New pilot program expands Main Street Recovery suite to offer grants up to $50,000 to reimburse closing costs after purchase of a commercial business property

TRENTON, N.J. (February 20, 2024) – The Board of the New Jersey Economic Development Authority (NJEDA) has approved the creation of a pilot program that will help boost small business owners’ liquidity following the purchase of a commercial property. Approved at the NJEDA’s Board meeting last week, the Main Street Acquisition Support Grant will reimburse applicants for a portion of closing costs after they have purchased an existing New Jersey commercial property from which their small business will operate. The closing must have taken place after the application was open to the public and the grant application date must be no later than one year from date of closing.  

“In many instances, ownership of a commercial property can be a game changer for a small business owner and the Acquisition Grant is a powerful addition to New Jersey’s suite of Economic Recovery Act Main Street programs designed for small businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “This program will help to achieve Governor Phil Murphy’s goal of supporting the thousands of New Jersey small businesses that are fortifying our communities and creating jobs that support New Jersey families.”

As part of the Main Street Recovery Fund, created under the Economic Recovery Act of 2020 (ERA), the program will be funded initially with $5 million to provide grants of up to $50,000, limited to one grant per business per Employer Identification Number, and for one eligible location. Based on demand, the program may be expanded to $10 million.

“The Main Street Acquisition Grant can help to position small businesses more securely post-purchase by offsetting the costs associated with acquiring a permanent location,” said Christina Fuentes, NJEDA Vice President of Community and Business Development. “This new program extends the power of the NJEDA to help small businesses grow and thrive in their communities.”

Grants will be based off the closing documentation, such as HUD-1 statements, closing disclosures, or settlement statements (may be in the name of the applicant or real estate holding company associated with the applicant). The small business must be the applicant for this grant and occupy at least 1,000 square feet of the building purchased. All loans must have been closed on through an arm’s length commercial transaction with a conventional lender. For more information on the Main Street Acquisition Support Grant visit: https://www.njeda.gov/main-street-acquisition-support-grant/.

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 FacebookTwitterInstagram, and LinkedIn.

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Office Hours will focus on Innovation Programs that benefit businesses and investors

TRENTON, N.J. (February 15, 2024) – To respond to challenges faced by New Jersey technology and biotechnology companies in raising capital, the New Jersey Economic Development Authority (NJEDA) is launching monthly Innovation Programs Office Hours to highlight programs offered by the Authority to stimulate the innovation economy. Alternating between in-person and virtual events, these will offer one-on-one sessions with the NJEDA’s Innovation team to discuss programs and networking opportunities with industry stakeholders.

“Governor Phil Murphy is committed to the longstanding success of New Jersey’s innovation economy, and under his administration, the NJEDA has enhanced and expanded its offerings to support the growth of innovative New Jersey companies,” said NJEDA Chief Executive Officer Tim Sullivan. “The new initiative announced today by the NJEDA’s Innovation team will ensure that businesses and investors contributing to the strength of the Garden State’s innovation community understand the range of resources the Authority offers and can leverage its support to thrive.”

Participation in office hours is encouraged for pre-seed, seed, early-stage, and growth-stage startup companies in the technology and life sciences industries, as well as investors seeking opportunities in innovative companies. Programs covered will include direct company investments, such as the Angel Match Program, and investor benefits, such as the Angel Investor Tax Credit Program. For a list of upcoming office hours, which will alternate monthly between in-person and virtual events, click here.

The first Innovation Programs Office Hours event will be held on February 23rd at the NJEDA Bioscience Center in North Brunswick, and will provide an introduction to the NJEDA’s Innovation Programs. To register for an upcoming event, visit https://www.njeda.gov/innovation-office-hours/. For questions on future events and the NJEDA’s Innovation Programs, email innovation@njeda.gov.

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 FacebookTwitterInstagram, and LinkedIn.

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Development will connect NJPAC to Newark community via 577,000+ sq. ft. of residential, office, retail, arts, and community space

TRENTON, N.J. (February 12, 2023) – A project that will create more than 577,900 square feet of mixed-used space surrounding the New Jersey Performing Arts Center (NJPAC) in Newark is the latest development approved by the Board of the New Jersey Economic Development Authority (NJEDA) for tax credits under the Aspire Program. The project, known as NJPAC District, will connect the existing NJPAC location with the larger Newark community through significant investment in public space, in addition to mixed-use real estate development, serving as a touchpoint between the city’s downtown and the new Riverfront Park.

The project, which is considered a transformative project under the Aspire Program, is being developed by LMXD, an affiliate of L+M Development, and was approved for an award of up to 60 percent of total eligible project costs, not to exceed $199,690,465 in total. It will include a residential component, known as ArtSide, which will be comprised of 350 units totaling 384,840 square feet, with an additional 10,500 square feet of office space and 12,600 square feet of retail space. The project will also include a new 53,000-square-foot arts-education and community facility known as the Cooperman Center, coupled with the renovation of the 17,000-square-foot Episcopal Church building for related arts education activities. Additionally, the project will consist of improvements to the existing 100,000-square-foot NJPAC facility, as well as significant infrastructure improvements to the larger site needed to accommodate the development, such as the complete overhaul of NJPAC’s front lawn, Chambers Plaza.

“NJPAC has been a magnet for local residents and visitors from all over the region for decades, by offering world-class performances, arts education, and community engagement,” said NJEDA Chief Executive Officer Tim Sullivan. “The project will expand NJPAC’s positive impact on the Newark community by providing a lively destination for visitors and a dynamic place to call ‘home’ for those seeking a transit accessible, arts-centric lifestyle. It’s truly a means of maximizing the economic activity associated with NJPAC, while elevating the surrounding community.”

In addition to the Aspire Tax Credits, the project is also benefitting from financing provided by the New Jersey Housing and Mortgage Finance Agency’s Low Income Housing Tax Credit program.

“NJPAC’s vision to revitalize the Newark community with residential, arts, and educational spaces speaks to the purpose of the Aspire Program,” said Majority Leader Teresa Ruiz who was the prime sponsor of the legislation. “From the dynamic living spaces to the arts-education facility, this project reflects our vision for a vibrant, inclusive future. I am excited to see the positive impact it will bring to our city.”

“For decades, the New Jersey Performing Arts Center (NJPAC) has not just been a cultural gem; it’s a vital part of Newark’s identity and a beacon for artistic expression,” said Assemblywoman Eliana Pintor Marin. “I am proud to have sponsored the bill that established the Aspire program, and I am thrilled to see it making a tangible difference right here in my hometown. This transformative endeavor will not only bridge the gap between downtown Newark and the stunning Riverfront Park but also ignite a renaissance in the heart of Newark.”

“The sum of these funds – whether to establish dining venues, art studios, space for creative work and communal collaboration, or an agricultural and nutritional center –are each, and collectively, earmarked for the nourishment of all aspects of Newark’s vitality as a thriving community,” said Newark Mayor Ras J. Baraka. “On behalf of all Newarkers, I thank NJEDA for these real estate and development grants so crucial to our present and future well-being and growth.”

“From its earliest imaginings more than a generation ago, NJPAC was designed as a unique anchor cultural institution in service to the city of Newark and the state of New Jersey,” said NJPAC President & CEO, John Schreiber. “Our audiences, staff, and programming reflect the remarkable diversity of the many communities we serve. Today’s landmark tax credit award makes possible the exciting next phase of the Arts Center’s evolution, and the dynamic neighborhood we will build on our campus will help further elevate downtown Newark’s status as a 24/7 live, work, and play destination. We are honored and grateful to be in partnership with Tim Sullivan, the NJEDA, Governor Murphy, and Mayor Baraka to bring new residential, retail, educational and cultural assets to our hometown.”

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects containing newly-constructed units must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits. NJPAC District is the second transformative project approved under the new Aspire rules, which the NJEDA adopted in November.

In line with Governor Murphy’s and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found 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 FacebookTwitterInstagram, and LinkedIn.

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Phase One of the Program has Approved Over $27 Million in Funding for 134 Child Care Centers to Date  

TRENTON, N.J. (February 9, 2024) – The New Jersey Economic Development Authority (NJEDA) Board on Wednesday approved Phase Two of the Child Care Facilities Improvement Program. The $5 million program will provide grants between $10,000 and $20,000 to registered Family Child Care homes (FCCs) to purchase furniture, fixtures, and equipment, supporting the improvement of health, safety, accessibility, and quality in the child care environment. New Jersey is home to over 1,300 registered FCCs, serving 6,500 children across all 21 counties.  

“When working parents have access to safe, high-quality child care, families thrive,” said First Lady Tammy Murphy. “Enabling providers to make upgrades and improve their quality of care through phase two of the Child Care Facilities Improvement Program will not only give parents peace of mind, it will also grow our state’s number of high quality child care providers and get us closer to Nurture NJ’s goal of becoming the safest and most equitable state to deliver and raise a child.”

“A thriving child care sector is essential to Governor Phil Murphy’s vision for a stronger and more inclusive economy. So many working families depend on Family Child Care homes for the safety and enrichment of their children,” said NJEDA Chief Executive Officer Tim Sullivan. “Phase Two of the Child Care Facilities Improvement Program expands eligibility to include these vital home-based operations, ensuring that registered FCCs all over New Jersey have access to the resources needed to provide quality child care services.”

Phase Two of the Child Care Facilities Improvement Program builds on the success of Phase One, which has already provided over $27 million in funding to 134 child care centers to date. Child care centers approved through the first phase of the program are located in 21 counties, serve more than 15,000 children, and employ over 3,000 teachers and administrators. Approvals under phase one of the program will continue in the coming months.

“The pandemic put a heavy strain on our already struggling, but vitally important, child care sector. That’s why I fought so hard to pass the American Rescue Plan to bring federal funding back to our state. It was heartening to see NJEDA create the Child Care Facilities Improvement Program with this funding—an effort that recognizes child care is the linchpin of our state’s economic potential.” said Congresswoman Mikie Sherrill (NJ-11).  “Over the past two years, Phase 1 has allowed child care centers throughout New Jersey to improve their facilities and care capabilities without having to worry about the overhead costs to do it. I applaud Wednesday’s announcement of Phase 2 to expand this great program to Family Child Care homes and look forward to seeing the immense impact it will have for our state and our economy. I will keep fighting to bring more resources back to New Jersey to ensure the stabilization of our child care sector.”

“This second round of funding is critical as it allows children in Family Child Care (FCC) homes to also benefit from enhanced learning environments that are healthy and safe,” said Senate Majority Leader M. Teresa Ruiz (D-Essex), who co-sponsored the Child Care Revitalization Fund, providing funding for the Child Care Facilities Improvement Program. “This next infusion of funds prioritizes 40 percent of grant funding to child care homes located in Opportunity Zones, underscoring our dedication to enhancing quality and accessibility across the state.”

Eligibility for Phase Two of the program is limited to registered Family Child Care homes that have enrolled at least one child receiving support from the New Jersey Department of Human Services (DHS) Child Care Assistance Program. Up to 40 percent of grant funding will be reserved for eligible applicants in Opportunity Zones. For more information, including eligibility requirements and qualified funding uses, click here.

“A thriving, high quality and affordable child care industry is critical for family and economic security, and the NJEDA’s Child Care Facilities Improvement Program is a key component of how our Administration is prioritizing families and child care providers,” said Sarah Adelman, Commissioner of New Jersey Human Services. “We applaud the Phase II expansion of access to capital for quality family child care providers, often in the very neighborhoods where families live and during hours when center-based care is harder to find. The families supported through our Child Care Assistance Program rely on stable, trusted child care providers in order to maintain employment or continue education, and this program will create a supportive ripple effect throughout communities.”

“ACNJ commends the NJEDA for ensuring FCC providers have access to funding through the Child Care Facilities Improvement Program grant. FCC providers are an integral part of the child care community and provide an invaluable service. Centering their unique needs to ensure equitable access is important to their sustainability and demonstrates a collective commitment to their success,” said Dr. Winifred Smith-Jenkins, Director of Early Learning Policy and Advocacy at Advocates for Children of New Jersey.

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 FacebookTwitterInstagram, and LinkedIn.

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Authority reflects on evolution and momentum of job creation, business attraction, and community development over half a century

TRENTON, N.J. (February 9, 2024) – The New Jersey Economic Development Authority (NJEDA) kicked off the commemoration of its 50th anniversary at its February board meeting on Wednesday morning. The NJEDA was established on August 7, 1974, by a bill signed by then-Governor Brendan Byrne, and sponsored by Assemblyman Herbert Klein. The bill was designed to create new jobs for the working men and women of New Jersey, by creating an authority that would seek to attract new industry and expand existing industry in the state.

“Fifty years and ten governors after its creation, the work of the NJEDA is more essential than ever as we continue to build and shape a stronger, fairer New Jersey economy that supports good-paying, family-supporting jobs of the future,” said Governor Phil Murphy. “The Authority’s role has continued to grow and evolve over the years as new challenges arise, and through it all, NJEDA has remained nimble, listening and responding to the needs of businesses and communities – large and small. As a result, we have unleashed extraordinary economic growth in recent years, transforming New Jersey into one of the best states in the nation to start or grow a business.”

Historically, the NJEDA’s core focus was traditional financing options such as loans, bonds, and tax incentives.  Under this administration, the NJEDA has expanded to include a vast array of innovative resources that can be adapted to the needs of New Jersey entrepreneurs, small businesses, municipalities, industries, and developers.  These offerings range from cannabis grants, to historic preservation tax credits, and offshore wind workforce development, to income replacement for entrepreneurs, new ways to help Main Street businesses grow, and the attraction of high-profile film projects.

“Time and again, Governor Murphy and the legislature have entrusted the NJEDA with developing and executing on resources that address the needs of New Jersey businesses, and proactively foster the growth of industries and development projects that can deliver on the promise of Governor Murphy’s Economic Development Strategic Plan,” said NJEDA CEO Tim Sullivan. “As we work to create opportunities for New Jerseyans from all backgrounds and foster the growth of New Jersey’s economy during 2024, we will continue to build on the momentum of 50 years of creating new jobs, driving economic activity, and revitalizing communities.”

Throughout its history, the NJEDA has stepped in to support New Jersey’s businesses during state and national crises. In the aftermath of Superstorm Sandy, the NJEDA delivered federal Community Development Block Grant – Disaster Recovery Program funds to small businesses and communities in the form of grants and loans. During the COVID-19 pandemic, the NJEDA created programs leveraging federal Coronavirus Aid, Relief, and Economic Security (CARES) Act money to help small businesses keep their doors open and staff on payroll. Since the pandemic, programs created under the Economic Recovery Act of 2020 have continued to help small businesses expand their operations and strengthen communities across the state.

The NJEDA continues to build on the foundation it has created over the last 50 years, with the understanding it has gained that economic development is not a one-size-fits-all proposition. The Authority’s commitment to creating equitable and inclusive opportunities will endure and evolve to ensure a thriving economy for New Jersey families and communities.

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 FacebookTwitterInstagram, and LinkedIn.

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TRENTON, N.J. (February 8, 2024) – The New Jersey Economic Development Authority (NJEDA) Board approved $25.1 million in Real Estate Rehabilitation and Development Grants under the Activation, Revitalization and Transformation (A.R.T.) Program, to support projects that will help revitalize Atlantic City and Newark, two of New Jersey’s largest cities, which were particularly hard hit by a downturn in economic activity due to the pandemic. A total of 13 projects were approved for grants that will focus on the rehabilitation and renovation of current infrastructure, as well as the construction of new property. The projects will help create an environment necessary to attract and retain residents and talent, enable business creation and attraction, and enhance downtown vitality.

“New Jersey’s downtowns are essential to our state’s economy and culture and in the wake of the pandemic, Governor Phil Murphy has been committed to ushering in a resurgence in these downtowns,” said NJEDA Chief Executive Officer Tim Sullivan. “The funding awarded yesterday will allow entities to rehabilitate vacant and blighted properties to encourage businesses, commuters, and residents back to city centers.”

The A.R.T. program utilizes American Rescue Plan (ARP) State and Local Fiscal Recovery Funds (SLFRF) to reactivate and revitalize Atlantic City and Newark’s commercial corridors in the wake of COVID-19. Commercial corridors play a vital role in both urban and rural geographies, serving as economic engines for communities by providing jobs that keep money circulating in the local economy, offer goods and services for residents, and power entrepreneurship as well as wealth building.

“The sum of these funds – whether to establish dining venues, art studios, space for creative work and communal collaboration, or an agricultural and nutritional center –are each, and collectively, earmarked for the nourishment of all aspects of Newark’s vitality as a thriving community” said Newark Mayor Ras J. Baraka. “On behalf of all Newarkers, I thank NJEDA for these real estate and development grants so crucial to our present and future well-being and growth.”

“The Small administration has had much success in instilling investor confidence, making the Great City of Atlantic City a hub for future development once again,” said City of Atlantic City Mayor Marty Small, Sr.  “With the help of our partners with the NJEDA, we’ll be able to use this grant funding to push some of our major projects throughout Atlantic City forward, particularly in the Orange Loop area, which has undergone a significant renaissance in recent years.”

In December, the Board approved $3 million in Public Space Activation Grants under the A.R.T. program.

The following entities were approved for grants today:

Atlantic City

  • 155 S Tennessee QOZB, LLC – $2,000,000
  • The “Surf Lodge” project will create first floor retail space, a surf shop, and 12 residential units with a focus on building Atlantic City’s underdeveloped, yet significant, surfing destination status. Community surf culture will be developed through education/lessons while leveraging the Orange Loop’s scalable model of small, yet purposeful development on the beach blocks of Atlantic City.
  • 1519 Boardwalk QOZB LLC – $1,975,000
  • The project will consist of the rehabilitation of the former James Salt Water Taffy factory located at 1519 Boardwalk into a boutique hotel and fine dining restaurant. 1519 Boardwalk project plans include the buildout of the 28 room, 5 story “James Hotel”; a boutique luxury hotel concept; along with a 180-seat Southern/soul food restaurant, “Kelsey’s’ on The Boardwalk”.
  • 2702 Arctic Ave Associates LLC – $2,785,319
  • The project will focus on the rehabilitation of a vacant and blighted former hardware store at 2702 Arctic Avenue into a shared arts and co-working space with a small residential component.  “The Key” project will include a 5,000-square-foot open span, maintaining flexibility to be activated as community gathering space for senior and cultural activities; exhibit space for visual arts; or performing arts venue. Two residential units will provide an ongoing income source for project operations.
  • MAP 3 Partners LLC – $2,484,850
  • The entity will use the funding for the construction of The Orange Loop Container Park (OLCP), which will use renovated shipping containers to transform the vacant lot located at 1400 Pacific Avenue in Atlantic City with a unique business concept. Twenty-eight 8 ft x 20 ft shipping containers will be outfitted to house a hydroponic farm (for growing vegetables and mushrooms), retail spaces for local vendors, classroom/community activation space, a record pressing facility and recording/rehearsal studios. Plans also include rooftop outdoor seating and art installations, roadside murals along the backside of the containers, and installing a stage for live performances.
  • MudGirls Studios – $604,609
  • The nonprofit corporation will use the funding for the rehabilitation of a vacant storefront at 3711 Ventnor Avenue into a ceramics/pottery arts studio with retail, training, and office space. The new space will help grow MudGirls mission by providing opportunities and training in art and entrepreneurship to economically disadvantaged and at-risk women which will help transition them out of poverty and onto a pathway of self-sufficiency.

Newark

  • Ablem Food Services NJ, LLC – $2,518,297
  • Ablem Food Services will use the funding for the rehabilitation of a former office building space at 550 Market Street. “Melba’s 550” will include a 250-seat soul food inspired fine dining restaurant and large commissary kitchen for catering and satellite locations. The project is intended to create up to 250 jobs and looks to create long-term impact on the neighborhood by fostering community engagement, supporting local businesses, and increasing foot traffic.
  • Delta’s Newark II, LLC – $3,494,933
  • The entity will use the funding for the renovation of a historic bank building/hotel project located at 810 Broad Street. The new southern-Soul inspired fine dining project will include a 110-seat restaurant/music venue and a 120-seat rooftop lounge. The restaurant will occupy the existing 8,500 square foot of vacant restaurant space on the basement, first floor and rooftop levels.
  • EqualSpace, LLC – $2,007,401
  • Funding will be used for the renovation of multiple floors at 550 Market Street. The “=SPACE” is a shared space and incubator dedicated to providing a safe space for black and brown women, men, and those within the LGBTQIA+ community. The project includes three floors with resources for multiple types of entrepreneurs including virtual desk options up to head quarter office spaces for small business to medium size businesses. Amenities will include conference rooms, a podcast studio, classroom space, a multimedia studio, and an event space.
  • Hospitality Concepts, LLC – $3,309,720
  • The project will consist of the buildout of a vacant space at 110 Edison Place. “Katherine’s” will be a 175-seat restaurant, bar, microbrewery, and retail bakery. The project’s focus will be on revitalizing downtown Newark by filling a void of much-needed restaurant and event space and will support Newark’s arts & entertainment, catering, business events for the arts & entertainment, board of education, local/state government agencies, corporate partnerships, small businesses, and residential family needs. In addition, the brewery is planned to be leveraged as a tourist attraction for the city of Newark.
  • Newark Science and Sustainability – $400,000
  • Funding will be used for the new construction of classroom, office, and workspaces for an urban agricultural center located at 5 Fairmount Avenue. The “Garden of Hope Agriculture Hub and Sustainability Training Center” will create a Farm-to-Table cooperative, hold workshops on nutrition, urban farming, and generational sustainability, increase access to local food via farmers markets and the develop policy that encourages more consumption of local foods via Supplemental Nutritional Assistance Program (SNAP), Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), and other assistance programs.
  • New Jersey Performing Arts Center – $1,500,000
  • New Jersey Performing Arts Center requested $1,500,000 to fund the Acquisition of land for the renovation and adaptive reuse of a former Episcopal Church office building. The “Cooperman Family Arts Education and Community Center Annex”, located at 31 Mulberry Street, will house educational classrooms, community gathering spaces and office space for NJPAC’s staff. The project will accommodate additional space needed for NJPAC’s expanding programs in Arts Education, Community Engagement, Arts & Well-being, and the creation of new performance work.
  • Project for Empty Space – $1,010,189
  • The project will consist of the renovation of a former office space into nearly 36,500 square feet of studio and public programming space on four floors of 800 Broad Street and the renovation of a former lobby space into a public gallery with 3,700 square feet of ground floor, park-facing space at 110 Edison Place in Ironside Newark. The project would allow Project for Empty Space to provide more public programming for growing audiences, and provide additional studio space, art production workshop, materials, and career development opportunities at a more deeply subsidized rate for local, working artists.
  • RBH-TRB East Mezz Urban Renewal Entity, LLC – $1,061,312
  • Funding will be used for the renovation of a vacant storefront in the Teacher’s Village complex located at 23 William Street. The project will create a new Newark Glass Art Center, including studios, classrooms, and offices, for GlassRoots, the 22-year-old Newark-based glassmaking nonprofit. The project will include galleries, educational spaces, offices, and arts workshops that serve as an anchor arts institution within Newark’s Arts and Education District and deepen its impact through continued and new programs with schools and community partners.

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 FacebookTwitterInstagram, and LinkedIn

Informational webinar will be held in advance of launch

TRENTON, N.J. (February 6, 2024) – The New Jersey Economic Development Authority (NJEDA) will open applications for Phase II of the Manufacturing Voucher Program (MVP) on Monday, February 12 at 10:00 a.m. An informational webinar will be held Thursday, February 8, at 2:00 p.m.

WHAT:          MVP Phase II will make available $20 million in grant funding through a rolling application process to provide New Jersey manufacturers with access to essential equipment, which will enhance efficiency, productivity, and overall profitability in New Jersey. The MVP offers vouchers valued at 30 to 50 percent of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000. 

In line with Governor Phil Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation, the New Jersey MVP offers stackable bonuses for certified woman-, minority-, or veteran-owned businesses. The stackable bonuses are also available for businesses in Opportunity Zones, businesses purchasing equipment within New Jersey, manufacturers that have a collective bargaining agreement, and companies with 50 or less full-time equivalent employees.

WHEN:          Applications for the MVP Phase II will open on Monday, February 12 at 10:00 a.m. Interested applicants can click here to learn more and apply.

The NJEDA will host an informational webinar on Thursday, February 8, at 2:00 p.m. Click here to register for the webinar.

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 FacebookTwitterInstagram, and LinkedIn.

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NJ Entrepreneur Support Program provides guarantees to support investments into Garden State companies 

TRENTON, N.J. (February 5, 2024) – The New Jersey Economic Development Authority (NJEDA) continues to accept applications for the New Jersey Entrepreneur Support Program, which was launched in 2020 to help Garden State entrepreneurs navigate COVID-19 related cashflow constraints, then relaunched in March of 2023 in light of challenges in the economy and venture banking system. The $5 million program encourages investors to provide additional funding to businesses by providing an NJEDA guarantee on loans advanced for working capital purposes.

According to estimates from PitchBook, venture capital and angel investment activity has declined since 2021, with a 40 percent reduction in the amount of companies receiving investment and a 50 percent decrease in investment funding. To respond to declining investment activity and unsteady market conditions, especially in the life sciences sector, the NJEDA aims to boost investor confidence in New Jersey companies and increase access to capital for founders through the Entrepreneur Support Program.  

“Increased investment into New Jersey companies is essential to supporting Governor Phil Murphy’s vision of bolstering the Garden State’s longstanding leadership in innovation,” said NJEDA Chief Executive Officer Tim Sullivan. “Especially in industries like biotechnology, the New Jersey Entrepreneur Support Program provides a unique solution to assist New Jersey companies in their financing endeavors when opportunities for private investment are not available.”

The NJ Entrepreneur Support Program provides investors with a one-year guarantee of up to 80 percent on a convertible note or bridge loan to a qualifying company. Multiple notes or loans to a qualified company can receive guarantees up to a maximum of $400,000 per company. To qualify for the program, a company must have an office located in New Jersey with a minimum of 50 percent of employees located in the state, have fewer than 225 employees, and be a part of at least one NJEDA targeted industry. For a full list of targeted industries, click here. Qualified investors under the program must be independent from the company, and the proposed investment must not mature for at least one year, cannot require payment for at least a year, and must be unsecured.

For a full list of eligibility requirements and further information on the program, visit https://www.njeda.gov/njesp/.

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 FacebookTwitterInstagram, and LinkedIn.

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Golden Seeds’ New Jersey Chapter, supported by the NJEDA, Empowers Women Entrepreneurs Through Increased Access to Capital and Mentoring Opportunities

NEW BRUNSWICK, N.J. (February 2, 2024) – The New Jersey chapter of Golden Seeds partnered with the Rutgers University Foundation to hold an angel investing forum in New Brunswick earlier this week, bringing entrepreneurs, investors, and alumni together for networking and pitching opportunities to support innovative women-led businesses. Supported by First Lady Tammy Murphy and the New Jersey Economic Development Authority (NJEDA), the New Jersey chapter of Golden Seeds aims to close the funding gap faced by female-led startups and support their success by increasing access to capital and creating mentoring opportunities with angel investors and successful entrepreneurs.

“The New Jersey chapter of Golden Seeds continues to create opportunities for women-led startups and our state’s female entrepreneurs, leveraging a robust national network of angel investors to create a more equitable economy,” said First Lady Tammy Murphy. “Through collaboration with the Garden State’s leading research universities, Golden Seeds is ensuring the next generation of female founders has the resources and support they need to grow.”

The forum featured presentations from innovative founders and investors and provided networking sessions for attendees to discuss personal experiences and investment opportunities. The event also highlighted women innovators who are creating New Jersey-based startups based on Rutgers Research discoveries.

Opening remarks from NJEDA’s Chief Economic Transformation Officer Kathleen Coviello, Rutgers University Foundation Vice President for Central Fundraising and Engagement Irene O’Brien, and Rutgers University Office for Research Executive Director of Technology Transfer Deborah Pérez-Fernández, focused on the importance of creating pathways for women-led startups to succeed in New Jersey’s innovation economy and the role of universities as staging grounds for inventive ideas and research.

“Female founders face significant barriers in accessing capital and investment, and under Governor Phil Murphy’s leadership, New Jersey has led the way in creating an environment for early-stage, female-led startups to thrive,” said Coviello. “New Jersey Golden Seeds provides opportunities for entrepreneurs to connect with experienced investors and leaders of world-class research institutions, arming them with the tools they need to expand and grow in the Garden State”

“The Rutgers researchers who presented at today’s Golden Seeds Angel Investing Forum are emblematic of the amazing work being conducted across the Chancellor-led units, and the Office for Research is proud to have supported them in their entrepreneurial efforts,” said Deborah Perez Fernandez, Executive Director of Technology Transfer. “The Office for Research (OfR) collaborates with faculty, researchers, and students to help commercialize their ideas, whether through licensing or launching a startup. Currently, there are 100 active Rutgers startups, including those who presented today, all working to address world-wide challenges in such fields as medicine, climate change, mental health, and digital safety. We are honored to work with all our great innovators as part of the OfR’s mission to support the research, scholarship, and creative endeavors of ALL Rutgers faculty.”

Founded in 2005, Golden Seeds is one of the nation’s most active early-stage investment firms focused on creating opportunities for women-led businesses, investing over $175 million in over 240 companies. Golden Seeds’ members are dedicated to evaluating, funding, and helping companies with at least one woman in an upper management role who has an equity position.

To support Governor Murphy’s goals of building a stronger and fairer New Jersey economy and creating the most diverse innovation ecosystem in the nation, First Lady Murphy and the NJEDA organized the New Jersey chapter of Golden Seeds in 2020, contributing to the creation of a strong, cohesive, and equitable angel investing community that supports the growth of women-led businesses. To date, the New Jersey Golden Seeds chapter has invested over $9.5 million in female-led companies.

“Golden Seeds extends unique tools to women-led companies, offering access to a robust network of angel investors and successful entrepreneurs and providing crucial information on investment strategies and innovative programs that the Garden State offers,” said Golden Seeds Managing Director Gina Tedesco. “This week’s event with Rutgers University highlighted the inventive ideas and businesses emerging out of New Jersey’s universities, bringing alumni investors and female founders together for engaging presentations and discussions. Women entrepreneurs continue to face barriers in accessing capital, but through the efforts of Golden Seeds and the NJEDA, they have the resources and network they need to grow and thrive.”

The New Jersey chapter of Golden Seeds holds monthly Office Hours to connect entrepreneurs and Golden Seeds members and provide information on the angel investing process. To sign up for an Office Hours session, click here.

Investors interested in Golden Seeds membership and the broader angel investing community can join an online forum to observe members as they consider future investments. For more information, visit https://goldenseeds.com/angel-network/interested-in-joining/.

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 FacebookTwitterInstagram, and LinkedIn.

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TRENTON, N.J. (January 29, 2024) – The New Jersey Economic Development Authority (NJEDA) is extending the deadline of its Request for Expressions of Interest (RFEI) for the planned New Jersey Green Fund (NJGF) indefinitely, until a formal application is launched. Through the RFEI, the NJEDA seeks proposals for NJGF support that provide a high-level overview of potential sites, projects, or assets and financing needs.

WHAT:            The planned NJGF will make clean energy investments to help facilitate an equitable energy transition in the State. Planned NJGF investments, which may include equity investments, credit enhancements, loans and/or other financial vehicles, will be aimed to attract private capital to enable New Jersey to reach its energy goals and advance environmental justice in the State. RFEI responses will be used to support the design of financial products and structures for the NJGF. 

Responses to the RFEI must be sent via email to NJGFrfei@njeda.gov with the subject line NJGF RFEI Response – [Primary Applicant Name]. Please note that an RFEI response is not a formal application for funding nor a binding intent to pursue investment opportunities that may be made available through the NJGF in the future.

WHO:              Potential Respondents to the RFEI may include but are not limited to: 

  • Property owners 
  • Real estate developers 
  • Renewable energy developers & operators  
  • Financial institutions  
  • Corporations 
  • Non-profit organizations 
  • Venture and private equity groups
  • Community-based organizations, including those representing Environmental Justice Communities  
  • Other private entities 

The NJEDA asks that Respondents submit proposals that at a minimum (1) summarize the Respondent’s organizational profile (e.g., background, history, and clean energy involvement), (2) provide brief descriptions of the potential site, project, or asset, (3) specify general capital requirements and desired form of financial support, and (4) discuss barriers to obtain capital.

About the NJEDA and the NJGF

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, which include several programs that finance clean energy investments. Building on NJEDA’s track record of supporting the growth of clean energy technologies, Governor Murphy and the State legislature allocated capital in the FYE ‘24 Budget to the New Jersey Green Fund (NJGF), which is currently being organized within NJEDA to invest in clean energy projects in the State.

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 FacebookTwitterInstagram, and LinkedIn.