Grant awards build on NJEDA’s facilitation of $100M+ in clean energy investments in 2026 so far   

TRENTON, N.J. (June 11, 2026) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved $79 million in grant awards to ten large-scale decarbonization and energy efficiency projects under the Reducing Emissions through Retrofits, Optimization, Fuel-Switching, and Innovative Technologies (RETROFIT NJ) Program. The awards, spread across nine communities throughout the state, will advance solar generation and battery storage projects, generate enough energy to power nearly 3,000 homes, lower energy costs, and eliminate over 845,000 metric tons of carbon dioxide equivalent emissions, promoting New Jersey’s clean energy goals and stimulating economic growth.

“Since day one, Governor Mikie Sherrill has focused on lowering energy costs and expanding grid capacity to bolster business growth, promote affordability, and attract investment,” said NJEDA Chief Executive Officer Evan Weiss. “Projects supported by the RETROFIT NJ Program will provide meaningful cost relief to residents and business owners, broaden energy capacity, and increase the reliability of the state’s electric grid, building on the NJEDA’s existing clean energy efforts to strengthen the state’s economic future.”

The awarded projects include a combined 20.3 megawatts (MW) of solar and 86.9 MW of battery storage, supporting $238 million in economic activity. The suite of approved projects will reduce electricity usage by 30.7 million kilowatts (kW) annually, relieving strains on the state’s electric grid and lowering energy costs. $54 million of the awarded funding has been directed to projects in the state’s Overburdened Communities.

The RETROFIT NJ program utilizes $79 million in Regional Greenhouse Gas Initiative (RGGI) funds. Each project includes at least three clean energy or electrification components, such as solar, energy storage, electrification of heating, refrigerant replacement, and energy efficiency upgrades, or is a thermal energy network (TEN), which connects heating, cooling and/or hot water systems across multiple buildings. Funding can cover both hard and soft project costs, including design, engineering, equipment, construction, and commissioning. 

The ten awards funded under the RETROFIT NJ Program are:

1. Camden County Vo-Tech School – Sicklerville – $10,000,000 – The project includes installation of a 2.1 MW solar system, high global warming potential (GWP) refrigerant replacements, energy efficiency upgrades, and two electric vehicle charging stations.
2. Christ Church/CARE Center of NJ – Rockaway – $6,912,694 – The project includes installation of a 1.78 MW solar system, air source heat pumps, high-GWP refrigerant replacements, and energy efficiency upgrades.
3. DGMB Casino, LLC (Resorts Casino Hotel) – Atlantic City – $8,836,767 – The project includes installation of a 2.1 MW solar system, a 16 MW energy storage system, and a Building Management System upgrade to effectuate greater energy efficiency.
4. Housing Authority of Plainfield – Plainfield – $2,992,534 – The project includes installation of a 69 kW solar system, air source heat pumps, high-GWP refrigerant replacements, and energy efficiency upgrades.
5. Port Authority of New York and New Jersey – Newark – $2,874,953 – The project includes installation of a 581-kilowatt solar system, replacement of natural gas air and water heating units with electric heaters and heat pumps, energy efficiency upgrades, and three electric vehicle charging stations.
6. Port Authority Trans-Hudson – Jersey City – $9,517,434 – The project includes installation of a 690.5-kilowatt solar system, replacement of multiple natural gas and oil-fired heating systems with clean alternatives, and energy efficiency upgrades.
7. Rutgers, the State University of NJ – New Brunswick – $8,000,000 – The project will replace aging underground high-temperature hot water distribution piping with new, pre-insulated piping on and between Busch and Livingston Campuses, a thermal energy network that will provide heating, domestic hot water, and cooling to approximately 124 campus buildings.
8. Showboat Hospitality LLC – Atlantic City – $9,892,850 – The project includes installation of a 4.3 MW energy storage system, high-GWP refrigerant replacement, and energy efficiency upgrades.
9. Somerset Holmdel Development (Bell Works) – Holmdel – $10,000,000 – The project includes installation of a 12.99 MW solar system, high-GWP refrigerant replacements, and energy efficiency upgrades.
10.  X-L Plastics – Clifton – $10,000,000 – The project includes installation of a 47 MW energy storage system, refrigerant replacements, replacement of gas-fired rooftop units and gas-fired domestic hot water heaters with high-efficiency electric heat pump systems, and energy efficiency upgrades. 

The RETROFIT NJ Program expands on the efforts of the NJ Cool program, which supports smaller to medium-sized building decarbonization projects. In 2026, $6.8 million in NJ Cool awards have been approved for 12 projects, projected to save 2 million kilowatt hours and 25,000 therms annually once construction is complete. Further examples of successful NJ Cool projects can be found on the NJ Cool webpage under the “Completed Projects” tab.

In addition to RETROFIT NJ and NJ Cool, the NJEDA’s other clean energy programs have continued to advance innovative energy projects during Governor Sherrill’s first six months in office. The NJEDA recently closed on a $2.49 million loan to THY Branchburg under the New Jersey Clean Energy Loans Program, which will support a 3.4 MW community solar project on a warehouse roof. Additionally, over $32 million in voucher funding was approved under the New Jersey Zero-Emission Incentive (ZIP) Program in 2026, assisting in the purchase of 463 zero-emission medium- and heavy-duty vehicles from NJ-based dealerships, with more approvals ongoing. This investment is complemented with the closing of $75.5 million in financing under the NJEDA’s Garden State Commercial Property Assessed Clean Energy (C-PACE) program, facilitating renewable energy generation, energy efficiency, water conservation, and other improvements in commercial properties.

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

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.

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TRENTON, N.J. (May 26, 2026) – The New Jersey Economic Development Authority (NJEDA) today announced that approximately $5 million in funding is still available for the Cannabis Business Development (CBD) Grant Program. This pilot grant program will offer $75,000 reimbursements to eligible cannabis manufacturers, cultivators, retailers, and testing laboratories in New Jersey. $5 million in funding has already been disbursed through the program.

WHAT:            The CBD Grant Program is designed to provide targeted financial support to eligible recreational cannabis entrepreneurs in New Jersey. The program will grant one-time reimbursements of $75,000 to help alleviate and manage the cost of ongoing State and local compliance, as well as operating expenses, for early-stage companies.

Five percent of funding will be made available for businesses operating in New Jersey Cannabis Regulatory Commission (NJCRC) designated Impact Zones, which stimulate economic development in historically underserved areas. These zones are designated by the NJCRC on factors such as past cannabis arrests, law enforcement activity, unemployment, and population.

WHO:                To be eligible for the CBD Grant Program, a business must possess a valid and current NJ Cannabis Regulatory Commission (NJCRC) annual license digital card in one of the following categories: Class 1 (Cultivator), Class 2 (Manufacturer), Class 5 (Retailer), or Testing Laboratory at the time of application. To qualify for the CBD Grant Program, applicants must also submit at least $75,000 in eligible expenses with supporting documentation and proof of payment.

For full eligibility requirements and to apply, click here.

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.

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Applications for NJ BASE are currently open

JERSEY CITY, N.J. (May 19, 2026) – Last week, the New Jersey Economic Development Authority (NJEDA) and global innovation execution company SOSA officially cut the ribbon on the New Jersey Business Acceleration and Soft-Landing Ecosystem (NJ BASE). NJ BASE will serve as a landing pad for international companies looking to establish and scale their operations in the United States, supporting expansion, attracting investment, and creating high quality jobs in industries vital to New Jersey’s economic future.

Located at 3 Second Street in Jersey City, NJ BASE will house approximately 15-20 companies as a first cohort. The Class A space, which is in close proximity to public transit, is more than 7,200 square feet and includes amenities such as conference facilities and event space.

“The NJEDA is excited to welcome international companies to the Garden State and support their long-term growth in New Jersey,” said NJEDA Chief Executive Officer Evan Weiss. “Through strategic investments in innovation, entrepreneurship, and workforce development, New Jersey continues to strengthen its position as a global destination for business and talent. NJ BASE will provide international entrepreneurs with the resources, partnerships, and support they need to scale their companies, foster collaboration, and contribute to a stronger and more dynamic innovation economy across the state.”

NJ BASE will focus on attracting international companies in industries that are critical to New Jersey’s economy, such as cyber security, artificial intelligence, fintech, and other types of innovative technologies and services. The center will allow a business to establish itself in New Jersey, with access to the larger U.S. market, so businesses can then expand, attract investment, and create high quality, long-term jobs.

“Choose New Jersey is proud to partner with the NJEDA and SOSA in launching NJ BASE,” said Amy Herbold, President and CEO of Choose New Jersey. “As we continue to promote New Jersey globally, NJ BASE expands our capacity to attract high-growth international companies and support their successful entry into the U.S. market. This initiative is a meaningful addition to our innovation ecosystem and further solidifies New Jersey’s standing as a leading destination for global business expansion and investment.”

Operated by SOSA, NJ BASE’s Business Immersion Program will provide free, high-quality co-working space and hands-on support across go-to-market strategy, operations, and financing to international companies, connecting participants to the Garden State’s corporations, investors, and innovation ecosystem partners. Participating companies will benefit from access to tailored mentorship, strategic introductions, and high-impact engagements designed to equip companies with the resources and relationships needed to fuel long-term growth. 

“What we opened isn’t just an office space. It’s a commitment to the founders coming here, that they will walk into an operation that’s already done the work of understanding where the real opportunities are. And they will be matched, deliberately and personally, with the people who can turn their work into something meaningful,” said Uzi Scheffer, CEO of SOSA. “I want to thank the NJEDA for the trust and Choose New Jersey for working with us on this project and for the close collaboration.” 

New Jersey has long been a global destination for business, investment, trade, and market expansion. The state is uniquely positioned in close proximity to some of the largest markets in the country, including New York, Philadelphia, Boston, and D.C. New Jersey is deeply interconnected with the rest of the country and the world via the Northeast Corridor, Newark International Airport, and Port Newark, making it a prime location for international firms looking to do business in the U.S.

“With access to top-tier talent, proximity to world-class cities, and strong state support for innovation, New Jersey is becoming an increasingly attractive destination for international companies looking to grow and expand,” said NJEDA Director of International Innovation Andrew H Gross. “The launch of NJ BASE will help attract global leaders in key strategic industries, strengthen New Jersey’s long-term economic competitiveness, create high-quality jobs, and deepen international partnerships.”

“Hudson County is proud to welcome NJ BASE to Jersey City as a powerful new hub for international innovation, entrepreneurship, and economic opportunity. This initiative reinforces our County’s position as a gateway to global business and a leader in attracting cutting-edge industries that create high-quality jobs for our residents,” said Craig Guy, Hudson County Executive. “With its strategic location, access to world-class transit, and proximity to New York City, Jersey City is the ideal home for companies to establish and grow their presence in the United States. I commend the New Jersey Economic Development Authority and SOSA for their vision and partnership in bringing this exciting investment to Hudson County.”

“Jersey City is the natural home for NJ BASE. We are New Jersey’s gateway to the global economy, and the home of one of the most diverse, dynamic, and connected business communities in the country. International companies choosing to plant their flag here will find exactly what they need to grow: world-class talent, easy access to the broader Northeast Corridor, and a city government that is genuinely committed to partnering with the innovation economy,” said Jersey City Mayor James Solomon. “I want to thank the NJEDA, SOSA, and Choose New Jersey for bringing this opportunity to Second Street, and I look forward to welcoming the entrepreneurs and companies who will call Jersey City home as they build their American future.”

The NJEDA is currently accepting applications for NJ BASE’s Business Immersion Program through Monday, June 15. For more information on eligibility and other program requirements, click here or contact NJBASE@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 Facebook, Twitter, Instagram, and LinkedIn.

About SOSA

SOSA is the global innovation execution partner for governments, specializing in the design, launch, and operation of world-class innovation centers. SOSA helps governments translate global technology into measurable economic growth, job creation, and strategic capability. Leveraging a proven global network of corporations, startups, and industry leaders, SOSA channels validated market demand into these hubs – transforming them into engines of GDP growth and critical nodes in the global innovation supply chain. With a decade of experience delivering international programs and public-private partnerships, SOSA enables governments to move from vision to execution and establish long-term innovation leadership. Learn more at sosa.co.

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Symphony Center at Powerhouse Arts District in Jersey City will offer state-of-the-art performance and education facilities

TRENTON, N.J. (May 14, 2026) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved more than $29 million in tax credits under the Cultural Arts Facilities Expansion (CAFE) Program to New Jersey Symphony in support of the Symphony Center at the Powerhouse Arts District in Jersey City. The project will create a new, permanent venue and administrative space for New Jersey Symphony, expand free and low-cost arts programming, and advance neighborhood revitalization.

“New Jersey’s booming arts and culture sector continues to create impactful economic opportunities, enhancing quality of life in local communities and supporting high-quality jobs across the state,” said NJEDA Chief Executive Officer Evan Weiss. “The NJEDA is committed to supporting cultural institutions like New Jersey Symphony as it expands artistic offerings and educational initiatives, cultivating new generations of artists and catalyzing neighborhood vitality.”

The Symphony Center at Powerhouse Arts District, located at 151 Bay Street in Jersey City, will include a 550-seat performance hall, dedicated rehearsal and production spaces, and rooms to host year-round cultural arts educational classes, workshops, and afterschool programs. The center will host more than 100 public performances annually, including orchestral concerts, jazz, film, spoken word, and multimedia productions, and encourage community engagement through civic events, artist residencies, public forums, and cultural celebrations.

Founded in 1922, New Jersey Symphony, one of the oldest and largest performing arts organizations in the state, reaches more than 140,000 people annually through live performances, education, and wellness programs in over 100 New Jersey communities. The Symphony Center project will expand the Symphony’s reach in Hudson County region, creating new jobs and increasing access to arts education.

“This expansion is a transformative moment for New Jersey Symphony, Hudson County, and for Jersey City. With the NJEDA’s support for the Symphony Center, which will become the first fully managed facility by New Jersey Symphony, we can expand our performances and education programs into Jersey City,” said New Jersey Symphony President & CEO Terry D. Loftis. “This expansion continues our deep commitment to Newark and other communities throughout New Jersey, where our mainstage concerts, community events, and education programs impact the lives of thousands each year. As the Symphony’s president and CEO, and as a resident of Jersey City, I am excited about the opportunities this new chapter creates for our community, and I look forward to welcoming everyone to the Symphony Center.”

The center will be an anchor institution of the Powerhouse Arts District, a cultural corridor in Jersey City within walking distance of dense residential and commercial development and accessible by PATH train, Hudson-Bergen Light Rail, NJ Transit buses, and the NYC Ferry.

“The New Jersey Symphony Orchestra choosing Jersey City as its permanent home is a significant moment for our city and the entire region. The Symphony Center at Powerhouse Arts District will be a world-class performance venue and a civic anchor, bringing free and low-cost arts programming to Hudson County residents,” said Jersey City Mayor James Solomon. “Jersey City has invested deeply in building the Powerhouse Arts District into a thriving cultural corridor, and this $29 million commitment from the NJEDA reflects exactly what’s possible when state and local partners align around a shared vision. We are proud to welcome the New Jersey Symphony home.”

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. Eligible awardees can receive tax credits covering up to 100 percent of eligible project costs, up to $75 million.

The NJEDA is not currently accepting new applications under the CAFE Program, but stakeholders are encouraged to visit www.njeda.gov/cafe periodically for up-to-date information.

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.

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TRENTON, N.J. (May 1, 2026) – The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) program. The NOL program allows early-stage technology and life sciences companies in New Jersey to sell a percentage of their net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash.  

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

In 2025, an economic impact assessment found that the NOL Program is crucial to driving economic activity and enhancing business sustainability in the state, with more than half of the 589 program recipients continuing to operate in New Jersey and employ an estimated 31,200 workers.

WHO:               Technology and biotechnology companies with no more than 224 employees are eligible to apply for the NOL Program. Up to $75 million is available annually, with up to $15 million set aside for businesses located in Innovation Zones, Opportunity Zones, or New Jersey-certified minority and/or woman-owned businesses.

WHEN:            Applications for the NOL Program opened today, May 1, at 10:00 a.m. Applications will close on Tuesday, June 30, at 11:59 p.m.

An informational webinar will be held on Thursday, May 21 at 12:00 p.m. To register, click here.

Full application and eligibility requirements can be found here.

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.

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TRENTON, N.J. (April 9, 2026) – The New Jersey Economic Development Authority (NJEDA) will open applications for the New Jersey Lending for Equity, Access, and Financing (NJ LEAF) Program on Monday, April 20, 2026. The $15 million loan program will provide low-cost financing of up to $1.5 million to recreational eligible cannabis manufacturers, cultivators, and testing laboratories, expanding upon NJEDA’s already established cannabis-focused financial tools, empowering small businesses, and advancing the State’s commitment to equitable economic development.

WHAT:            The NJ LEAF Program will provide lending options for both fixed assets and working capital, helping eligible businesses grow and stabilize their operations in New Jersey. Fixed asset loan amounts will range from $100,000 to a maximum of $1.5 million, and working capital support loans will extend from $100,000 to a maximum of $500,000. The funding options offer valuable resources for cannabis businesses to invest in property, upgrade equipment, and cover day-to-day operational expenses.

WHO:              Eligible businesses must hold a valid and current recreational Class 1- Cannabis Cultivator, Class 2 – Cannabis Manufacturer, or Testing Laboratory annual license digital card as per the final recommendation issued by the New Jersey Cannabis Regulatory Commission (NJCRC). In addition, businesses must be based in New Jersey, employ fewer than 250 full-time employees, and must have been in operation for at least one calendar year with annual gross revenues of $5 million or less.

Five percent of funding under the program will be set aside for businesses located in Impact Zones, which are areas designated by NJCRC statute that were disproportionately impacted by cannabis prohibition and meet other statutory criteria.

For more information on eligibility and funding uses, visit www.njeda.gov/nj-leaf or email businessbanking@njeda.gov.

WHEN:           Applications for the NJ LEAF Program will open on Monday, April 20, 2026, at 10:00 a.m. Click here to apply.

An informational webinar will be held on Thursday, April 16, 2026, at 10:00 a.m. Click here to register.

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.

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TRENTON, N.J. (April 2, 2026) – The New Jersey Economic Development Authority (NJEDA) congratulated ofi (olam food ingredients), a leading global supplier of food and beverage ingredients and solutions, on the grand opening of its new East Coast Distribution Center. The Singapore-based company will occupy a newly-constructed 574,000 square-foot warehouse in East Greenwich Township.

“I am thrilled that ofi has chosen New Jersey as the location of its East Coast Distribution Center. Their decision will benefit our economy, and it reflects a substantial investment in the hard-working people of South Jersey,” said Governor Mikie Sherrill. “My Administration remains committed to strengthening New Jersey’s standing as a premier destination to start and grow a business.”

The NJEDA attended ofi’s East Coast Distribution Center ribbon cutting on February 19. With more than 110 manufacturing facilities worldwide and a diversified portfolio across cocoa, coffee, dairy, nuts and spices, ofi provides value-added ingredients and solutions, backed by innovation and sustainability impact programs to meet consumer demand for health, taste, indulgence and other trends.

“We are excited to welcome ofi, a cutting-edge leader in its field, to the great State of New Jersey,” said NJEDA Chief Executive Officer Evan Weiss. “ofi’s investment into New Jersey is a testament to the state’s global competitiveness, prime location, and high-quality talent pool. This new distribution center will be an economic gamechanger for the South Jersey region, helping to create new jobs and long-term sustainability.”

The East Greenwich location is strategically located less than 20 miles from the Philadelphia port and less than 100 miles from New Jersey’s major ports in Newark and Elizabeth.

“We are delighted to join the East Greenwich community and thank them for their very warm welcome and incredible support,” said M.Sathyamurthy, CEO & Managing Director, ofi Americas. “We chose this location for our East Coast Distribution Center due to a number of criteria, most notably, the exceptional workforce and the easy access to distribution channels. This new distribution center will help drive growth for our private label retail and ingredients businesses, support our manufacturing footprint and strengthen our global sourcing strategy for customers.”

“Enterprise Singapore values our collaboration with partners like the New Jersey Economic Development Authority and Choose New Jersey in supporting Singapore-based companies to expand in the United States, creating economic value and jobs,” said Ms. Lim Seow Hui, Director (Americas), Enterprise Singapore. “ofi’s investment in the new East Coast Distribution Center exemplifies how such partnerships strengthen global supply chains and help deliver reliable access to food ingredients. We continue to stand ready to support ofi‘s expansion in the US, together with our key partners.”

The Sherrill Administration will continue to strengthen New Jersey’s standing on the global economic stage. The NJEDA and Choose New Jersey have helped establish strong international partnerships, including with Singapore, helping drive increased foreign direct investment (FDI) into the state. Since 2019, Singapore’s FDI in New Jersey has totaled at least $73 million, creating more than 230 jobs. In 2025, total trade between Singapore and New Jersey reached nearly $1.4 billion. Overall, since 2018, $13.6 billion of FDI has come into New Jersey, resulting in more than 27,000 new jobs.

“We are proud that ofi decided to expand its presence in the great State of New Jersey,” said Choose New Jersey interim President and Chief Executive Officer, Jen Lenhardt. “ofi’s investment in New Jersey’s food and beverage sector underscores the state’s global competitiveness, strategic location, and world-class talent. This new distribution center will strengthen South Jersey’s economy, create jobs, and showcase New Jersey as a premier destination for international businesses looking to grow and thrive.”

“ofi’s decision to establish its East Coast Distribution Center here in East Greenwich Township is a strong vote of confidence in South Jersey’s workforce, infrastructure, and strategic location,” said Senator John Burzichelli (LD-3). “With plenty of opportunity for growth on the Mickleton campus, this is the kind of long-term investment that strengthens our regional economy and reinforces New Jersey’s growing global partnerships.”

“This expansion represents smart economic development for our communities. ofi is not only bringing new jobs to our community but also investing in a footprint that will support supply chains and long-term industry growth,” said Assemblywoman Heather Simmons (LD-3). “Working alongside NJEDA and Choose New Jersey, we are continuing to attract international companies that see South Jersey as a place to grow and hire.”

“I cannot imagine the people of East Greenwich would have ever thought a company from Singapore would impact their economy and workforce in such an incredible way,” said Assemblyman David Bailey (LD-3). “This is an opportunity that took forward thinking and the ability to create relationships from outside our comfort zones. I applaud all of those involved and welcome ofi to our community.”

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.

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The program has delivered more than 250 loans, supporting nearly 3,000 small businesses across New Jersey

TRENTON, N.J. (March 23, 2026) – The New Jersey Economic Development Authority (NJEDA) today announced that seven new micro business lenders have been awarded funding under the Main Street Lenders Grant program. To date, the program has facilitated more than 250 loans totaling more than $8.8 million, supporting nearly 3,000 small businesses across the state through technical assistance and access to capital. 

The Main Street Lenders Grant program offers eligible lenders grants of up to $1.5 million each, with up to $500,000 reserved for technical assistance needs. Entities approved for the grant provide flexible and low-cost financing through working capital term loans to qualified New Jersey micro businesses, as well as technical assistance to help micro businesses access capital. These lenders also offer one-on-one advisory services, educational programming, and tailored support based on each business’s specific needs. 

“The Main Street Lenders Grant program reflects New Jersey’s ongoing commitment to small businesses and inclusive economic growth,” said NJEDA Chief Executive Officer Evan Weiss. “Access to capital continues to be a barrier for many micro businesses but this program is helping ensure entrepreneurs have the resources needed to succeed, leading to greater job growth and economic activity, particularly in disadvantaged communities.”  

The following lenders received $1.5 million in funding and are accepting microbusiness loan applications: 

• Ascendus, Inc.: offers loans between $10,000 and $100,000 with loan terms up to six years and interest rates of 5%.  
• Carver Federal Savings Bank: offers loans between $10,000 and $50,000 to businesses that have a commercial or home-based location in New Jersey.  
• Cumberland Empowerment Zone Corporation (CEZC): offers for-profit and nonprofit businesses in Cumberland County loans between $10,000 and $25,000 with no collateral required, and from $25,001 and $100,000 with collateral required.  
• Grow America: offers loans between $10,000 and $100,000, with interest rates not to exceed 5%. 
• Invest Newark: provides loan amounts between $10,000 and $100,000 to home-based, non-profit, sole proprietors, and start-ups with a commercial location in Newark. 
• Renaissance Economic Development Corporation: offers loans between $10,000 and $50,000 with 60-month terms and 5% fixed rates to businesses in Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union, and Warren Counties. 
• TruFund Financial Services, Inc.: offers loans between $10,000 and $100,00 to for-profit and nonprofit organizations located in low- to moderate-income (LMI) areas and that employ LMI workers.  

Loans provided by approved and participating lenders are available for eligible micro businesses with less than 10 full-time employees and less than $1.5 million in annual revenue. The loans carry no prepayment penalties, with interest rates capped at 5% and no payments for at least 12 months after closing. Micro businesses may use the loan funding for a wide range of business working capital expenses, including equipment purchases, rolling stock, payroll, marketing, inventory, rent or mortgage payments, property taxes, utilities, and other day-to-day operational costs. 

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.

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