist industry.”

Located in Ortley Beach since 2011, Crystal’s Beach Salon is a full-service salon offering beauty and spa treatment services. The business was overcome by seven feet of water during Superstorm Sandy, resulting in the loss of its entire inventory and furnishings.  After remodeling to return the salon to its original state, it reopened Memorial Day weekend.

“We have enjoyed being a part of the Ortley Beach community since we opened Crystal’s Beach Salon in 2011, and the Stronger NJ Business Grant will help make it easier for us to stay open for many years to come,” said owner Crystal Tenore.  “We are excited to have reopened in time for the busy summer season and we thank the State for its support.”

Brown’s visit to Crystal’s follows Governor Christie’s tour of impacted businesses last Wednesday, when he visited another Ortley Beach Stronger NJ Business Grant recipient, Rossi’s Rent-A-Rama. Rossi’s is a bike and beach chair rental shop that sustained significant damage during the storm.  A grant of up to $50,000 will help the company replace inventory, make payroll and cover various other needs, including marketing, rent and utilities. 

Administered by the EDA, storm-impacted small businesses were able apply for grants of up to $50,000 through the Stronger NJ Business Grant Program beginning May 1. 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.

To date, the EDA has received 200 completed applications under the Stronger NJ Business Grant Program, and 26 businesses have been awarded grants totaling up to $1.4 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.

Under the grant program, small businesses may apply for grants of up to $50,000 per impacted location and a maximum of $250,000 per entity.  All applicants under the program must have sustained at least $5,000 in Superstorm Sandy-related physical damage, including damage to real property and non-perishable/non-consumable inventory. Eligible uses of grant funds include reimbursement of working capital, inventory, equipment, renovation and new construction at the place of business.  HUD may require funds for physical damage, including equipment, furnishings, fixtures, machinery, and construction to be subject to additional reviews, environmental clearances, and National Flood Insurance Protection coverage that could delay the provision of grant assistance.

As required by HUD for CDBG Disaster Recovery funds, grants under the program must be used to satisfy “unmet needs,” which are defined as financial needs not satisfied by other public or private funding sources, including FEMA Individual Assistance funds, Small Business Administration (SBA) disaster loans or private insurance.  To be eligible, businesses must have at least one location in New Jersey and entities must have been in existence at the time of the storm. Applicants must also be a small business, as defined by the SBA, and have annual revenues of at least $25,000 and no more than $5 million.  Businesses must have less than $1 million of liquid assets at the time of application.

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.

Business Advisors Located at One-Stop Centers to Offer Personal Assistance

Following Governor Chris Christie’s announcement last month, the Stronger NJ Business Loan Program officially launched today.  Businesses and non-profits that were impacted by Superstorm Sandy, as well as businesses looking to expand within storm-impacted communities, can now apply for low-cost loans of up to $5 million per eligible location by visiting application.njeda.com/strongernjbusiness.  Businesses can also call EDA’s Sandy hotline at 1 (855) Sandy-BZ.

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 Stronger NJ Business Loan Program is the second of these CDBG-funded business recovery initiatives to launch and will utilize $100 million of the allocation. The Stronger NJ Business Grant Program launched in May.

To be eligible for the loan program, businesses located within the nine most impacted counties as determined by HUD (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union) must: 1) positively impact the economy of their community through either capital investment or the creation or retention of jobs; and/or 2) evidence a minimum of $5,000 in physical damage to real property and/or loss or damage of non-perishable and non-consumable inventory. Businesses located outside of the nine counties must meet the $5,000 damage/loss requirement.   

Eligible small businesses may apply for loans up to $5 million per eligible location, with 0% interest for the first 24 months. Loans can be used for renovation, new construction, equipment, and working capital. The maximum working capital loan amount is $500,000, exclusive of equipment. Eligible non-profits may only apply for construction funds.

Beginning today, EDA business advisors will be located at One-Stop Career Centers in the nine most impacted counties to provide more information on the Stronger NJ Business programs and help with the application process.  Business advisors will be available between 8:30 a.m. and 4:30 p.m. The full schedule is below.  Directions are available via http://lwd.dol.state.nj.us/labor/wnjpin/findjob/onestop/services.html.

Program Will Spur Investment in New Jersey’s Emerging Technology Businesses

TRENTON, N.J. (June 11, 2013) – The Christie Administration today announced the Angel Investor Tax Credit Program will launch on July 1, 2013. The program is a result of the Angel Investor Tax Credit Act, which Governor Christie signed into law in January to spur job creation and growth in New Jersey’s current and next generation of high-skill, high-wage emerging technology industries.  

The Angel Investor Tax Credit Program will provide credits against New Jersey corporation business or gross income tax for 10 percent of a qualified investment in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state. The program, which will be administered by the New Jersey Economic Development Authority (EDA) in consultation with the New Jersey Department of the Treasury, will be available to taxpayers who invested in an emerging technology business in calendar year 2012 or after.  

“The Angel Investor Tax Credit demonstrates the Christie Administration’s continuing focus on nurturing New Jersey’s early-stage technology businesses,” EDA Chief Executive Officer Michele Brown said.  “This program will serve to strengthen New Jersey’s competitive edge, incentivize significant private investment in our most promising companies and create jobs of the 21st century.”

To qualify, technology businesses must employ fewer than 225 employees, 75 percent of whom must work in New Jersey. Businesses must also conduct at least one of the following in New Jersey: incur qualified research expenses; conduct pilot scale manufacturing; or commercialize an eligible technology.  Eligible technologies include advanced computing, advanced materials, biotechnology, electronic devices, information technology, life sciences, medical devices, mobile communications, and renewable energy technology. 

Credits will be capped at $500,000 per tax year for each qualified investment, and the total program is subject to an annual cap of $25 million.   

The implementation of the program was approved at today’s EDA Board meeting. 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. 

For more information on the Angel Investor Tax Credit Program, visit www.njeda.gov/angeltaxcredit. Beginning July 1, 2013, applications will be available.