Brianna Davis, Author at NJEDA

TRENTON, N.J. (February 3, 2025) – New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan released the following statement today regarding the New Jersey Wind Port:

“In light of the significant uncertainties in the offshore wind market, we have decided to accelerate our strategic review of options and alternatives for the New Jersey Wind Port. While recent developments at the federal level and announcements from offshore wind developers are deeply disappointing, they were not unexpected. We have taken a cautious approach to further development of the port since 2023, and we have worked to identify alternative uses that would maximize the economic development, job creation, and financial potential of the site for the State.

“We remain believers in the long-term potential of offshore wind for New Jersey, but our role as stewards of taxpayer resources requires us to evaluate all of our options. We will continue to provide further updates as this evolves.”

About the NJEDA

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 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn

Nearly $170 million has been distributed through Main Street’s suite of programs since 2021, bringing total small business support to nearly $1 billion

TRENTON, N.J. (February 3, 2025) – The New Jersey Economic Development Authority (NJEDA) today announced that in 2024 it issued more than $32 million in grants and loans to more than 1,200 small businesses through the Main Street Recovery Program. Created under Governor Phil Murphy’s Economic Recovery Act (ERA), the Main Street Recovery Program provides a comprehensive suite of products designed to support New Jersey small businesses.

Since the program launched in 2021, the NJEDA has awarded approximately $167 million to more than 5,000 small businesses across the state. Including the $700 million in pandemic relief that the NJEDA provided to small businesses before the Main Street Recovery Program launched, the Authority has distributed a total of nearly $1 billion to bolster small businesses throughout New Jersey.

“Under Governor Murphy’s leadership, New Jersey remains committed to supporting small businesses with a range of resources designed to equip them for success,” said NJEDA Chief Executive Officer Tim Sullivan. “When the pandemic struck, the NJEDA, through the Economic Recovery Act, worked tirelessly to develop programs that infused millions of dollars into New Jersey’s local economies. Today, the Main Street Recovery Program continues to assist thousands of small businesses by helping them grow, expand, and thrive.”

The Main Street Recovery Program was originally designed to help small businesses stay open during the pandemic and support their growth and success in its aftermath. Years after the height of the pandemic, the program is continuing to support mom and pop shops along New Jersey’s main streets.

The following programs are part of the Main Street Recovery suite:

Small Business Lease Grant: supports the growth and success of small businesses and non-profits by providing grant funding to cover a portion of lease payments for businesses and non-profits leasing new or additional space.
Small Business Improvement Grant: offers reimbursement for costs associated with making building improvements or purchasing new furniture, fixtures, and equipment.
Main Street Lenders Grant: provides grants to eligible micro business lenders, which the lenders can use to create new loan micro business loan products or supplement existing micro business loan products. Lenders can also qualify for additional grant funding to provide technical assistance to micro businesses, to better prepare these businesses to qualify for loan products.
Main Street Acquisition Support Grant: will offer a grant of up to $50,000 to reimburse an eligible small New Jersey business for closing costs related to a New Jersey commercial property that the business purchased to operate from.
Small Business E-Commerce Support Program: provides free e-commerce and digital marketing consulting services to New Jersey small businesses in the restaurant, retail and personal care industries that operate from a commercial location. The NJEDA has partnered with consultants to assist eligible small businesses with e-commerce services.
Main Street Micro Business Loan: will provide financing of up to $50,000 to eligible micro businesses in New Jersey with 10 or fewer full-time employees and no greater than $1.5 million in annual revenues.

Reach for the Stars, LLC in Cranford, Union County, took advantage of the NJEDA’s Small Business E-Commerce Program. Serving as a leader in pediatric speech throughout New York and New Jersey, its new website allows for visitors to read related articles and patient testimonials and explore resources that are available to them.

“As a small business owner, we are often forced to choose one essential project over another because of financial limitations. I was truly honored that my business was selected to receive a grant for a new website, and I couldn’t be happier with the end results,” said Reach for the Stars owner Lisa Jiannetto-Surrusco. “The grant enabled me to get this project done, while allocating the saved money for vital necessities like therapy and testing materials, professional development for the staff, and potential expansion of our menu of services.”

In Medford, Burlington County, YMCA of the Pines Lake Stockwell Day Camp received funding from the Small Business Improvement Grant to offset the costs of a concrete apron and fencing at the campsite. These improvements allow for Lake Stockwell Day Camp to offer activities to children of all ages, such as archery, a high/low ropes course, and horseback riding.

“This NJEDA funding was an absolute game changer for YMCA of the Pines Lake Stockwell Day Camp,” said Mark R. Dibble, Chief Executive Officer of YMCA of the Pines. “This money allowed us to make necessary upgrades to the camp entrance, creating a beautiful and safe environment for all the campers and families we serve.”

In Asbury Park, Monmouth County, Asbury Park Brewery used the Small Business Lease Grant to open a new taproom. Now, Asbury Park Brewery can continue to brew their eclectic lineup of beers, including the Scarlet Ale, named after the Rutgers University Scarlet Knights.

“The Small Business Lease Grant provided us with support to open our new taproom on Cookman Avenue while continuing to produce high quality ales, beers, and stouts,” said Bob McLynn, owner of Asbury Park Brewery. “We are very grateful for this assistance, so that it’s possible to continue entertaining and serving our community, hopefully for years to come.”

Through the Small Business E-Commerce Support Program, The Potential in US, located in Woodbury, Gloucester County, was able to revamp their website to include a list of services and a full calendar of events, so that they can continue to offer community-based support services to adults living with disabilities.

“We had access to the website developer, who worked with us and comprehended our specific needs as small business owners,” said The Potential in US owner Anita Barringer. “It was a pleasure to work with such a great company and an even better developer.”

Since the Main Street Recovery Finance Program is a suite of programs, eligibility differs depending on the product. To learn more about the programs under the Main Street Recovery Program and to apply, please visit here.

About the NJEDA

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 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn ###

Solar Landscape, LLC will use loan to create jobs, expand access to solar energy in underserved communities

TRENTON, N.J. (June 27, 2024) – The New Jersey Economic Development Authority (NJEDA) recently closed on two loans totaling $10.5 million through the New Jersey Clean Energy Loans (NJ CELs) Program to support expanded solar energy across the state. The two loans were approved by the NJEDA earlier this year.

“The NJ CELs program was developed with the purpose of supporting small businesses and furthering Governor Phil Murphy’s vision for a cleaner, greener Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “With support from this program, businesses such as Solar Landscape can continue to invest in transformative clean energy projects, which will lead to job creation, expanded access to solar energy, and savings for New Jersey residents.”

NJ CELs was created by NJEDA for small businesses seeking to finance clean energy projects, and for the formation or expansion of clean energy businesses that create jobs in the state. NJ CELs will unlock capital for small businesses and start-ups, catalyze the deployment of clean energy in New Jersey, and support minority-, woman-, and veteran-owned businesses to participate in the State’s energy transition. NJ CELs funding comes from the State Small Business Credit Initiative (SSBCI), which was part of the federally funded American Rescue Plan. The Biden Administration recently highlighted New Jersey’s efforts to support climate-focused initiatives through the $80 million NJ CELs program.

“The support for New Jersey’s clean energy economy has grown exponentially under Governor Murphy’s tenure,” said Chief Economic Transformation Officer Kathleen Coviello. “The NJ CELs program will support major clean energy projects and initiatives that will transform communities, boosting our economy and improving our environment across the entire state.”

NJ CELs offers loans of $250,000 to $10 million with a term of one to 25 years. NJEDA loans must be matched at least dollar for dollar with capital from a financial institution.

The recipient of a $10 million loan, Asbury Park-based Solar Landscape, will use the funding to create 185 new field and office jobs in New Jersey over the next five years – in both direct and indirect hires – allowing the company to expand access to clean energy and bring more community solar and energy savings to residents. Solar Landscape will also receive $10 million in funds from M&T Bank, for a total financing amount of $20 million. Solar Landscape develops and operates community solar projects which are hosted on rooftops of buildings owned by the nation’s largest commercial real estate companies. The energy generated by these projects is then distributed to nearby communities, where members of underserved and emerging areas can subscribe to save on their energy bills and aid in the fight against climate change.

“This is a great example of how investment in community solar creates jobs, reduces energy costs and fights climate change,” said Solar Landscape CEO and co-founder Shaun Keegan. “We’re grateful for this collaboration with the Murphy Administration, NJEDA and federal government. By leveraging federal resources in New Jersey, we’re driving the economy forward, improving the lives of residents and advancing clean energy.”

“M&T’s commitment to sustainability is rooted in our mission to make a difference in people’s lives and within our communities,” said Curt Lang, M&T Senior Vice President, Commercial Group Manager

In New Jersey. “We are thrilled to be a part of this important initiative expanding clean energy across the state.”

Amergy Solar, Inc., based in Monmouth Junction, was the first company approved under the NJ CELs program. The company, which is known as a leading provider of solar development and installation services, received a $500,000 loan from the NJ CELs program in January 2024, alongside a $500,000 loan from Columbia Bank. As a NJ certified minority-owned company, Amergy Solar qualified for a supplemental interest rate reduction on the NJEDA’s loan. To date, Amergy Solar has successfully installed solar systems for thousands of homes and various commercial projects in the New Jersey area, including ice rinks, wholesale companies, and sports facilities.

The NJEDA continues to accept applications for NJ CELs. Those considering applying may conduct a preliminary Eligibility Self-Assessment here. Financial institutions interested in offering the benefits of the NJ CELs program to their clients may complete an expression of interest here.

For more information about NJ CELs and how to apply, visit www.njeda.gov/njcels/.

About the NJEDA

TRENTON, N.J. (June 25, 2024) – The New Jersey Economic Development Authority (NJEDA) will close applications for the 2024 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) program, on Sunday, June 30th. The NOL program allows early-stage technology and life sciences companies in New Jersey to sell a percentage of their net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash.

WHAT: The NOL program supports innovative start-ups by enabling qualified, unprofitable New Jersey-based technology or biotechnology companies with fewer than 225 U.S. employees to sell a percentage of its net operating losses and R&D tax credits. Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with operating their businesses such as salaries, R&D, and other working capital expenditures.

Since the program’s inception over 25 years ago, the NOL program has awarded more than $1.95 billion to over 580 innovative companies in New Jersey.

WHEN: Applications will close on Sunday, June 30^th, at 11:59 p.m. No new information can be provided after the deadline. Visit https://www.njeda.gov/nol/ for more information.

About the NJEDA

TRENTON, N.J. (June 24, 2024) – Applications for the New Jersey Economic Development Authority’s(NJEDA) $20 million Emerging Developers Grant pilot program are now open. This program will help developers gain access to capital and build additional capacity to expand their existing portfolio by providing grants of up to $250,000 for pre-development soft costs.

WHAT: The Emerging Developer Grant program aims to address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios.

WHO: The program will support small-scale developers that have completed at least two – but no

more than five – commercial and/or mixed-use properties of similar scope. Developers interested in applying can take an eligibility assessment here.

WHEN: Applications for the program are open and can be accessed here. Applications will be accepted on a rolling basis or until funds have been completely exhausted.

For More Information:

Visit: www.njeda.gov/emerging-developers/

Email: emergingdevelopers@njeda.gov

About the NJEDA

Planned Hub will Advance New Jersey’s leadership in AI and Catalyze Innovation in AI Technologies

TRENTON, N.J. (April 8, 2024) – Ahead of Thursday’s first-ever AI Summit, hosted by the New Jersey Economic Development Authority (NJEDA) and Princeton University, the partners are issuing a Request for Information (RFI) to seek input on best practices and operational insights for the creation and development of an Artificial Intelligence (AI) Hub, which will help advance New Jersey’s leadership in the field and catalyze innovation in AI technologies. The public feedback received will help the NJEDA and Princeton better understand the scope and characteristics of the AI Hub, with a particular focus on opportunities for collaboration with the private sector. Responses are due by May 31.

The AI Hub, which is supported by the NJEDA, will bring together industry leaders, researchers, and start-up companies to advance research and development in the emerging field. The hub will promote workforce development to support new AI technology development and implementation. Additionally, the AI Hub will house dedicated accelerator space and work to advance the use of ethical AI for positive societal impact.

“AI has the power and potential to drive innovation, create jobs, and build long-term economic growth. Under Governor Murphy’s leadership, New Jersey remains poised to capture the incredible momentum created by this emerging industry, which will enhance our state’s economic competitiveness for years to come.” said NJEDA Chief Executive Officer Tim Sullivan. “The AI Hub will build upon the Garden State’s longstanding legacy in innovation and establish Central Jersey, already famed for its Route 1 ‘research corridor’, as a leading national base for AI activity. I look forward to our continued collaboration with Princeton University as we forge ahead in establishing New Jersey as a premier location for the creation of cutting-edge AI technologies and companies.”

In December, Governor Murphy and Princeton University President Christopher Eisgruber announced plans to create an AI innovation hub. The state’s collaboration with Princeton will leverage the university’s institutional strengths in research, technology policy and education, as well as its long history in making societal impacts. Thursday’s AI Summit at Princeton University will further these goals by convening leaders from the region and beyond, including Governor Murphy and President Eisgruber, who are both slated to speak, along with other titans of the industry and academia. Recordings of the invitation-only event will be made available shortly after the summit.

The AI Hub is part of Governor Murphy’s broader commitment to make New Jersey a national leader in the AI field. Last fall, Governor Murphy established the AI Task Force, of which NJEDA CEO Sullivan is a member, and charged it with studying emerging AI technologies and its societal impacts. The state’s AI initiative draws on New Jersey’s unique strengths in the health, sustainability, financial, and technology sectors, which stand to benefit from the application of AI technologies to advance innovative breakthroughs.

“Bringing together academia, industry, and government, this integrated hub of AI activity will foster collaboration on AI development and innovations,” said Princeton University Provost Jen Rexford. “The input and feedback we receive through this RFI will build upon Princeton’s leadership in AI and the strengths of the Central New Jersey region to ensure that we are leveraging the expertise and insights of various stakeholders, including New Jersey’s outstanding higher education institutions.”

The RFI issued by the NJEDA and Princeton is aimed at identifying potential partners and how they can help catalyze a hub for AI activity in the state. The RFI also seeks input on identifying specific sites, financial contributions, and other resources that interested parties may contribute to the development and operations of the AI Hub.

All questions must be submitted in writing no later than Friday, April 19^th, at 11:59 p.m. EDT via email to AIHub@njeda.gov. The subject line of the e-mail should state: “QUESTIONS-2024 RFI-#XXX AI Hub”.

All RFI responses must be submitted in writing no later than, Friday, May 31^st at 11:59 p.m. EDT via email to AIHub@njeda.gov. The subject line of the email should state: “RFI response-AI Hub”.

Potential respondents may include, but are not limited to, AI software developers, consumer protection and privacy firms, higher education institutions, workforce development and community outreach professionals, and technology workforce providers. Respondents do not need to be located within New Jersey to provide input. The RFI can be found here.

About the NJEDA

TRENTON, N.J. (April 8, 2024) – The New Jersey Economic Development Authority (NJEDA) is extending the deadline of its Request for Information (RFI) seeking insight from firms and individuals with perspectives on the proven best practices, potential challenges, and appropriate considerations relevant to the development of a Statewide Employee Ownership program. The deadline to submit questions will be Wednesday, April 10, 2024, and the deadline for responses will be extended to Wednesday, April 24, 2024.

The information gathered through this RFI will help the NJEDA better understand the scope and characteristics of a potential employee ownership program and engage interested parties, potential consultant, and eligible businesses in the establishment and success of the potential program.

WHAT: The NJEDA is seeking recommendations, information, and ideas that will help the NJEDA better understand the scope and characteristics of Employee Ownership – highlighted as a potential Wealth Disparity Initiative by the Governor’s Wealth Disparity Task Force – in anticipation of the development of a Statewide Employee Ownership Program.

WHO: The RFI seeks responses from interested stakeholders, including but not limited, to New Jersey-based businesses of any size and industry; Employee-Owned entities; Employee Stock Ownership Plan (ESOP) technical assistance providers; Chambers of Commerce; Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs); and foundations and philanthropic initiatives that support Employee Ownership and/or work to address socioeconomic disparities.

Respondents do not need to be located within New Jersey to provide input.

WHEN: All questions must be submitted in writing no later than 12:00 p.m. on April 10, 2024, via e-mail to EmployeeOwnership@njeda.gov. The subject line of the e-mail should read: “QUESTIONS-2024 RFI-199 Development of a Statewide Employee Ownership Program”. Answers to questions submitted will be posted on the NJEDA’s website: Bidding Opportunities – NJEDA as Addendum.

All RFI responses must be submitted in writing no later than 11:59 p.m. on April 24, 2024, via e-mail to EmployeeOwnership@njeda.gov. The subject line of the e-mail should state: “RFI Response-2024-RFI-199 Development of a Statewide Employee Ownership Program”