Jake Trinidad, Author at NJEDA

Executive Order No. 28 Resets How New Jersey Works with Business, with a New Focus on Economic Growth, Innovation, and Opportunity in Every Community

TRENTON – Governor Mikie Sherrill today signed Executive Order No. 28, establishing the New Jersey Means Business Economic Development Strategy, a coordinated, whole-of-government effort to strengthen New Jersey’s economic competitiveness and business friendliness, attract investment, support existing employers, and create quality jobs and career pathways for every community across the state.

The Executive Order sets an economic development agenda through 2030, with clear agency responsibilities and deadlines to make it easier to start and grow a business, strengthen industries where New Jersey can lead, enhance research and innovation that results in new companies and jobs, and expand economic opportunity in communities statewide.

“New Jersey has the talent, innovation, and entrepreneurial spirit to build one of the strongest economies in the country. State government needs to match that ambition with a clear strategy and commitment to make our economy more competitive and dynamic,” said Governor Sherrill. “New Jersey Means Business will bring our agencies together to cut unnecessary costs and delays, help businesses grow, and connect our residents with good-paying jobs. This whole-of-government effort will help us build on our strengths as we compete for new investment and ensure economic growth translates to real opportunities for families across our state.”

The strategy recognizes that a stronger economy is essential to lowering costs, increasing household incomes, and sustaining the public services New Jersey families rely on. It builds on the state’s highly educated and diverse workforce, research universities and healthcare institutions, transportation and port infrastructure, and longstanding strengths in innovation and industry.

The Executive Order organizes the State’s work around four pillars:

Improve New Jersey’s business climate to make it easier to attract and grow businesses by reducing barriers to and costs of doing business, improving how businesses navigate State services and permitting, preparing sites for development, and strengthening the State’s focus on retaining and growing existing businesses in New Jersey.
Grow the key industries that can drive New Jersey’s next generation of quality jobs by identifying sectors where the State has established strengths or a strong opportunity to compete, working with businesses to understand their needs, and aligning State tools, incentives, and workforce efforts to support their growth.
Increase research, development, and speed of bringing ideas to market in New Jersey to boost business growth and investment by coordinating research institutions, companies, entrepreneurs, and State resources like the New Jersey Supercomputer Initiative; focusing on areas where New Jersey can lead and innovate; attracting more research dollars to the state; and strengthening the path from discovery to market and growth.
Ensure businesses, residents, and communities across New Jersey can participate in and benefit from economic growth by making State services, capital, and procurement opportunities easier to navigate for businesses of all sizes; creating a new advisory group focused on small and midsized businesses; and focusing coordinated state action in communities facing persistent economic challenges.

To oversee implementation, the Executive Order establishes the New Jersey Means Business Economic Development Council, reporting to the Governor’s Chief Operating Officer and chaired by the Senior Director of Strategic Initiatives and Economic Opportunity. The Council will bring together the New Jersey Economic Development Authority, the New Jersey Innovation Authority, and the departments of State, Labor and Workforce Development, Community Affairs, and the Treasury.

“After months of conversations with business leaders and entrepreneurs, the signing of today’s Executive Order represents a bold step forward for New Jersey’s economic future,” said NJEDA CEO Evan Weiss. “I look forward to working with Governor Sherrill, the Legislature, and industry leaders on advancing an economic growth agenda that bolsters our economic competitiveness, expands opportunities for business owners in every corner of the state, and strengthens the Garden State’s nation-leading innovation ecosystem.”

“The Governor is making it clear today that the State government will listen to New Jersey businesses and work closely with them,” said New Jersey State Chief Innovation Officer Dave Cole. “Through expanding resources like Business.NJ.gov and improving the customer experience in permitting and licensing, we’re working to make doing business in NJ as simple, streamlined, and intuitive as possible.”

“Today’s Executive Order reflects the Governor’s commitment to strengthening New Jersey’s business climate and promoting economic growth. This is a perfect example of responsive government taking action and implementing the change that companies, large and small, have been requesting for some time,” said Lieutenant Governor and Secretary of State Shirley U. Emehelu. “The hallmarks of this administration are creating opportunity and being accountable. Today, this executive order accomplishes both goals by hearing the concerns of our job creators and creating the pathway for them to succeed in our state.”

“New Jersey’s economy works when both workers and employers do well,” said Acting Labor Commissioner Kevin D. Jarvis. “NJDOL will align our training, apprenticeship, and employer services with where the economy is headed, while keeping standards strong to uplift all Garden State workers. We thank Governor Sherrill for her leadership in setting this course.”

“Governor Sherrill heard directly from New Jersey residents and businesses across all 21 counties, and this strategy answers what they told her. Economic growth depends on strong communities,” said DCA Commissioner Jacquelyn A. Suárez. “That means lifecycle housing that serves residents at every stage of life, and towns equipped to welcome new investment to strengthen their tax base. DCA is ready to do its part to make New Jersey easier to build in, easier to grow in, and a place where every community shares in our success.”

“Governor Sherrill’s economic plan is a turning point for New Jersey,” said State Treasurer Aaron Binder. “By cutting red tape, driving innovation, and providing targeted industry investments, this administration is creating a highly competitive, business-friendly environment that gives every community across our state the tools to thrive.”

The Executive Order directs State agencies to advance a series of concrete actions, including:

Dedicated Business Retention and Attraction Strategy: Within 90 days, the State will create dedicated strategies to strengthen relationships with existing employers, support retention and expansion opportunities, sharpen business attraction efforts, and establish consistent messaging about New Jersey’s advantages as a place to invest and grow.
Site Readiness Initiative: Within 90 days, the State will develop a statewide site readiness plan to identify and prepare priority sites for development and redevelopment, with the goal of reducing barriers to and encouraging new investment in the state.
Business and Permitting Navigation: Within 150 days, the State will create a coordinated, cross-agency business and permitting navigation service for qualifying projects to make the process of growing, expanding, or investing in a business or development project in the State easier to navigate, by bringing together efforts related to state and municipal permitting, regulatory review, workforce development, and other key areas relevant to business growth and investment. Additionally, within 90 days, the State will convene the Governor’s Office Permitting Governing Council and other partner agencies to ensure the Governor’s permitting reform effort outlined in Executive Order No. 5 is aligned with the New Jersey Means Business Economic Development Strategy.
Reduction in the Cost of Doing Business: Within 90 days, the State will develop and provide initial recommendations to reduce the cost and complexity of starting, operating, and growing a business in New Jersey. The review will examine administrative processes, duplicative requirements, taxes and fees, licensing, and additional costs across different levels of government.
Priority Sector Strategy: Within 120 days, the State will recommend a limited number of sectors for intensive, coordinated State support, along with additional sectors for targeted assistance. Following approval, sector leaders will assess employer needs, identify barriers to growth, and recommend improvements to incentives, financing, workforce programs, and other tools.
Evaluation of Incentives: Within 120 days, the State will recommend changes to economic development incentives and funding programs to improve cost-effectiveness, strengthen fiscal discipline, and accelerate investment.
State Research, Development, and Speed to Market Strategy: Within 120 days, the State will develop a Statewide R&D and innovation strategy. The strategy will identify areas where New Jersey can lead, assess gaps in the path from research to market, suggest ways to attract more research funding to New Jersey, and recommend how State programs and institutions — including the New Jersey Supercomputer Initiative and Strategic Innovation Centers — can help translate scientific advances into new businesses, private investment, and quality jobs.
Small Business Access to State Services: Within 120 days, the State will develop a strategy to improve access to services through Business.NJ.gov, the New Jersey Business Action Center, and other trusted channels. The effort will inventory and evaluate the effectiveness of existing programs, identify improvements to how businesses navigate services, and enhance coordination across agencies. Additionally, within 90 days, the State will convene the Department of Treasury, the New Jersey Innovation Authority, the Department of State, the NJEDA, and other partner agencies to ensure alignment with procurement reforms to expand access to State contracting opportunities.
Advisory Group Focused on Small and Midsized Businesses: Within 120 days, the State will establish an advisory group to bring together leaders from the business community who are focused on small and midsized businesses and who represent a cross-section of the state’s economy – including historically underrepresented businesses – to provide direct, actionable insight on how to strengthen the state’s business climate, stimulate economic growth, enhance business retention, and expand access to capital for these businesses across the state.
Inclusive Opportunity for All Communities and Workers: Within 120 days, the State will develop a strategy for coordinated economic development in communities facing persistent economic challenges. The Order also calls for alignment of revitalization efforts in Trenton and Atlantic City. Additionally, within 90 days, the State will convene relevant partner agencies to begin development of an updated Statewide Workforce and Talent Strategy for recommendation to the Governor.

Across these efforts, State agencies will establish implementation milestones and performance measures to evaluate outcomes such as employment, wages, business formation, and private investment. The strategy will also align with the Administration’s permitting and procurement reforms to improve coordination and accountability across State government. The strategy will include significant engagement with employers, business partners, and other stakeholders as agencies develop plans and execute the Executive Order.

“Tris Pharma started in New Jersey more than twenty-five years ago, and the talent, research strength, and partnerships we found here are why we have grown here ever since,” said Ketan Mehta, Founder and CEO of Tris Pharma. “This strategy recognizes that supporting companies like ours to keep investing and expanding is just as important as attracting new ones, and we are proud to stand behind it.”

“Choose New Jersey is ready to work alongside Governor Sherrill’s Administration, in step with the New Jersey Means Business Executive Order. This economic plan is exactly what the state needs to create a more transparent, efficient, and competitive business ecosystem,” said Amy Herbold, President and CEO, Choose New Jersey. “Through our close relationships with New Jersey’s business leaders, we understand what companies need to invest, create jobs, and grow in the state. We look forward to continuing to turn those insights into meaningful progress for New Jersey.”

“There is nothing small about small business! Small business is the engine of wealth in New Jersey and across America,” said Ayo Sanderson Wilson, President and CEO, Empower The Village. “We know that small business owners have BIG dreams. And when those dreams become thriving enterprises, they create jobs, build wealth, strengthen families, and transform communities. That’s why I’m excited by Governor Sherrill’s Executive Order and its commitment to measurable action.”

A copy of Executive Order No. 28 is available here.

What They’re Saying:

“Our businesses face enough challenges to get off the ground and grow in today’s economy. Government should never be another barrier to their success, but a resource that identifies new opportunities and helps businesses succeed,” said Senate President Nick Scutari. “Reorienting the relationship between our business community and the state to be one of partnership rather than bureaucracy will help us attract new companies, better support those that are pillars of their industries, and keep our economy competitive.”

“New Jersey has so much to offer businesses, from our talented workforce, strong infrastructure, and our location at the center of one of the nation’s largest economic markets,” said Assembly Speaker Craig J. Coughlin. “But we can’t rely on those advantages alone. We need to be intentional about making New Jersey a place where businesses can thrive, whether they’re just getting started or have been here for generations. As Speaker, I’ve advanced legislation that has supported businesses across the state and will continue to work with Governor Sherrill to ensure our economy thrives. Governor Sherrill’s executive order recognizes that economic growth doesn’t happen by accident. It takes a clear strategy, strong partnerships, and a willingness to listen to the people who are creating jobs and investing in our communities. That’s the kind of approach that will keep New Jersey moving forward.”

“When I sat down with business owners in Trenton alongside Governor Sherrill, they didn’t ask for another program. They asked for a partner,” said Senate Majority Leader M. Teresa Ruiz. “New Jersey has powerful economic development tools, but for too long we’ve used them the same way and expected different results. This Executive Order changes that. It puts competitiveness and business friendliness at the center of state government, sets clear directives and timelines, and recognizes that a family-owned shop on State Street and an emerging tech firm need very different things from us. That’s how we revitalize our downtowns for generations and make sure every New Jerseyan with ambition and a good idea has a real chance at success.”

“New Jersey is a state defined by innovation, world-class talent, and entrepreneurial spirit. Our economic strategy should reflect that,” said Senator Paul Sarlo, Chair of the Senate Budget and Appropriations Committee. “Strengthening the partnership between businesses and policymakers, targeting specific industries, and cutting red tape will help create a more competitive, business-friendly environment that benefits us all.”

“A strong economic development strategy is not just about attracting investment. It’s about ensuring that opportunity and support are within reach for every entrepreneur, small business, and industry looking to grow,” said Senator Nilsa Cruz-Perez, Chair of the Senate Economic Growth Committee. “When more businesses are able to see the state as a partner in their success, we can create a foundation for investment and long-term prosperity in every corner of New Jersey.”

“New Jersey is at a turning point in how the state engages with our business community,” said Senator Andrew Zwicker. “Amid rapid technological innovation and change, it will be critical for us in the coming years to strengthen our economic competitiveness by translating research, innovation, and entrepreneurship into new companies and lasting jobs. Through closer coordination between the state and the private sector, we can support businesses at every stage of their growth and build the economy of the future.”

“When we passed the New Jersey Economic Recovery Act, our goal was to give businesses the tools they need to grow, create jobs, and bring new opportunities to our neighborhoods,” said Assemblywoman Eliana Pintor Marin. “We know that progress depends on strong partnerships between government and the private sector. This new strategy builds on that work while recognizing that different industries face different challenges. I look forward to working with the Governor and our partners to strengthen New Jersey’s business climate and keep our state competitive.”

“To unlock New Jersey’s vast economic potential, we need strategies that actively support our business community,” said Assemblyman Chris Tully. “As Chair of the Assembly Science, Innovation and Technology Committee, my goal is to position our state as a premier hub for the entrepreneurs and industries driving tomorrow’s innovation. This Executive Order directly supports that vision by mapping out an economic plan to eliminate growth barriers, attract capital, and implement targeted solutions that make New Jersey a highly competitive place to do business.”

“As Chairman of the Assembly Commerce & Economic Development Committee, I commend Governor Sherrill for signing this executive order and for her ongoing commitment to making New Jersey a better place for business,” said Assemblyman William Spearman. “Our state’s highly educated workforce and prime geographical location give us a competitive edge in commerce. However, a more proactive and comprehensive economic strategy will help us fully reach our potential. This executive order is a great, necessary first step in improving how we work with businesses.”

“The New Jersey Chamber of Commerce commends Governor Sherrill and her administration for developing a comprehensive, four-part economic strategy focused on improving our business climate, strengthening our competitiveness, creating quality jobs and expanding economic opportunity. The results of the recent election made one thing clear: New Jersey residents are focused on the economy and affordability. Meeting those concerns requires a strong, growing economy that provides residents with good-paying jobs and creates an environment where businesses want to stay, invest, expand and create new opportunities,” said Tom Bracken, President, New Jersey Chamber of Commerce. “We are encouraged by the administration’s commitment to making New Jersey more business-friendly and competitive. We join the broader business community in looking forward to partnering with the administration to turn this strategy into meaningful action and measurable results. New Jersey’s economic future depends on the success of this effort and our collective ability to ensure that economic growth and opportunity reach residents and businesses in every corner of our state.”

“The Statewide Hispanic Chamber of Commerce of New Jersey enthusiastically supports this executive order and its focus on economic competitiveness and business friendliness to start, grow and create jobs. We champion entrepreneurs whose success strengthens communities across our state, and we welcome the Governor’s advisory group as an opportunity to give them a direct voice in shaping New Jersey’s economic future. Expanding access to capital, simplifying state services and addressing barriers to growth align with the work we do every day. We look forward to working with the administration to turn this commitment into meaningful opportunities for small businesses, including Latino-owned enterprises, across all 21 counties,” said John Lucas, President, Statewide Hispanic Chamber of Commerce.

“The American Mexican Regional Chamber of Commerce welcomes Governor Mikie Sherrill’s commitment to strengthening New Jersey’s economic future. With more than $10.5 billion in annual trade between New Jersey and Mexico in 2025, and Mexico ranking as the state’s second-largest export market, our economic relationship represents tremendous opportunities for investment, job creation, and business growth,” said Francisco J. del Toro, President & Founder, American Mexican Regional Chamber of Commerce (AMRCC). “Mexican entrepreneurs are not only contributing to New Jersey’s economy but also building bridges between two important trading partners. As the American Mexican Regional Chamber of Commerce, we stand ready to work with the Governor’s administration to strengthen bilateral trade, empower small businesses, and ensure that Mexican entrepreneurs play an active role in New Jersey’s economic future.”

“On behalf of the New Jersey State Women’s Chamber of Commerce, we welcome Governor Mikie Sherrill’s commitment to a comprehensive economic strategy that supports business growth, creates quality jobs, and expands opportunity across New Jersey. Through her 21-County Tour and engagement with stakeholders, Governor Sherrill has heard directly from the businesses and communities that drive our economy. This Executive Order turns that engagement into action, establishing clear responsibilities and timelines to improve the business climate, invest in key sectors, advance research and commercialization, and ensure communities across our state participate in and benefit from economic growth,” said Robin Tabakin, President, New Jersey State Women’s Chamber of Commerce. “For the small businesses we represent, success means fewer barriers, greater access to opportunity, and a meaningful role in shaping New Jersey’s economic future. The NJSWC looks forward to working with the Sherrill Administration to turn this strategy into measurable results for our businesses, workers, and families.”

“The Unity Chamber of Commerce is excited to hear Governor Sherrill’s initiative to support all businesses in New Jersey. This is a move in the right direction for New Jersey,” said Gus Penaranda, CEO, New Jersey Unity Chamber of Commerce.

“New Jersey has so much to offer businesses, but we need to do a better job of competing for jobs and investment,” said Christina M. Renna, President & CEO, Chamber of Commerce Southern New Jersey. “Governor Sherrill’s economic development strategy puts a much-needed focus on making New Jersey a better place to do business, whether you’re a small business looking to grow or a major employer considering an expansion. For South Jersey, where we compete with neighboring states every day, this is exactly the kind of approach we’ve been asking for.”

“NJBIA is excited to see Governor Sherrill take on the ‘New Jersey Means Business’ strategy, aimed at improving our economic competitiveness and increasing our business friendliness. For far too long our policymakers lacked focus on a meaningful pathway to economic growth for our great state. We already have a solid foundation for a vibrant economy, including a strong workforce, robust manufacturing, innovation, and an infrastructure and logistics corridor that should earn us the right to grow jobs,” said Michele Siekerka, NJBIA President & CEO. “Continuing to work on a true reform and growth agenda, along with an accountability framework and strong public-private partnerships and workflows, can move our economic needle forward. We thank the Sherrill administration for not only allowing business to have a seat at the table, but a consistent voice in the conversations to improve our economy and business climate.”

“Governor Sherrill’s commitment to developing a comprehensive economic strategy builds upon her administration’s extensive engagement with New Jersey’s business community and represents an important step toward translating those conversations into meaningful action,” said Jeff Kolakowski, NJ Builders Association CEO. “Residential construction and home improvement illustrate the tremendous potential of that approach, with a multiplier effect that supports a diverse network of small businesses, manufacturers, suppliers, professional services, and associated occupations throughout our economy. Unlocking that potential will not only create jobs and stimulate economic growth, but also help address our housing supply shortage, modernize and improve existing homes, and make a meaningful difference in the lives of New Jersey families.”

“Right from the beginning of Mikie Sherrill’s campaign to be Governor, she stated that economic development and the retention of businesses in NJ would be a top priority. This Executive Order, and economic development strategy, follows months of listening sessions with businesses of all sizes and is proof that the Governor and her top advisors are serious about implementing a plan,” said Jim Kirkos, Chief Executive Officer, Meadowlands Chamber & Meadowlands. “I commend the Governor and her team and stand ready as a business leader to play a role in helping deliver great outcomes for New Jersey and our business members.”

“The Chemistry Council of New Jersey strongly supports Governor Sherrill’s comprehensive economic strategy and her commitment to making New Jersey a more competitive and attractive place to retain, grow and invest in businesses,” said Dennis Hart, Executive Director, Chemistry Council of New Jersey. “From the outset, the administration has demonstrated a willingness to listen, collaborate and address longstanding challenges, including permitting delays and regulatory inefficiencies. This executive order builds on that progress by establishing a clear path toward economic growth, innovation and job creation. Representing New Jersey’s largest manufacturing sector, CCNJ looks forward to working with the Governor and her administration to turn this strategy into meaningful, lasting results for businesses, workers and communities across our state.”

“Governor Sherrill’s New Jersey Means Business strategy focuses on many of the things we hear from employers every day: making it easier to invest and grow, providing greater certainty and making sure New Jersey is competing for the jobs and investment of the future,” said Ralph LaRossa, Chair of Choose New Jersey’s Board of Directors and Chair, President and Chief Executive Officer of PSEG. “Choose New Jersey’s board brings together leaders from many of the state’s largest employers, and we know what businesses need to succeed here. We’re ready to work alongside the Governor, NJEDA and our public- and private-sector partners to turn this strategy into action and help make New Jersey an even better place to start, grow and invest in a business.”

“Collaboration between the government and business community fuels New Jersey’s long-term competitiveness. The CEO Council appreciates the ongoing dialogue with the Governor’s office on how best to shape the state’s economic environment to drive business growth, incentivize innovation, and support workforce development. We look forward to continuing to work together to make New Jersey a leading destination for businesses,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson.

“Barely 5 minutes into office, Governor Sherrill and her team swiftly reached out to representatives from the business community for input on how her administration could catalyze greater innovation and economic activity to the benefit of all New Jerseyans. The Governor has once again wasted no time recognizing what needs to be done to make New Jersey a state where we can and want to live, work and play,” said Debbie Hart, President & CEO, BioNJ. “The fact that this economic plan is being adopted in the early days of the Administration demonstrates this Governor’s willingness to listen and respond in a meaningful way. We are most encouraged by the fact that it intended to be a fundamental reset in how New Jersey works with business, with a focus on economic competitiveness and business friendliness and we stand ready to work with our Governor to help make she and the plan a success.”

“Governor Sherrill is right that great economies and innovation ecosystems don’t happen by accident. They’re built on purpose. At Conscious Venture Partners, we’ve seen what’s possible when the state invests alongside founders and private sector partners. Through our partnership with NJEDA, we’ve built an accelerator in Trenton and backed New Jersey companies that are creating good jobs in communities too often left out of growth,” said Jeff Cherry, Founder and Managing Partner, Conscious Venture Partners. “This strategy’s focus on commercialization and broad-based opportunity is exactly what New Jersey’s entrepreneurs need, and we’re proud to be a part of that story.”

“New Jersey has long been invested in the energy sector with Princeton Plasma Physics Laboratory advancing the key science and technology innovations needed to bring fusion to the power grid,” said Timothy Meyer, deputy director for operations and chief operating officer for PPPL, a U.S. Department of Energy national laboratory managed by Princeton University. “New Jersey is propelling that investment forward with the launch of the NJ HAX Plasma Forge, bringing together PPPL’s cutting-edge research assets with venture capital expertise from SOSV to grow related start-ups. Combined with PPPL’s first-in-the-nation registered apprenticeship program in fusion energy and engineering, these efforts drive economic development in the state, advance new technologies, and grow the workforce of tomorrow right here in New Jersey.”

“HINJ applauds Governor Sherrill for pursuing a comprehensive economic strategy to strengthen New Jersey’s competitiveness, attract investment, and create jobs. New Jersey has led the world in research, innovation, and advanced manufacturing for more than a century, but other states and countries are working every day to lure away our companies and jobs. The Administration’s 21-County Tour took a thoughtful approach to identifying barriers to growth, and we value the Governor’s commitment to working with the life sciences community to build a more competitive and predictable environment,” said Chrissy Buteas, President and CEO of the HealthCare Institute of New Jersey. “Today’s Executive Order is an essential first step toward attracting investment, advancing medical innovation, and creating the high-quality jobs that will sustain our state’s economic future.”

“At SOSV, we’ve backed dozens of startups who have come to New Jersey from around the country and around the world. New Jersey has an incredible ecosystem of top-tier talent, intellectual firepower, and access to capital that can help propel startups to become industry leaders,” said Sean O’Sullivan, Managing General Partner, SOSV. “New Jersey has leveraged its impressive educational and research institutions to maximize the state’s advantages across a range of deep tech and biotech industries. Startups can thrive here, and the state is becoming friendlier to business, to investors, and to taxpayers who want to live in New Jersey for the great quality of life it has to offer. I applaud Governor Sherrill for nurturing an innovation economy that creates durable businesses and quality jobs and gives New Jersey workers and communities a chance to participate in the industries shaping the future.”

The $5.4 million renovation is part of a broader public funding partnership to restore the original structure and build a new visitors interpretive center

TRENTON, N.J. (October 30, 2026) – Recently, the New Jersey Economic Development Authority (NJEDA) Board approved a Cultural Arts Facilities Expansion (CAFE) Program award to support Lucy the Elephant in Margate City. Lucy the Elephant is a recognized National Historic Landmark, and this investment into the museum builds upon the NJEDA’s commitment to supporting Atlantic County businesses and economy.

“Lucy the Elephant is more than a beloved landmark, it is a symbol of New Jersey’s rich history and unique character that’s cherished by residents and visitors from around the world,” said NJEDA Chief Executive Officer Evan Weiss. “The rehabilitation of this historic landmark will support South Jersey’s tourism economy by helping attract more visitors, increase foot traffic for local businesses, and generate investment that benefits residents, entrepreneurs, and communities throughout Atlantic County.”

The Lucy the Elephant Interpretive Visitor Center and Elephant Interior Rehabilitation Project will include the interior restoration of the museum and construction of a new visitor center, completing a five-year preservation plan. Interior restoration includes patching and refinishing water-damaged plaster, repairing moisture-damaged wood, replacing the Heating, Ventilation, and Air Conditioning (HVAC) system, and improving insulation, ventilation, ductwork, drains, and fire suppression systems.

The new center will allow more visitors, including those with mobility limitations, school groups, families, and seniors, to experience and learn about Lucy’s history, architecture, and role in New Jersey’s coastal heritage. The Interpretive Center will offer the Save Lucy Committee (SLC) the opportunity to host programs featuring local artists and performers. Site improvements also include new landscaping, lighting, fencing, and at-grade walkways to enhance accessibility around Lucy and the new building. The project is approved for up to $5.4 million in CAFE Program tax credits.

“This is an extraordinary day for Lucy,” said Richard Helfant, Executive Director and CEO of Lucy the Elephant. “After 17 months of uncertainty and perseverance, we have finally reached a turning point. This approval represents an enormous step forward in our efforts to preserve Lucy for future generations, enhance the visitor experience, and create a destination worthy of one of New Jersey’s most beloved and recognizable landmarks.”

“The City of Margate is thrilled that the NJEDA accepted Lucy the Elephant’s application through its CAFE program. This is a major milestone not only for the Lucy, but the city as a whole,” said Michael Collins, Mayor of Margate. “The new ADA-compliant visitor and interpretive center will provide an opportunity for all to experience our beloved landmark. We are excited to see this project advance forward.”

Built in 1881, Lucy the Elephant stands six stories tall and was originally constructed with the purpose of promoting real estate sales and attracting tourists to the area. In 1976, Lucy the Elephant was officially listed in the National Park Registry of Historic Landmarks and has been consistently ranked the number one roadside attraction by USA Today.

This investment through the CAFE Program is part of a broader public funding partnership that includes funding from the City of Margate, support from the New Jersey Historic Trust, and a federal Congressionally Directed Spending Grant.

“Lucy the Elephant is a defining part of Atlantic County and a landmark that has welcomed visitors for generations,” said Senator Vince Polistina. “Investing in its preservation means protecting that legacy, sustaining tourism, and supporting the local businesses that are vital to our Shore economy. This rehabilitation will help ensure that Lucy remains a fixture in our district for years to come, and I commend the NJEDA and our local partners for helping make it possible.”

“I am thrilled to see this terrific investment made by the state into a South Jersey icon,” said Assemblyman Don Guardian. “The workers and volunteers of the Save Lucy Committee are tireless in their advocacy for our pachyderm treasure, and I commend their perseverance through the application process. Now, Lucy will reach an even wider audience and allow visitors with any accessibility needs to enjoy the very best of the Jersey Shore.”

“Heritage tourism is a vital pillar of Atlantic County’s economic engine, preserving our region’s unique history while generating meaningful economic benefits for local communities. Lucy the Elephant is more than an iconic landmark of the Jersey Shore; she is a major tourism attraction that draws visitors, supports local businesses, and stimulates economic activity throughout the surrounding community,” said Assemblywoman Maureen Rowan. “Providing a tax credit to support Lucy is an investment not only in preserving a treasured historic landmark, but also in sustaining the tourism economy and the local residents who benefit from her continued success.”

This tax credit award represents larger investments made by the NJEDA into Atlantic County, with a particular focus on historic preservation, food security infrastructure, and commercial corridor revitalization. The NJEDA also approved $8.6 million in funding to construct the Aerospace Innovation Center (AIC) in Egg Harbor Township, establishing New Jersey’s first Strategic Innovation Center (SIC) dedicated solely to aviation.

New Jersey’s arts and culture sector contributes billions of dollars in economic activity each year, drives tourism, and enhances quality-of-life for state residents. NJEDA initiatives like the CAFE Program and the Activation, Revitalization, and Transformation (A.R.T.) Program leverage the economic potential of arts and culture projects to boost foot traffic in downtowns and main streets across New Jersey, supporting local small businesses, creating jobs, bolstering engagement with the arts, and strengthening the vibrancy of communities.

The CAFE Program aims to increase cultural arts activities, attract visitors, boost engagement with the arts in underserved communities, and revitalize downtowns by providing tax credits to build or renovate facilities, including aquariums, historical societies, libraries, galleries, and museums.

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.

###

Amneal Pharmaceuticals plans to invest more than $240 million and create 330+ new full-time jobs in Piscataway

TRENTON, N.J. (October 26, 2026) – The New Jersey Economic Development Authority (NJEDA) Board recently approved approximately $60 million in tax credits under the Next New Jersey Manufacturing Program to support a planned manufacturing expansion by Amneal Pharmaceuticals, a global biopharmaceutical company focused on developing, manufacturing, commercializing, and distributing affordable and innovative medicines. Headquartered in Bridgewater, Amneal plans to expand its manufacturing operations in Piscataway. The project represents more than $240 million in eligible capital investment over three years and is expected to create more than 330 new full-time jobs in New Jersey, further strengthening the state’s position as a national leader in pharmaceutical manufacturing and innovation.

Founded in Paterson in 2002 by brothers Chirag and Chintu Patel, Amneal has grown from its New Jersey roots into a leading global biopharmaceutical company, while maintaining a significant presence across the state through its corporate, research, development, and manufacturing operations.

Amneal has a portfolio of more than 300 generic, specialty, and biosimilar medicines and delivers more than 160 million prescriptions annually. The expansion is designed to support continued growth in Amneal’s Affordable Medicines business, including complex generics, women’s health, and new product launches, as well as the continued advancement of its biosimilars portfolio. The project includes significant investments to expand manufacturing capabilities for transdermal patches, biosimilars, and pharmaceutical injectables.

“We are thrilled that Amneal is investing in our state and continuing to expand its operations in New Jersey. New Jersey is open for business. Through our targeted tax credit program and our ‘Save You Time and Money’ agenda aimed at business friendliness, we are ensuring that businesses can plant their roots and grow in the Garden State,” said Governor Sherrill. “By strengthening our pharmaceutical manufacturing sector, we can support good-paying jobs and solidify New Jersey’s position as a national leader in bringing innovative treatments from the lab to patients.”

“Amneal’s decision to expand reinforces New Jersey’s longstanding leadership in the pharmaceutical industry and demonstrates Governor Sherrill’s commitment to maintaining our status as the medicine chest of the world,” said NJEDA Chief Executive Officer Evan Weiss. “Through the Next New Jersey Manufacturing Program, the NJEDA is strengthening the state’s manufacturing and pharmaceutical sectors, bolstering our economy, and driving meaningful job growth.”

The expansion project includes the renovation of eight buildings that will operate as a single, integrated manufacturing campus supporting production, quality control, and logistics. These investments will further expand Amneal’s domestic manufacturing capacity, support the production of increasingly complex medicines, and strengthen the reliability of the U.S. pharmaceutical supply chain.

“New Jersey is where Amneal began, and it remains central to our growth and our commitment to patients. We are proud to make a significant, long-term investment in domestic pharmaceutical manufacturing, expanding our capacity to produce complex medicines, create high-quality jobs, and strength the America’s medicine supply,” said Amneal Co-CEOs Chirag Patel and Chintu Patel. “Our employees’ expertise and dedication make this growth possible. We thank Governor Sherrill, the NJEDA, and our state and local partners for their support and shared commitment to New Jersey’s leadership in pharmaceutical manufacturing. Ultimately, this investment is about ensuring patients have reliable access to the affordable and innovative medicines they need, while building the next generation of American pharmaceutical manufacturing.”

Far exceeding the program’s minimum investment and job creation requirements, Amneal qualifies for an award of $60.56 million over the course of five years.

About the NJEDA

###

Tax credits for Cottage Place and Crown Village developments will support the creation and rehabilitation of 274 housing units

TRENTON, N.J. (October 23, 2026) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved three awards under the Aspire Program to support affordable residential development projects in Newark. The Cottage Place and Crown Village projects will create or rehabilitate 274 housing units and provide supportive services for residents, supporting Governor Mikie Sherrill’s efforts to expand affordable housing and unlock equitable economic opportunities for New Jersey residents.

“At this year’s Governor’s Conference on Housing and Economic Development, Governor Sherrill laid out a bold plan to tackle housing affordability, bring down costs, and accelerate housing production across the state,” said NJEDA Chief Executive Officer Evan Weiss. “Through the Aspire Program, the NJEDA is taking action to boost the Governor’s efforts by supporting the creation of developments that will provide meaningful housing opportunities for seniors and residents.”

“NJEDA stands strong yet again to support stability for Newark residents through safe, comfortable, affordable housing. These funds, earmarked for new construction, renovations, and built-in social services will improve the lives of our respected elders and our most vulnerable individuals and families,” said Newark Mayor Ras J. Baraka. “We are grateful to Governor Sherrill and the NJEDA for awarding these grants and demonstrating their complete alignment with our city’s mandate to provide quality homes at affordable cost, in the shortest reasonable time, to as many Newarkers as possible.”

The Cottage Place Apartments complex, located at 125 West Kinney Street, will undergo a significant rehabilitation to update the 100 affordable units, including a comprehensive upgrade to apartment kitchens and bathrooms, new windows and roofs, and upgraded energy-efficient HVAC equipment. The project includes the design and implementation of a supportive services program to provide ongoing promotion of housing stability, economic mobility, and community well-being for tenants.

The project was approved for an award of up to 60% of eligible project costs, not to exceed $29.6 million. Construction is expected to commence in March 2027

The Crown Village Project will redevelop a former brewery on South Orange Avenue into a multi-building residential development complex. One phase of the project will consist of 105 units for seniors aged 55 or older within two five-story buildings, with level one of each building designated for onsite parking and a section of apartments reserved for residents between the 50% and 60% Area Median Income range and individuals experiencing homelessness. Support services will include assistance with job training and community outreach activities, which also includes pre-apprenticeship programs for the construction trades.

A separate Aspire award was also approved for an additional phase of the Crown Village Project development focused on family housing, which will include a five-story building. Level one of the building will be designated for onsite parking, with the other levels consisting of 69 one-bedroom, two-bedroom and three-bedroom units. The Newark Housing Authority has committed to providing project-based Section 8 rental assistance to the project units, with additional apartments available for low-income and individuals experiencing homelessness. Tenants will benefit from supportive services that directly affect and serve the residents of the community, including job training and community outreach.

The senior housing component of the Crown Village Project was approved for an award of up to 60% of the eligible project costs, not to exceed $27.8 million. The family housing component was approved for an award of up to 60% of the eligible project costs, not to exceed $20.04 million. All three projects approved for Aspire awards are also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

“Every family and senior in Newark deserves a safe, affordable place to call home,” said Senate Majority Leader M. Teresa Ruiz. “These investments reflect the unique needs of our community, taking a thoughtful, tailored approach to creating housing for residents across income levels and circumstances, while providing updated homes, supportive services, and job training. I thank Governor Sherrill and the NJEDA for their commitment to Newark,”

“Affordable housing is essential to keeping our communities strong and ensuring families and seniors have a safe place to call home,” said Senator Renee C. Burgess. “These investments in Newark will help improve existing housing, create new opportunities for residents, and strengthen our neighborhoods. I appreciate NJEDA’s continued commitment to our communities.”

“Aspire was created with the belief that communities with the greatest needs deserve the same chance for growth,” said Assemblywoman Eliana Pintor Marin. “After years of work to bring this program to life, seeing it deliver right here in Newark is especially rewarding. These projects will create or preserve 274 affordable homes, including much-needed housing for our seniors, who deserve the stability and dignity of aging in the communities they’ve helped build.”

“Newark residents, including families as well as vulnerable populations like our seniors deserve housing that is safe, affordable, and dignified,” said Assemblywoman Shanique Speight. “These investments revitalize a vacant brewery site into brand-new homes, upgrade existing apartments with energy-efficient features, and offer job training and support services to help our community thrive. We commend the NJEDA for investing in our city.”

Aspire is a gap financing tool to support commercial, mixed-use, and residential real estate development projects. For more information, please visit here.

About the NJEDA

###

NJ Innovation Evergreen Fund continues to support cutting-edge businesses in health care, biotechnology, and life sciences

TRENTON, N.J. (October 16, 2026) – Since February, the New Jersey Economic Development Authority (NJEDA) approved a total of $16.5 million to support eight cutting-edge businesses through the New Jersey Innovation Evergreen Fund (NJIEF). The startups are working on pushing forward new technologies in various sectors including health care, biotechnology, and life sciences. The NJIEF is a unique tool to increase access to strategic resources and venture capital in New Jersey, with the State as an equity investor in early-stage companies, deploying up to $600 million alongside venture capital firms.

“My Administration is committed to making New Jersey the best place to do business. By supporting these innovative companies, we are seeding new and important technologies, attracting incremental capital to New Jersey, and building a dynamic start-up ecosystem,” said Governor Mikie Sherrill. “These investments will strengthen our economy, create new opportunities, and cement New Jersey’s position as a leader in innovation.”

“The NJIEF’s success is measure not just in dollars invested, but in the transformative impact it has had on New Jersey businesses,” said NJEDA Chief Executive Officer Evan Weiss. “This cutting-edge initiative fuels innovation, creates jobs, and positions our state as a global center for technological discovery. Through strategic partnerships and targeted investments, Governor Mikie Sherrill and the NJEDA are helping the next generation of companies thrive, reinforcing New Jersey’s reputation as a leader in innovation and opportunity.”

From advanced materials and clean technology to life sciences, technology, and other emerging sectors, these eight startups showcase the breadth of New Jersey’s innovation economy. The companies are helping build industries of the future by developing advanced solutions, attracting investment, creating high-quality jobs, and scaling their business all right here in New Jersey.

“Investments through the NJIEF underscore our state’s unwavering commitment to supporting innovative businesses and entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “By delivering a robust roster of venture capital firms to cutting-edge startups, the NJIEF is fueling job creation and driving economic development across the state. The NJIEF is empowering the next generation of transformative companies, strengthening New Jersey’s position as a leader in technological discovery and creative enterprise.”

The following companies received investment funding through the NJIEF:

Princeton Critical Minerals, Inc. (PCM) – Newark
PCM, which emerged from Princeton University, has developed a technology for boosting mineral production from evaporation ponds, which could revolutionize the conventional approach to critical minerals extraction. The company provides an integrated suite of products, all dedicated to bridging the lithium supply-demand gap through efficient, scalable, and sustainable extraction methods. PCM was approved for an NJIEF investment of $4 million by matching SOSV, a global multi-stage venture capital firm based in Princeton.

In 2021, SOSV formed HAX, LLC, the firm’s Newark-based hard tech accelerator, in partnership with the NJEDA. The firm has invested in over 50 Newark-based businesses through the HAX Strategic Innovation Center (SIC) program, and in 2025 the NJEDA announced that it will also partner with SOSV along with the Princeton Plasma Physics Laboratory to create an SIC in the Princeton area.

Cranium AI, Inc. – Short Hills

Founded in 2023 as a spin-out from KPMG’s startup incubator, Cranium AI provides organizations with tools to map, monitor, test, and govern their machine learning and Generative Artificial Intelligence (AI) systems against adversarial threats and compliance risks, including systems from third-party vendors.

“As AI moves into the core of how businesses and governments operate, securing and governing it has become essential,” said Jonathan Dambrot, CEO of Cranium AI. “We’re grateful to the NJEDA and SYN Ventures for backing Cranium, and proud to build a category-defining AI security company in New Jersey.”

Cranium AI is widely seen as a standout innovator in the quickly growing field of AI security, and boasts a strong company roster, with clients such as Johnson & Johnson, JP Morgan Chase, KPMG, FIS, and Pfizer. Cranium AI was approved for an NJIEF investment of $5 million through matching SYN Ventures, a specialized cybersecurity-focused venture capital firm, with a focus on key areas within modern cybersecurity, including AI security, enterprise cybersecurity tools, risk management, infrastructure security, and third-party and supply chain security.

Urologic Health – Jersey City

Urologic Health is a medical device company developing the first fully non-invasive urodynamic diagnostic system for bladder function assessment. Urologic Health is addressing a significant problem in urology diagnostics, where the current test requires catheterization. Urologic’s system eliminates the need for catheters entirely while providing the diagnostic data necessary for both men and women. The company was incubated in the MEDX Xelerator in Israel and is now located at the Liberty Science Center in Jersey City. Urologic was approved for an NJIEF investment of $1.25 million by matching Edge Medical Ventures, an early-stage investment firm with offices in Jersey City and Israel.

EdgeMed is committed to advancing healthcare by identifying and nurturing innovative companies that address significant unmet clinical needs with substantial market potential. EdgeMed previously co-invested in Synchrony Medical through the NJIEF.

Elligint Health, Inc. – Edison

Elligint Health provides a health care management platform for health insurance companies, specifically focusing on care and disease management for high-risk patients. The company’s main product is Helios, a cloud-based platform that provides care managers with a single system to access patient information and automatically prioritizes tasks and generates care plans, helping increase productivity. Elligint Health was approved for an NJIEF investment of $1.5 million by matching HLM Investment Partners, a venture firm focused on investments in health care services, health care technology, and health care innovation companies.

TangGene, Inc. – New Brunswick

TangGene is a biotechnology company developing an injectable drug to cure autoimmune diseases that currently have no cure, starting with Multiple Sclerosis. The company’s technology helps retrain the immune system to target the cells causing the disease while leaving the rest of the immune system intact. TangGene was approved for an NJIEF investment of up to $1.5 million through an application submitted by Oak BioCapital, a venture firm focused on investments in life sciences and biotech companies that are pioneering transformative technologies in healthcare, therapeutics, medical devices, and diagnostics.

AstraNu, Inc. – Murray Hill

Founded in 2025, AstraNu is a Nokia Bell Labs spin-out developing low-cost medical imaging technology for eye care and diagnostics. AstraNu’s strategy focuses on commercializing an integrated Optical Coherence Tomography “engine module” that medical device manufacturers can plug directly into their products. This module combines all the necessary parts into a single computer chip that is 10x smaller and cheaper than traditional components. AstraNu was approved for an NJIEF investment of up to $1.5 million by matching Celesta Capital, a venture capital firm that focuses on investing in deep tech, data infrastructure, next-generation enterprise applications, and services. Celesta Capital and Nokia have a long-term strategic partnership to accelerate the commercialization of deep technologies incubated within Nokia Bell Labs. AstraNu is the first venture from this collaboration.

ChorusRx – Mount Laurel

ChorusRx (formally GalenusCare) is a next-generation pharmacy and medication-risk management company purpose-built for high-risk, high-acuity populations, such as hospice and chronic-care patients. At the core of its offering is APPRAISE, an exclusive, AI-enabled medication-optimization platform leveraging pharmacogenics and regimen-level risk scoring. ChorusRx was approved for an NJIEF investment of almost $1 million through by matching Rittenhouse Ventures, which focuses on early-growth B2B software investments, and aims to provide venture capital returns with a risk profile similar to private equity or growth equity funds. The co-investment into ChorusRx represents the second investment made by Rittenhouse Ventures under the Evergreen program. The NJEDA previously approved a co-investment into New Jersey-based transcendAP in November 2025.

Sena Health – Mickleton

Sena Health is an AI‑enabled healthcare access and care coordination company that blends contextual AI agents with clinically trained human coordinators to reduce administrative burden for medical groups, health systems, and employers. Sena Health replaces fragmented call centers, scheduling tools, and back-office processes with a single operating foundation. Its flagship offering – the Access Command Center – provides 24/7/365 front‑ and back-office support, including patient scheduling, triage, care navigation, referral management, revenue cycle operations, and high acuity care coordination. Sena Health was approved for an NJIEF investment of $750,000 by matching Rittenhouse Ventures, making it the third investment made by this venture capital group under the Evergreen program over the recent two years.

“Through the NJ Innovation Evergreen Fund and our partnership with NJEDA, we are proud to support category-defining healthcare companies in South Jersey like ChorusRx and Sena Health, and put more capital behind New Jersey innovators who are transforming patient outcomes,” said Saul Richter, Founder & Managing Partner of Rittenhouse Ventures.

All companies approved for investment under the NJIEF will benefit from the strategic commitments made by the NJIEF tax credit purchasers. These purchases, which fund investments made by Qualified Venture Firms (QVFs), are made in tandem with commitments to provide strategic support to strengthen the State’s innovation ecosystem. Commitments include financial support for university partners, nonprofits, and Strategic Innovation Centers for innovation-related programming in New Jersey, mentoring, educational opportunities, and more, and are a scored component of the tax credit purchaser’s bids.

The Evergreen Fund currently has approximately $46 million in unallocated capital available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey. Last year, the NJEDA auctioned $85 million in tax credits to raise additional capital, which has been available for investment throughout 2026. The NJIEF platform currently has 37 approved venture capital firms actively seeking investment opportunities in New Jersey-based companies and the program has supported 20 unique innovative business through direct investments to date.

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be a strong momentum from interested managers. The roster of the current approved managers can be found here.

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also open and can be found here.

About the NJEDA

###

Auction will support food desert relief efforts

TRENTON, N.J. (October 7, 2026) – Due to greater than anticipated demand, the New Jersey Economic Development Authority (NJEDA) will increase the amount of tax credits available to a total of $30 million for the Food Desert Relief Tax Credit Auction. Applications will close on Friday, October 9, 2026.

WHAT: Up to $30 million in tax credits, an increase from $25 million, will be available for purchase through the Food Desert Relief Tax Credit Auction, allowing bidders to offset their New Jersey tax liability by up to 15%.

Proceeds will fund programs that strengthen food access and reduce hunger in communities across the state where these challenges are most acute. These future grant, loan, and/or technical assistance opportunities will advance the priorities established by the Food Desert Relief Act and complement the NJEDA’s robust toolkit of existing food security programs, including FEED NJ, which was funded by proceeds from past tax credit auctions and is investing $30 million to catalyze innovative, sustainable, and scalable food access initiatives in underserved areas.

WHO: New Jersey Corporate Taxpayers or Insurance Companies that want to reduce their New Jersey 2026 tax liability. Companies do not need to be located in a food desert, be in the food industry, or make any ongoing commitments beyond the purchase transaction to buy tax credits through the auction.

WHEN: Applications for the Food Desert Relief Tax Credit Auction will close on Friday, October 9, 2026, at 5 p.m. Applications and additional information can be found here.

###

The 100% affordable housing development will include programs to support surrounding community

TRENTON, N.J. (September 17, 2026) – The New Jersey Economic Development Authority (NJEDA) approved an Aspire Program award to support an affordable senior housing development project in Trenton. The development, which is also supported by the U.S. Department of Housing and Urban Development (HUD)’s Choice Neighborhood Implementation Plan, will create 107 affordable rental units and various programs to support the surrounding community.

“As the NJEDA works to strengthen the Aspire Program, it’s encouraging to see ongoing progress on projects that expand access to affordable housing, bolster communities, and support vulnerable populations,” said NJEDA Chief Executive Officer Evan Weiss. “This development will provide older residents with stable, affordable housing, while empowering local families and businesses, delivering long-lasting benefits for years to come.”

The project, known as THA Senior, entails the construction of a four-story mixed-use development, and will be located on Martin Luther King, Jr. Boulevard in Trenton, less than a mile away from the Maternal and Infant Health Innovation Center. The building will have 107 affordable, one-bedroom rental units serving seniors aged 62 and older, as well as a two-bedroom superintendent’s unit. The development will also include a fitness room, community room, outdoor patio, walking paths, a parking lot, and playground equipment.

The development will also include roughly 10,000 square feet of commercial space for community-based organizations, with 7,400 square feet to be allocated for a daycare facility. Various programs will also be available to both residents and members of the community, including workforce development, senior services, education and youth support, financial empowerment, and early learning.

“This investment represents another major step in transforming the North Ward and delivering on the promise of our Choice Neighborhoods partnership,” said Trenton Mayor W. Reed Gusciora. “The City of Trenton and the Trenton Housing Authority worked together to secure this federal designation because we recognized that rebuilding a neighborhood requires more than building housing. THA Senior will provide 107 new affordable homes for our seniors while bringing early childhood education, workforce development, senior services and other community resources directly into the neighborhood. We are grateful to the NJEDA, HUD, the Trenton Housing Authority and all of our partners for investing in a stronger, more vibrant future for Trenton.”

“Projects like THA Senior demonstrate what is possible when state and local partners work together to invest in Trenton and the Capital Region,” said Mercer County Executive Dan Benson. “I want to thank Governor Sherrill, the New Jersey Economic Development Authority, and Trenton Housing Authority leadership for their continued commitment to our community and for utilizing the Aspire Program to help advance this important senior housing development. This investment will create new housing opportunities for older adults while helping to strengthen and revitalize Trenton. We look forward to continuing this partnership and building on the progress we are making across the Capital Region.”

“Every senior deserves access to safe, high-quality housing they can afford,” said Senator Shirley K. Turner (D-Mercer/Hunterdon). “This development will provide 107 Trenton seniors with homes of their own while also bringing childcare, workforce development, educational programs, and other valuable services to the surrounding neighborhood. This is the kind of investment that strengthens families, supports seniors, and contributes to the continued revitalization of our capital city.”

“I welcome today’s announcement of the Aspire award that will help create additional housing option for seniors and provide them with amenities that will keep their minds and bodies active,” said Assemblywoman Verlina Reynolds-Jackson (D-Hunterdon, Mercer). “At the same time, THA Senior’s plan for the workforce development, financial empowerment and educational support will benefit the entire community. This is truly a win-win for Trenton residents.”

“As we continue to revitalize Trenton, we must make strategic investments like this one that enhance amenities and foster opportunities for community members,” said Assemblyman Anthony Verrelli. (D-Hunterdon, Mercer). “The Aspire award announced today has the double benefit of increasing available housing for Trenton’s seniors and bolstering economic development through the creation of commercial space for local organizations. I am excited to see what the future of this project has in store for residents of our city.”

THA Senior was approved for an award of up to 85% of the total project cost, not to exceed $54.3 million. THA Senior was also approved for a $900,000 federal grant through the Choice Neighborhoods program. The Choice Neighborhoods program aims to leverage public and private dollars to revitalize struggling neighborhoods by catalyzing critical improvements, including vacant property, housing, businesses, services, and schools. This project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

Aspire is a gap financing tool to support commercial, mixed-use, and residential real estate development projects. The NJEDA has temporarily paused applications for the program as it works to establish a new framework and criteria. For more information, please visit here.

About the NJEDA

###

TRENTON, N.J. (September 2, 2026) – The New Jersey Economic Development Authority (NJEDA) will open applications for Cohort III of the New Jersey Innovation Fellows (NJIF) Program on Wednesday, September 9, 2026, at 10:00 a.m. The program will provide income replacement grants of up to $400,000 to eligible entrepreneur teams looking to launch their businesses within New Jersey.

WHAT: The NJIF program supports entrepreneurs with unique startup ideas by providing access to “income replacement” grants. This resource creates an opportunity for the entrepreneurs to pursue unique startup business ventures with the security of initial income replacement funding and guidance during the two-year ideation and formation period of their business.

In addition to financial support, the NJIF Program will provide comprehensive mentorship training for each entrepreneurial team. The 24-month mentorship program will provide expert guidance in various fields, conduct workshops, and offer networking opportunities with academic and industry partners through the New Jersey Innovation Institute and the Rowan Center for Innovation & Entrepreneurship.

Grants of $200,000 are available, with bonuses of up to $200,000 if an entrepreneur resides in an Opportunity Zone, self-certifies as a woman or minority, or graduated from a New Jersey college or university. Subject to the availability of funding, up to six applications will be recommended to the Authority’s Board for the Program award and entry into the mentorship program. If funding remains, a seventh award may be considered.

WHO: Eligible applicants must consist of a team of no less than three individuals and be working to launch a business. For a full list of eligibility requirements, please click here.

WHEN: Applications will open on Wednesday, September 9, 2026, at 10:00 a.m. and must be submitted by Friday, December 4, 2026, at 5:00 p.m.

The NJEDA is currently accepting questions from interested parties through Wednesday, September 9, 2026, at 5:00 p.m. Questions concerning this Program’s Notice of Funding Availability should be submitted to njinnovationfellows@njeda.gov.

About the NJEDA

###

Updates to Take Charge and NJ Cool programs will expand EV charging infrastructure and bolster building decarbonization

TRENTON, N.J. (August 26, 2026) – The New Jersey Economic Development Authority (NJEDA) Board recently approved modifications to the Take Charge Program and the NJ Cool Program to increase available funding, advance new solar and energy storage installations, reduce energy bills for businesses and institutions, and drive down greenhouse gas emissions. The approved changes align both programs with Governor Mikie Sherrill’s efforts to expand power generation, lessen strain on the state’s power grid, and lower energy costs, supporting affordability for the state’s residents and entrepreneurs.

“New Jersey’s businesses are the backbone of our economy, and we are committed to giving them the tools they need to grow, create jobs, and thrive,” said Governor Mikie Sherrill. “By aligning programs like Take Charge and NJ Cool with our broader energy affordability agenda, we are helping businesses lower costs and invest in their future. I’m grateful to the NJEDA for their partnership as we work to make New Jersey a more affordable and competitive place to do business.”

“Governor Sherrill understands that supporting business growth in New Jersey requires meaningful action on energy affordability, and in her first six months in office, she has enacted reforms to freeze energy rates, expand power supply, and bring real relief to ratepayers,” said NJEDA Chief Executive Officer Evan Weiss. “The changes to Take Charge and NJ Cool will align the NJEDA’s clean energy toolkit to Governor Sherrill’s energy affordability agenda, unlocking capital for business owners to continue growing their enterprises in the Garden State.”

The Take Charge Program will use Regional Greenhouse Gas Initiative (RGGI) funds to help commercial organizations cover the costs of establishing electric vehicle charging infrastructure for private fleets. Under the changes to the Take Charge Program approved by the Board, the minimum grant award size per project will be increased from $50,000 to $100,000 and the installation of on-site renewable energy generation or energy storage systems will be required as part of the proposed project scope. These modifications better align the program with the state’s current energy priorities, including the adoption of Virtual Power Plants (VPPs), which will better manage grid resources, lower electricity costs, and provide a future revenue source to participants.

Under the NJ Cool Program, the NJEDA utilizes RGGI funds to provide grants of up to $1 million for 50 percent of eligible project costs for building retrofit projects that reduce greenhouse gas emissions, helping create efficient, affordable, and more resilient buildings while supporting New Jersey’s broader clean energy goals. Phase 2 of the program will require updates to the building’s existing heating or cooling system and installing on-site renewable energy generation or energy storage systems.

The NJ Cool Program complements the NJEDA’s Reducing Emissions through Retrofits, Optimization, Fuel-Switching, and Innovative Technologies (RETROFIT NJ) Grant Program, which supports multi-pronged, large-scale retrofit projects that enable holistic energy improvements for buildings, campuses, and multi-building facilities. In June, the NJEDA announced it awarded 10 large-scale projects a total of $79 million under the RETROFIT NJ Program. The NJEDA recently updated the RETROFIT NJ Program to expand available funding and advance more solar generation, battery storage, and thermal energy network projects. Applications for Phase II of the RETROFIT NJ Program are expected to open later this summer.

The NJEDA’s other clean energy programs have continued to advance innovative energy projects during Governor Sherrill’s first months in office. Recently, the NJEDA and Nuveen Green Capital closed a $101 million loan under the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program to support the construction of energy efficiency and renewable energy projects for the upcoming Lionsgate film studio in Newark. Additionally, more than $53 million in voucher funding has been approved under the New Jersey Zero-Emission Incentive (ZIP) Program in 2026, assisting in the purchase of 791 zero-emission medium- and heavy-duty vehicles from NJ-based dealerships, with more approvals ongoing.

Collectively through its programs, the NJEDA has invested over $180 million in clean energy projects in 2026 so far. For more information on the NJEDA’s clean energy programs, visit www.njeda.gov/clean-energy/.

About the NJEDA

###

TRENTON, N.J. (August 24, 2026) – The New Jersey Economic Development Authority (NJEDA) Board approved a Cultural Arts Facilities Expansion (CAFE) Program award to support the Asbury Park Convention Hall’s $130 million renovation project. The investment in the 97-year-old convention hall in Monmouth County will expand equitable access to the performing arts for residents across the state, while catalyzing local economic development and revitalizing an important cultural anchor.

“For nearly a century, the Asbury Park Convention Hall has served as an iconic landmark that provides top-tier arts entertainment and programming for residents and visitors. It’s exciting for the NJEDA, under Governor Sherrill’s leadership, to be a part of this next chapter in its ongoing legacy,” said NJEDA Chief Executive Officer Evan Weiss. “Through investments in the arts and culture sector, the CAFE Program is helping drive new economic activity into communities and ensuring cultural hubs can continue serving the public for future generations.”

The Asbury Park Convention Hall Music & Performance Venue’s Restoration, Revitalization & Modernization Project will rehabilitate the 1920s-era performing arts center, which includes the Convention Hall, the Grand Arcade, and the Paramount Theater on the Asbury Park Boardwalk. The entire complex will undergo a comprehensive restoration – inside and out – in accordance with historic preservation standards, revitalizing structural, mechanical, architectural, features, including the marquee, lobbies, mezzanines, storefronts, and performance spaces. ADA access upgrades will ensure the landmark is welcoming and inclusive for all visitors as it enters its next century of service.

Beyond its significance to Asbury Park, securing the future of this irreplaceable cultural landmark will serve as a cultural and economic asset for the entire State of New Jersey, drawing visitors and artists from near and far. The project’s goal to attract world-class talent will elevate New Jersey’s cultural profile far beyond the local community, creating ripple effects that bolster the state’s music, arts, and tourism sectors.

“Asbury Park is rooted in music, and the legendary Convention Hall is a center of that,” said Gary Mottola, President, Madison Marquette Asbury. “This CAFE award will ensure that Asbury Park remains a cultural heartbeat of the State for generations to come.”

First opened in 1929, the Convention Hall complex has hosted diverse programming spanning music, theater, dance, film, sports, conventions, and civic events, establishing it as a vital component of New Jersey’s creative and cultural landscape. The comprehensive upgrades will enhance the complex’s ability to attract top performers and diverse audiences while honoring its legacy as a symbol of cultural pride, resilience, and artistic expression. The project is approved for up to $75 million in CAFE Program tax credits.

“The City is thrilled about Madison’s approval application for the tax credits,” said Deputy Mayor Amy Quinn. “We thank the Sherrill administration and Senator Gopal for their support. This is a great step that has required years of work and negotiation. These credits come only if Madison stays in compliance. We look forward to working with the EDA and Madison Marquette to ensure one of the most historic and iconic structures on the East Coast is restored to its former glory.”

About the NJEDA

###