New Jersey to Also Receive Economic Injury Disaster Loan Assistance from the U.S. Small Business Administration

TRENTON, N.J. (April 4, 2025) – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (NJEDA) plans to create a $5 million grant program aimed at supporting small businesses in Morris County that have experienced a decline in revenue due to the lane closures on Route 80 caused by the ongoing sinkhole repairs. The Route 80 Business Assistance Grant Program will provide grants to for businesses and non-profits located in close proximity to Route 80’s Exit 34. The grant program will go to the NJEDA Board next week for approval.

Additionally, the Governor announced that the U.S. Small Business Administration this week approved Economic Injury Disaster Loans (EIDL), capped at $2 million, for Morris County and the contiguous counties of Hunterdon, Passaic, Somerset, Sussex, Union, and Warren. The EIDLs are a working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

“It’s been a grueling several weeks for Morris County business owners located off the Route 80 corridor. From Wharton to Roxbury, small businesses have had fewer customers, resulting in a decline in sales and revenue. I’m happy to announce today that help is on the way,” said Governor Murphy. “The NJEDA’s planned grant program, paired with the U.S. Small Business Administration’s Economic Injury Disaster Loans, will inject much-needed capital into small businesses. We are committed to doing this as swiftly as possible to ease the burden on local businesses.”

“From natural disasters like Hurricane Sandy and tropical storms Henri and Ida, to a once-in-a-lifetime pandemic like COVID-19, the NJEDA is committed to supporting small business owners during dire times,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA shares Governor Murphy’s sense of urgency as we work to get critical funds to businesses most impacted by the Route 80 detours. We look forward to launching the program, which will help relieve the financial burden on small businesses, allowing them to stay open and continue serving communities in Morris County.”

The Route 80 Business Assistance Grant Program will provide grants to small businesses and non-profits that have up to 50 full-time employees. Applicants must certify a negative financial impact of at least $1,000 for the first quarter of 2025. Pending the NJEDA Board’s approval, the Authority is expected to open applications for the grant program by the end of the month. Additional program details and eligibility requirements will be available once the Board approves. Interested parties can check the NJEDA’s website and social media pages for updates.

“Small businesses along the Route 80 corridor are suffering the economic aftereffects of the sinkholes and traffic diversions caused by repair work,” said Senate President Nick Scutari. “They need help and they need it as quickly as possible. These EDA grants will be a financial lifeline that will help small businesses and service organizations keep their doors open and continue to serve the residents of their communities.”

“The ongoing lane closures on Route 80 have severely impacted small businesses in Morris County, causing a sharp decline in revenue for many that depend on steady customer traffic,” said Senate Republican Leader Anthony M. Bucco.“These businesses are not just the backbone of our local economy—they are owned and staffed by our families, friends, and neighbors. Now, through no fault of their own, they are struggling to stay afloat. Thank you Governor Murphy and the New Jersey Economic Development Authority for working with us, recognizing this hardship, and taking swift action by implementing the Route 80 Business Assistance Grant Program. This $5 million initiative will provide much-needed relief to affected businesses, helping them weather the financial challenges caused by these prolonged repairs. I look forward to the NJEDA Board’s approval next week and will continue fighting to ensure our small businesses receive the support they deserve.”

“For many business owners, a sudden lapse in revenue can mean the difference between keeping their doors open and closing for good, and the Route 80 closures have placed an undue burden on these surrounding communities,” said Speaker Craig J. Coughlin. “Supporting our local businesses is how we keep our communities strong and our economy moving. I commend the Governor and the NJEDA for acting on this matter quickly and decisively.”

“Small businesses are the heart of our Morris County communities, and they have borne the brunt of the Route 80 shutdown. I am grateful to the NJEDA and Governor Murphy for responding to our calls for help and launching this grant program,” said Assemblywoman Aura Dunn. “This critical support will provide real relief to business owners and working families as they fight to stay afloat. I look forward to continuing our bipartisan work to get these dollars out the door swiftly.”

“We want to thank the Governor’s Office, Senator Bucco, Assemblywoman Dunn, Assemblyman Barranco, the County Commissioners, and the NJEDA for their responsiveness to the needs of our business owners,” said Wharton Mayor William Chegwidden. “These businesses have been severely impacted by the decline of revenues resulting from the closure of Rt. 80 and we appreciate their swift action in creating this program that offers them real relief. This is government at its best- State, County, and Local all working as a team.”

” I’m thrilled and grateful for our business community that grants are becoming available to support their loss of revenue during this unpredicted transportation emergency,” said Mine Hill Mayor Sam Morris. “Thank you to everyone who made this possible.”

“This is a welcome and timely relief for our local businesses, who have been facing significant challenges since the closure of Route 80. The loss of customer traffic has taken a toll on our community’s small businesses, and this grant program will provide crucial support for businesses in the area,” said Mount Arlington Mayor Michael Stanzilis.“I want to thank Governor Murphy and the Economic Development Authority for taking this action and their continued commitment to helping our small businesses stay afloat during these difficult times. I’m confident this initiative will make a real difference for our local economy and help businesses in Mount Arlington and beyond recover and thrive.”

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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Business owners hail from Summit, Princeton, Newark, and Nutley

TRENTON, N.J. (March 28, 2025) – Last week, five women-owned business owners joined a roundtable discussion to share their stories of opening and growing their businesses in New Jersey. Hosted by the New Jersey Economic Development Authority (NJEDA), the conversation centered around the entrepreneurs’ experience as women business owners in the state and how New Jersey can continue providing resources to uplift women-owned businesses.

“From day one, Governor Murphy has been dedicated to supporting women business owners and fostering a robust, diverse, and fair economy. With the help of Assemblywoman Collazos-Gill and the entire Legislature, the NJEDA has been able to roll out programs that provide essential resources to help women entrepreneurs turn their dreams into reality,” said NJEDA Chief Executive Officer Tim Sullivan. “Although New Jersey has made significant strides, our efforts are ongoing to ensure that minority business owners have the necessary resources to grow their businesses in the Garden State.”

The roundtable was hosted at Agave Mexican Cantina in Clifton and included businesses from a variety of industries such as retail, food, healthcare, and software. Assemblywoman Alixon Collazos-Gill (LD-27), President-Elect of the Women’s Chamber of Commerce Robin Tabakin, NJEDA Chief Economic Security Officer Tara Colton, and NJEDA Chief of Staff Emma Corrado also joined last week’s roundtable.

“I commend the NJEDA for their thoughtfulness and intent in which their grant programs and tools are reaching and empowering the diverse group of women entrepreneurs,” said Assemblywoman Collazos-Gill.“Women-owned businesses play a vital role in our economy by generating jobs, driving innovation, and enriching our communities. Continued state support is critical to their growth, expanding economic opportunities, and building a more inclusive and resilient economy.”

“During the NJEDA business roundtable for Women’s History Month, we explored the pivotal roles that the NJEDA and NJCSIT have played in supporting women-owned businesses in New Jersey,” said Tabakin. “Our discussions encompassed the resources these businesses currently utilize, the support programs they envision for the future, and NJEDA’s ongoing commitment to empowering women entrepreneurs through legislative actions and strategic goals.”

“Governor Murphy and First Lady Murphy have made it their mission from the beginning to support women-owned businesses, including the hundreds of women-owned child care centers the NJEDA has bolstered through its Child Care Facilities Improvement Program,” said Colton. “Making robust investments into the child care industry is helping empower women to rejoin the workforce, strengthening families and communities. Conversations such as these support women entrepreneurs by giving them the tools they need to successfully run their business and raise their families.”

“In support of Governor Murphy’s goal to strengthen the small business community, the NJEDA is committed to uplifting women small business owners across the state with the resources and tools needed to succeed,” said Corrado. “To ensure the NJEDA’s programs and products meet the needs of women business owners, conversations like these are crucial as we work to design and implement new resources.”

The Project for Empty Space, based in Newark, is a multifaceted arts organization that includes Exhibitions, Artists Residencies, Public Art initiatives, subsidized Artist Studios, and Artist Professional Development and Granting opportunities. Co-Director Rebecca Jampol is a recipient of the Activation Revitalization and Transformation (ART) Program.

“We at Project for Empty Space, a woman-led non-profit arts organization, center culture makers and build sustainable resources to uplift and empower our creative community,” said Rebecca Pauline Jampol, Co-Director, Project for Empty Space. “We recognize artists as vital contributors to the economic ecosystem—individuals who operate as small businesses—and with the support of NJEDA, we have expanded our footprint to better support this community in the heart of Downtown Newark.”

Tea & Oranges is a women’s accessories and apparel boutique in downtown Summit. Established in 2020 in the wake of the COVID-19 pandemic, Tea & Oranges strives to have unique and versatile clothing items, while giving customers a shopping experience that fits their needs. Owner Margot Zigmont is a recipient of the Small Business E-Commerce Support Program.

“Community has been essential to Tea & Oranges’ success as a woman run business, and I am fortunate to be part of a robust community of woman-owned entrepreneurs. We thrive when we support each other,” said Margot Zigmont, owner of Tea & Oranges. “As the recipient of the E-Commerce Grant from the NJEDA, my business made a crucial relationship with ANOTHER woman owned business who brought our website to the next level. The grant and this relationship continues to feed the growth of my business and it has helped us broaden our community as we continue to share Tea & Oranges with the state of New Jersey and beyond.”  

PolyGone Systems is a hardware company located in Princeton, and aims to develop a filtration system that removes microplastics from water. Co-founder Yidian Lu is a recipient of CSIT Pilot Clean Tech Demonstration Grant Program, the Clean Tech SEED Grant Round 2 Program, and Clean Tech (R&D) Voucher Pilot Program – Round 2.

“Building a hardware company is difficult. The early support from NJEDA allowed us to unlock a bunch of industrial partnerships and navigate the early funding challenges,” said Yidian Lu, Co-Founder of PolyGone. “I could not thank them more for creating such an inclusive ecosystem in NJ to host business like PolyGone.”

Vitruiviae, located in Nutley, is a biotherapeutic company that targets aberrant and abundant sugar and lipid signatures on viruses and cancers that do not exist on normal cells. CEO Sonia Sequeira, Ph.D., is a recipient of the Catalyst Seed R&D Grant Program – Round 2, the CSIT Maternal and Infant Health R&D Grant Program, and the CSIT Maternal and Infant Health R&D Grant Program Round 2.

“As a women-led biotherapeutics company in New Jersey, early support from the NJEDA and CSIT was instrumental in enabling Vitruviae to conduct critical early-stage research—work that is rarely funded through traditional mechanisms. This funding served as a catalyst, helping us attract investors, generate intellectual property, and advance to the preclinical stage, where we can now operate with greater independence,” said Sonia Sequeira, PhD, CEO of Vitruviae. “We are deeply grateful for their support.”

Kurly Kürtősh, located in Nutley, is a destination for chimney cakes, a popular pastry enjoyed in Hungary. Owner Nicole Shaw-Provillion, whose dessert training started in Hungary, is a recipient of the COVID Small Business Emergency Loan Phase 2, Small Business Improvement Grant, the Small Business Lease Grant, the Covid Small Business Emergency Assistance Grant Phase 3, and the Small Business Emergency Assistance Grant Phase IIII.

“The grants we received from NJEDA have been a beneficial resource to help Kurly Kürtősh build this unique dessert culture around chimney cakes, a popular European dessert unknown in the US.,” said Nicole Shaw-Provillion, owner of Kurly Kürtősh. “As a woman business owner building this niche brand, it has been an interesting journey, and the community has been overwhelmingly supportive.”

Through the Main Street Recovery Program, which provides grants, loans, and technical support to eligible New Jersey businesses, the NJEDA is supporting minority-owned businesses across the state. In 2024, 537 women-owned businesses received funding from the Main Street suite of programs, totaling $10.5 million in funding.

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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NJ AI Hub will provide space for startups, spurring collaboration and innovation in emerging sector

WEST WINDSOR TOWNSHIP – Governor Phil Murphy, along with representatives from the New Jersey Economic Development Authority (NJEDA), Princeton University, Microsoft, and CoreWeave, today officially opened the NJ AI Hub, a state-of-the-art, collaborative ecosystem that will integrate world-class research, innovation, education, and workforce development. The NJ AI Hub will provide a physical location where AI start-ups can collaborate, helping to support new, diverse innovators and drive long-term economic growth.

The NJ AI Hub is located at 619 Alexander Road in West Windsor Township, in space provided by Princeton University. Located along Route 1 – New Jersey’s innovation corridor – the Hub will help position the state as a leading East Coast center for AI innovation.

“With the opening of the NJ AI Hub, we are moving forward in establishing New Jersey as a global leader in technology and innovation,” said Governor Murphy. “Under our Administration, the Garden State has emerged as a premier destination for innovators, investors, and researchers blazing a trail in generative AI. And by partnering with one of the world’s greatest academic and research institutions—along with industry leaders, like Microsoft and CoreWeave—we are paving the way for groundbreaking discoveries and a new generation of economic growth that will create good-paying, sustainable jobs for the people of New Jersey. Together, we are building a stronger, more prosperous future for our residents and businesses alike.”

The NJ AI Hub will bring together AI researchers, industry leaders, start-up companies, and other collaborators to advance research and development, the ethical and responsible use of AI for positive social impact, and workforce training in applied AI, in collaboration with other New Jersey universities, community colleges, and vocational schools. The Hub will also draw on New Jersey’s unique strengths in the health, sustainability, finance, and technology sectors to employ artificial intelligence technologies in advancing innovative breakthroughs.

Earlier this year, Governor Murphy and Princeton University President Christopher L. Eisgruber announced that Microsoft and CoreWeave would join Princeton University and the NJEDA as founding partners of the NJ AI Hub.

“The partnership we celebrate today shows how the public, private and academic sectors can come together to spark innovation in artificial intelligence, spur economic development, and strengthen the regional ecosystem,” said President Eisgruber. “The NJ AI Hub will not only keep the state and our nation at the forefront of this important field but also advance two of Princeton’s highest priorities, AI innovation and the regional ecosystem.”

“Today marks an exciting addition to New Jersey’s storied history of innovation,” said Brad Smith, Vice Chair and President of Microsoft. “The opening of the NJ AI Hub at Princeton represents a public-private partnership between the university and Microsoft that will support and drive economic opportunity for the state and greater region for decades to come.”

“As a company proudly headquartered in New Jersey, CoreWeave is deeply invested in the future of this state — and in the people who call it home,” said Brian Venturo, co-founder and Chief Strategy Officer at CoreWeave. “This is more than just a space for innovation; we believe it’s a launchpad for aspiring technologists, engineers, and creators across NJ who no longer need to leave home to build world-class careers in AI. Today’s ribbon-cutting demonstrates that New Jersey is not just participating in the AI revolution — we’re driving it.”

“Since taking office, Governor Murphy has been committed to bringing new industries to the Garden State to ensure we remain at the forefront of innovation and cutting-edge breakthroughs,” said NJEDA Chief Executive Officer Tim Sullivan. “With Princeton University, Microsoft, and CoreWeave as our partners in this endeavor, New Jersey is positioning itself to become a national leader in the AI industry, building upon our centuries-old legacy in technological innovation and discovery. As we support young companies in AI, we are helping create good-paying jobs and sustainable economic growth across the state.”

Princeton University, Microsoft, CoreWeave, and the NJEDA will focus on three main pillars of programming at the NJ AI Hub, including 1) research and development; 2) commercialization and accelerating innovation; and 3) strengthening AI education and workforce development. Together, the founding partners will invest over $72 million to support the long-term success of the NJ AI Hub.

The NJ AI Hub will build on other investments being made by New Jersey to develop the state’s AI ecosystem, including the planned AI Venture Fund. The AI Venture Fund will invest in early-stage AI startups, focusing on companies that are part of New Jersey’s strategic industries.

Plans for an AI Hub were announced by Governor Murphy and President Eisgruber in 2023. Pending NJEDA Board approval, the NJ AI Hub will be supported through the NJEDA’s Strategic Innovation Center (SIC) initiative. The NJEDA has executed a non-binding term sheet to support the NJ AI Hub’s operating budget for up to five years. In total, the NJEDA is anticipated to invest up to $25 million to support the NJ AI Hub and the NJ AI Venture AI Fund.

As part of this investment in the NJ AI Hub, Microsoft will be bringing its TechSpark program to New Jersey. Founded in 2017, Microsoft TechSpark fosters inclusive economic opportunity across the U.S., including job creation and innovation, by working in communities and investing in local organizations. TechSpark operates across all 50 states and to date has helped secure more than $700 million in community funding for local innovation, trained 65,000 people in critical technology skills, and created 4,500 jobs.

For further updates, please visit the NJ AI Hub website at njaihub.org.

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The Urban Investment Fund Program will support building rehabilitation and public space remediation

PATERSON, N.J. (March 26, 2025) – New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan yesterday announced the award of two grant awards through the Urban Investment Fund (UIF) Grant Program to support community revitalization efforts in Paterson and Passaic. A total of $12.7 million in grant funding will support several building rehabilitation and public space projects in the two Passaic County cities, which were both negatively impacted by the COVID-19 pandemic.

“The pandemic took a toll on municipalities across the state, particularly in urban neighborhoods where foot traffic dramatically decreased,” said Governor Phil Murphy. “Investing in the revitalization of New Jersey’s hardest hit communities will help bolster small businesses, support job growth, and create thriving main streets. Paterson and Passaic are critical to our state’s economy and the NJEDA’s Urban Investment Fund will ensure the cities’ continued growth and success.”

“Under Governor Murphy’s leadership, the NJEDA continues to invest in communities most impacted by the pandemic, providing necessary access to capital to build world-class, economically thriving cities and towns across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “The funding awarded to Paterson and Passaic will fuel inclusive economic growth in vital commercial corridors—creating jobs, supporting local businesses, and driving long-term prosperity through meaningful investments.”

The grant awards were announced yesterday during a press conference outside of the Paterson Museum. With a portion of Paterson’s $7 million Urban Investment Fund grant, the city will create a metal-frame pavilion over two historic locomotives adjacent to the museum. The pavilion will create an open-air, educational, and interpretive area for museum patrons and visitors. The project is part of the city’s over $17 million strategy to enhance the Great Falls Historic District in the wake of the pandemic.

NJCDC CEO Robert Guarasci, Paterson Mayor Andre Sayegh, Passaic Mayor Hector Lora, NJEDA CEO Tim Sullivan

CLICK TO VIEW PRESS CONFERENCE

“We are elated that the NJEDA will provide funding for catalytic projects that will help us position Paterson for further progress,” said Paterson Mayor Andre Sayegh. “Our city is in growth mode, and we appreciate EDA’s steadfast support.”

“These funds are invaluable in sustaining the economic prosperity of our great city, allowing us to focus on the removal and improvement of properties in disrepair and the walkability within our central business district. This investment strengthens our ongoing redevelopment initiatives, and complements current, and planned projects within the Corridor,” said Passaic Mayor Hector Lora. “This funding will be instrumental in advancing my vision of assisting residents and local businesses in their recovery from the lasting impacts of the COVID-19 pandemic.”

The New Jersey Community Development Corporation (NJCDC) is partnering with the City of Paterson to develop two of the city’s projects along Spruce Street.

“As a non-profit organization committed to community economic development, we are grateful for NJEDA’s support of our two projects,” said NJCDC CEO Robert Guarasci. “Both projects will dramatically improve Paterson’s Spruce Street corridor, which serves as the gateway to Paterson’s Great Falls National Historical Park.”

Through the Urban Investment Fund Grant Program, the NJEDA provides grants to eligible municipalities to implement a revitalization strategy to respond to decreased foot traffic and revenue due to the pandemic by helping cities enhance vitality. Projects supported by the program can include building rehabilitation projects, building reuse studies, and public space use investments in key commercial corridors. Funding for this program was provided through American Rescue Plan State and Local Fiscal Recovery Funds.

“Paterson’s legacy as a cradle of New Jersey and American industry is undeniable, and the NJEDA’s investment through the Urban Investment Fund acknowledges our history while providing resources that invite our city’s future. The transformative projects, happening alongside the revitalization efforts in Passaic, signify a district-wide blessing, a commitment to uplifting our communities together. From the transformative Youth Wellness Hub to the preservation of the historic Rogers Locomotive, these projects are not merely about bricks and mortar; they’re about building community, fostering well-being, and creating spaces where Paterson’s residents can thrive. The rehabilitation of 98 Spruce Street, providing affordable housing and commercial space, directly addresses the needs of our residents, while the study of the Ivanhoe Wheelhouse Building offers the promise of breathing new life into a landmark of Paterson’s industrial heritage. By investing in the Raceway Bridge and Colt Gun Mill Park, the NJEDA is also ensuring that the natural beauty and historical significance of Paterson are both celebrated and accessible to all,” said State Senator Benjie Wimberly (LD-35). “This commitment to both preservation and progress, across both Paterson and Passaic, demonstrates a deep understanding of our district’s legacy and potential, these projects will undoubtedly serve as catalysts for positive change. I send my highest salute to our collective efforts in making these aspirations our reality.”

“Investing in our communities helps boost local economies, create jobs, and uplift residents and families,” said State Senator Paul Sarlo (LD-36). “I’m thankful to Governor Murphy and the NJEDA for their commitment to supporting cities like Passaic. Through the Urban Investment Fund, the City of Passaic will be able to make critical enhancements to the Downtown neighborhood, rejuvenating a high-traffic corridor for residents to shop, gather, and enjoy public events.”

“I am proud to see $7 million invested in the City of Paterson to restore, repair, and transform spaces that are vital to our community’s future. This funding will not only preserve our rich history but also create new opportunities for growth, affordable housing, vibrant public spaces, and revitalized landmarks that reflect the heart and soul of our city,” said Assemblywoman Shavonda Sumter (LD-35). “From the Youth Wellness Hub to the Raceway Bridge and the Rogers Locomotive Pavilion, these projects will breathe new life into Paterson, ensuring that our residents, businesses, and future generations can thrive. This is more than an investment in buildings, it’s an investment in the people of Paterson and the bright future we are building together.”

“I am proud to announce NJEDA’s $7 million investment in Paterson that will go towards improving public spaces and streetscapes, creating more affordable housing units, and preserving historic landmarks,” said Assemblyman Al Abdelaziz (LD-35). “These projects will not only boost our local economy and enhance the daily lives of our residents but also attract businesses and visitors while safeguarding Paterson’s rich history for future generations. I am grateful to NJEDA for prioritizing our city and look forward to seeing these transformative projects come to life.”

“I would like to thank the NJEDA for their much appreciated support for revitalization efforts in the City of Passaic. These crucial funds will be utilized to create more affordable housing and rehabilitating public spaces in our city,” said Assemblyman Gary Schaer (LD-36). “Investments like Kol Square Pocket Park and the Passaic City Hall Plaza Deck will create third spaces in our downtown and increase accessibility to housing which are fundamental to the livelihood of the residents of Passaic.”

The following projects that were awarded grant funding include:

• City of Paterson ($7 million)
  • The City of Paterson is supporting the plan to create the Youth Wellness Hub project, located at 59 Spruce Street, to be used as a mixed-use property with 5,000 sq. ft. of commercial storefront space, creating a vibrant streetscape. The New Jersey Community Development Corporation (NJCDC) is developing this project.
  • The City of Paterson plans to allocate funding for the rehabilitation of a former bar and lounge located at 98 Spruce Street and repurpose it into a mixed-use building with 10 affordable residential units and a ground floor commercial space. The project will be developed by NJCDC.
  • The City of Paterson will use grant funds to undertake a Building Reuse Study of the Ivanhoe Wheelhouse Building, located at 8 Spruce Street, to determine the future use of this historic property that contributes to the rich, industrial history of the Great Falls Historic District. 
  • Utilizing grant funding, the City of Paterson will complete extensive repairs to the Raceway Bridge, located in Colt Gun Mill Park, connecting pedestrians to the site as well as landscape and interpretive improvements to the park. This project will create public access to this important historical and recreational site.
  • The City of Paterson plans to utilize grant funding for the Rogers Locomotive Pavilion Project, located at 2 Market Street, to create a metal-frame pavilion over two historic locomotives adjacent to the Paterson Museum. The Pavilion will create an open-air, educational, and interpretive area for museum patrons and visitors.

• City of Passaic ($5.7 million)
  • In partnership with New Horizon Community Action, the City of Passaic will utilize grant funding to rehabilitate an existing, vacant building in the Downtown area. Located at 24 Broadway, the three-story building will include a ground-floor commercial space, and five affordable rental units above.
  • Grant funding will be utilized to rehabilitate an existing property located Downtown at 287 Monroe Street. The mixed-use building will provide eight affordable rental units and a new commercial storefront.
  • Kol Square Pocket Park, located at the Main Avenue Bus Station on 1-5 Central Avenue, is adjacent to the current bus station where commuters, downtown shoppers, and residents linger along the corridor. This project will improve a high-traffic downtown public space with new benches, landscaping, and amenities, making it an asset for years to come.
  • The Main Avenue Triangle Pocket Park, which already serves as the location of annual holiday gatherings, will improve the Northern Gateway to the Main Avenue Corridor and Downtown, and will allow for additional, enhanced programming and public use. 
  • The Passaic City Hall Plaza Deck, located at 330 Passaic Street, will be reimagined through the installation of a stage, speakers, and other amenities. The City Hall Plaza is regularly the site of public events, gatherings, and celebrations, and will be used for further programming following completion.
  • The Main Avenue & Pennington Avenue Pocket Park project will revitalize a green space at the southern end of the Main Avenue Corridor. The reimagined space will be programmed and serve as a gathering space at the Southern Gateway to the Downtown.

Established in March 2024, the Urban Investment Fund Grant Program provides grants for the revitalization of key commercial corridor areas and real estate projects located in eligible municipalities. Eligible municipalities include Camden, Newark, New Brunswick, Passaic, Paterson, and Trenton, which all rank within the top five percent of commuter-adjusted population and the top five percent of municipal distress based on the 2023 Municipal Revitalization Index. Approved grants may not exceed 80 percent of total project costs for eligible uses, including building rehabilitation projects, building reuse studies, and public space use improvements.

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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Irish-American entrepreneurs in the fields of clean energy, marketing, real estate, and small business joined the conversation

TRENTON, N.J. (March 24, 2025) – In recognition of Irish-American Heritage Month and Saint Patrick’s Day, the New Jersey Economic Development Authority (NJEDA) hosted a roundtable discussion last week with state legislators and Irish-American entrepreneurs to discuss state support for the Irish business community and efforts to strengthen economic relationships with the country. Hosted at the NJEDA’s Trenton office, the roundtable brought together business leaders from a variety of industries across New Jersey, exemplifying the impact of Irish Americans on the state’s economy.

“Under Governor Murphy’s leadership, the NJEDA is committed to creating a stronger, more diverse economy by fostering international relationships and promoting economic opportunities for every New Jerseyan,” said NJEDA Chief Executive Officer Tim Sullivan. “Irish Americans are an integral part of New Jersey’s economic fabric, and frank discussions with representatives of the community will help the state craft and refine resources to strengthen businesses and support entrepreneurs.”

Moderated by Director of the New Jersey Ireland Center Steven Lenox, the discussion included representatives from the New Jersey General Assembly, including Speaker Craig Coughlin, Majority Whip Carol Murphy, and Assemblyman William F. Moen, Jr.

“We have a lot to be proud of here in New Jersey, especially when it comes to fostering a strong business environment for Irish-American entrepreneurs and our international partners,” said Speaker Coughlin. “With nearly one million residents of Irish descent, the economic and cultural ties between New Jersey and Ireland continue to drive investment and opportunity. The partnership between our two regions has already brought tremendous growth and opportunity, and there is still so much more to build and achieve together for generations to come.”

“Through the development of the American National & New Jersey Irish Caucus, we had the opportunity to travel and speak with government officials and business leaders in Ireland,” said Assemblywoman Murphy. “Recognizing New Jersey’s potential, Ireland continues to explore future business and education opportunities in the state. Conversations, like the one held by the NJEDA, are important as we continue building our partnership with Ireland.”

“I was extremely grateful for the opportunity to participate in NJEDA’s Irish American Roundtable earlier this week on St. Patrick’s Day. It was a great opportunity to highlight the strength of the Irish American community and its continued role in the economic success of New Jersey,” said Assemblyman Moen. “As a member of the Irish Trade Commission, we are committed to strengthening the relationship between Ireland and New Jersey as well as the Irish American culture around our great state.”

“While the close ties between New Jersey and Ireland are especially evident in March, they run deep throughout the year,” said Lenox. “Not only did our discussion highlight this, but the initiatives we’ve undertaken to make our state more attractive to Irish companies looking to expand into the US — including making New Jersey the first US state with a permanent economic development presence in Ireland — put this into action every day.”

Applegreen Electric, which maintains its United States headquarters in Glen Rock, designs, develops, and operates electric vehicle charging stations at over 630 Applegreen travel plaza sites in the United States, Ireland, and the United Kingdom. Vice President of Electric Vehicles Jimmy Ellis, who participated in the roundtable discussion, oversees the expansion of convenient, high-speed electric vehicle charging infrastructure.

Originally from Cork, Ireland, Michelle McCarthy, Founder and Chief Executive Officer of MCC Marketing Group, has over 15 years of expertise in leading transformative marketing campaigns for some of the most iconic names and venues in the sports and entertainment industry. In 2023 and 2024, she was featured in Irish America Magazine’s prestigious Business 100 list, celebrating her contributions to arts, entertainment, philanthropy, and community action.

“Irish brands have long been synonymous with quality, authenticity, and innovation – values that deeply resonate with American consumers. Under Governor Murphy’s leadership, New Jersey has cultivated an environment where international businesses can thrive, offering Irish companies a unique opportunity to leverage this dynamic ecosystem,” said McCarthy. “By fostering direct connections between Ireland’s graduates, Irish entrepreneurs, and New Jersey’s industry leaders and investors, we can create even greater opportunities for growth and collaboration. As the founder of MCC Marketing Group, I’m proud to have our company based in New Jersey – a state that champions innovation and international partnerships. We understand the power of storytelling in shaping a brand’s success, and we’re excited to see Irish businesses continue to flourish in the New Jersey market.”

Ann Wycherley, a Real Estate Broker at Brown Harris Stevens, emigrated to New Jersey from Ireland and studied at the Marketing Institute of Ireland. Wycherley is an award-winning agent with over 20 years of experience in the Hudson County market. She has been recognized by the New Jersey Circle of Excellence and earned a Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Tim Bauersachs owns and manages the Cross and Shamrock, a family-run gift shop and online store located in Hamilton Township specializing in Irish gifts and religious items. He also serves as Treasurer for the North American Celtic Trade Association, which promotes the sale of Irish and Celtic products in North America. The Cross and Shamrock received grant funding through the NJEDA’s COVID-19 Small Business Emergency Assistance Program.

“Cross and Shamrock has been in my family for 40 years and it’s an honor to keep the business alive and continue serving Central Jersey,” said Bauersachs. “Irish culture runs deep throughout New Jersey and I’m proud that our family business is part of the story. I’m grateful to the NJEDA for its assistance in helping keep our doors open during the pandemic and I look forward to offering our Irish gifts and religious items for years to come.”

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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Next NJ Program and AI Innovation Challenge Administration Grant Program will increase AI investment and catalyze groundbreaking research

TRENTON, N.J. (March 18, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Next New Jersey Program – AI and the AI Innovation Challenge Administration Grant Program. Both programs build on Governor Phil Murphy’s goal of establishing New Jersey as a leader in AI by encouraging private investment into the state’s growing AI sector and promoting collaboration between New Jersey’s citizens and government in AI innovation.

“AI presents a tremendous economic opportunity for New Jersey, poised to create good-paying jobs, catalyze new discoveries, grow our start-up community, and foster long-term economic growth,” said Governor Murphy. “New Jersey’s continued investment in the sectors of the future will pay dividends for generations to come, setting the Garden State on a path of economic strength and prosperity.”

“Under Governor Murphy’s leadership, the NJEDA has focused on supporting cutting-edge industries like AI, creating family-sustaining jobs for residents and bolstering the state’s innovation economy,” said NJEDA Chief Executive Officer Tim Sullivan. “AI offers a multitude of economic opportunities for the state’s entrepreneurs, businesses, and residents, and these new initiatives will ensure that companies and industry stakeholders have the opportunity and resources needed to invest in AI and contribute to its ongoing growth and evolution.”

The Next New Jersey Program – AI will drive economic growth, collaboration, and the development of AI infrastructure across the state by providing tax credits to eligible businesses investing in large-scale AI data centers and companies engaging in AI-related activities. The $500 million program leverages AI to stimulate innovation, boost productivity, and attract high-tech investments, positioning New Jersey as a key player in the rapidly evolving AI economy.

A business must commit to creating at least 100 new full-time jobs and meet a minimum capital investment of $100 million to be eligible for tax credits. Additionally, the program requires that the business enter into a collaborative relationship with a New Jersey-based public or private research university, technology startup, incubator, accelerator, or similar entity. For more information, including additional eligibility requirements, click here.

The AI Innovation Challenge Administration Grant Program will provide $3.8 million in grant funding to an eligible Administrator through a competitive application process. The Administrator will develop and manage a statewide AI Challenge and disburse sub-grant awards to challenge winners. The NJEDA-approved Administrator’s creation of the AI Challenge will promote participation from a diverse array of stakeholders across New Jersey to identify challenges throughout the State, and leverage AI to develop innovative software solutions that advance social and public good.

 The AI Challenge will include an initial competitive event and virtual showcase where participants will create and present AI-based software prototypes. Winners from the initial competitive event will continue developing their prototypes towards a Minimum Viable Product and present their solutions at a demo day event. After the demo day event, winners will continue working with the Administrator on pilot testing or commercialization of the AI-based software solution. Winners will also receive mentorship and advisory support from the Administrator’s network of subject matter experts.

Applications for the AI Innovation Challenge Administration Grant Program will open during a defined application period following a Notice of Funding Availability being published on the NJEDA’s website. Entities interested in applying for the Grant Program are recommended to start the New Jersey business registration and tax clearance certificate process early to ensure timely submission and processing of applications in compliance with the NJEDA’s eligibility requirements.

The two programs approved today are part of Governor Murphy and the NJEDA’s efforts to expand state resources for the AI sector. In 2023, the Murphy Administration and Princeton University announced a partnership to develop an AI Hub, which will advance New Jersey’s leadership in the field and catalyze innovation in AI technologies. In February, Governor Murphy and Princeton University announced Microsoft and CoreWeave as founding partners of the AI Hub, helping position New Jersey as a leading East Coast center for AI innovation. The NJEDA also approved the creation of a dedicated AI cohort within the New Jersey Innovation Fellows Program (NJIF) in 2024, which will provide income replacement grants of up to $400,000 to eligible entrepreneur teams looking to launch an AI-driven business.

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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New Jersey Film Works Grant Program and partnerships with institutions of higher learning will expand access to high-quality careers

TRENTON, N.J. (March 13, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved the creation of the New Jersey Film Works Grant Program and entered into Memorandums of Understanding (MOUs) with Montclair State University and Brookdale Community College to expand film and digital media workforce development initiatives. The new program and partnerships will prepare New Jersey residents for family-sustaining careers in the booming film and entertainment industry, fostering and diversifying the state’s talent pipeline in a critical economic sector and bolstering different approaches to support the state’s film industry.

“Under Governor Phil Murphy’s leadership, New Jersey has reclaimed its status as a leading hub for film and television production. Through the development of state-of-the-art film studios and the success of the Film and Digital Media Tax Credit Program, the industry remains poised for long-term growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is committed to providing New Jersey residents of all backgrounds with the skills and training they need to capitalize on the immense economic opportunities created by the film and digital media industry. As more studios and production companies utilize New Jersey’s premier incentives and diverse filming locations, they can rely to the state’s expansive talent pool to fill essential roles.”

The $3 million New Jersey Film Works Grant Program will award grants of up to $750,000 to entities that provide New Jersey residents with access to workforce development training, internship, apprenticeship, and learning opportunities in film and digital media. In line with Governor Murphy’s mission to strengthen economic opportunity for every New Jerseyan, the competitive program includes a focus on providing training and career opportunities for residents of Overburdened Communities.

The program is expected to award grants to about six eligible applicants, which can include, but are not limited to, nonprofit and community-based organizations, educational institutions, and labor unions. A Notice of Funding Availability will be available for interested parties in Spring 2025.

In addition to the new program, the NJEDA Board entered into an MOU with Brookdale Community College to provide $1 million to the New Jersey Film Academy initiative. The partnership with Brookdale will provide students, adult learners, diverse underserved populations, and incumbent workers with education and career pathways to pursue careers in film and increase employers’ access to a skilled workforce. The curriculum is standardized and will be replicated in New Jersey’s community college system, expanding the reach of the program to other institutions. The MOU also dedicates $100,000 in funding to support tuition assistance and student scholarships for participation in the program.

For more information on the New Jersey Film Academy, visit https://www.njfilmacademy.org/.

“This partnership with the NJEDA is a game-changer for students and professionals looking to break into the film industry,” said Dr. David Stout, President of Brookdale Community College. “By providing high-quality, accessible education and career pathways, we are not only empowering our students but also strengthening New Jersey’s growing film sector with a skilled and diverse workforce.”

Additionally, the NJEDA Board entered into an MOU with Montclair State University to fund construction of the Making Innovations for X (MIX) Lab, which is a centerpiece of the university’s state-of-the-art Dreamscape Learn facility and curriculum. The lab, which will include a 26-seat immersive classroom and virtual reality pod, enables cutting-edge virtual reality and motion capture educational experiences to powerfully engage students in 21st-century learning.

The MIX Lab is expected to open in July 2026. For more information on Dreamscape Learn, visit https://www.dreamscapelearn.com/.

“We proposed creating the Dreamscape Learn Virtual Reality Lab at Montclair State University to host a space where students can learn and create without limitation. In partnership with Dreamscape Learn, Montclair will develop a cutting edge virtual reality curriculum that offers students an immersive learning opportunity beyond what traditional classroom settings or labs can provide,” said Montclair State University President Jonathan Koppell. “Montclair thanks Governor Murphy and the NJEDA for empowering us to prepare the next generation of creators that will support New Jersey’s growing film, television and media industry.”

“The NJEDA is committed to nurturing resources and partnerships that prepare New Jersey workers for the industries that will define the state’s economic future,” said NJEDA Executive Vice President of Clean Energy and Workforce Development Partnerships Jen Becker. “These new initiatives will strengthen the Authority’s efforts to bolster the talent pipeline for the Garden State’s thriving film and digital media industry, which is poised to provide lasting economic opportunity for decades to come.”

Since the revival and enhancement of the NJEDA’s Film and Digital Media Tax Credit Program, the state has attracted hundreds of feature films, television shows, and digital media projects. The surge in production has been accompanied by new construction on state-of-the-art studios, including Netflix in Monmouth County and 1888 Studios in Bayonne, hastening the need for skilled industry professionals in the film and digital media industry.

“As major studios and networks continue to choose the Garden State due to its incredible locations and nation-leading incentives, New Jersey residents must be prepared to take on the jobs created by the industry,” said New Jersey Motion Picture and Television Commission Vice President Jon Crowley. “Through the NJ Film Works Program and our partnerships with higher education and other stakeholders, the state will deliver unique and best-in-practice job training programs not seen anywhere else in the U.S. This will position New Jerseyans to better reap the economic opportunities that are already heading to the Garden State.”

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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Sun Pharma will keep headquarters in NJ and bring 220 new jobs to the state

TRENTON, N.J. (March 13, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved tax credits under the Emerge Program to support Sun Pharmaceutical Industries Inc.’s (Sun Pharma) plan to open a new U.S. headquarters in Princeton. Sun Pharma engages in pharmaceutical and medicine manufacturing and is the fourth largest specialty generic pharmaceutical company in the world. The pharmaceutical company’s new location will create 220 new jobs and keep hundreds of jobs in the state, including the 230 that are in its current headquarters.  

“New Jersey has long been the medicine chest to the world, helping bring lifesaving pharmaceuticals to the marketplace,” said Governor Phil Murphy. “Securing a new headquarters location for Sun Pharma is another mile marker in our state’s history and a sign that New Jersey continues to be at the forefront of health care innovation. The increased economic activity created by Sun Pharma will help bolster our economy and build a stronger future for the Garden State.”

Following several recent acquisitions, Sun Pharma is committed to the continued growth of its business in New Jersey. With more than 600 employees already working at locations across New Jersey, including its Princeton headquarters and facilities in Cranbury and New Brunswick, Sun Pharma has been scouting new locations large enough to house several hundred additional employees. Sun Pharma had considered an alternate site in Horsham, Pennsylvania. However, approval of the Emerge tax credits is a material factor in the company’s decision to choose New Jersey, as well as its talent pool and proximity to colleges and universities.

“Governor Murphy’s commitment to supporting New Jersey’s life sciences industry is keeping the Garden State competitive, helping grow our economy and create new, good-paying jobs,” said NJEDA Chief Executive Officer Tim Sullivan. “From Genmab to Sun Pharma, the Emerge Program is having a major impact on cutting-edge companies choosing to do business in New Jersey. Along with our talent pool and prime location, New Jersey is poised to welcome more innovators and entrepreneurs to our state.”

Sun Pharma’s products cater to a vast range of therapeutic segments covering psychiatry, anti-infectives, neurology, cardiology, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynecology, respiratory, oncology, dental, and nutritional. Sun Pharma has over 41,000 employees in 100 locations worldwide, and its recent global revenue is $5.8 billion. In the U.S., it has nine offices with 1,527 employees.

“With our long history as a valued corporate member of the state of New Jersey and the Princeton community, Sun Pharma is proud to participate in the Emerge Program,” said Abhay Gandhi, CEO Sun Pharma North America. “As we continue to bolster investments in our innovative medicines, generics and consumer medicines businesses, we look forward to seeing the positive impact our growth will have for New Jersey, the Princeton community and the patients we support.”

The Emerge Program will award $748,000 in tax credits yearly for seven years, totaling $5,236,000 to support the opening of Sun Pharma’s new headquarters located at 750 College Road East in Princeton. As part of the program’s requirements, Sun Pharma will also remain in New Jersey for a minimum of 11 years. The new headquarters will house a total of 450 corporate jobs, almost doubling the number of employees based out of the current headquarters. The 100,000 square feet Class A office building will help attract top-level talent and allow Sun Pharma to remain competitive in the industry by including modern infrastructure, new, upscale technology, and a collaborative work environment to fuel innovation.

The Emerge Program was created under the New Jersey Economic Recovery Act of 2020 (ERA). Through the Emerge Program, small to large businesses, as well as non-profits, can apply for tax credits to support projects that meet minimum capital investment, job creation or retention, and other requirements when competing with another State.

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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Nokia Bell Labs will serve as main tenant in H-2

TRENTON, N.J. (March 12, 2025) – The New Jersey Economic Development Authority (NJEDA) Board today approved tax credits through the Aspire Program to support the second New Jersey Health + Life Science Exchange’s (HELIX) building in New Brunswick, known as H-2. Nokia Bell Labs, the industrial research arm of Nokia, will serve as the main tenant of H-2, a 10-story, nearly 370,000-square-foot building that will be an innovation hub in the city’s downtown. The first phase of the HELIX was approved for Aspire tax credits in 2023.

“This approval by the NJEDA Board serves as another milestone in our mission to cement New Jersey as a national leader in technological innovation, helping strengthen the New Brunswick community and create long-term economic growth across the state,” said Governor Phil Murphy. “Through the partnership of major institutions, like Nokia Bell Labs, the HELIX will support the creation of advanced technologies and allow startups to scale their business and commercialize lifechanging inventions.”

The HELIX will bring together New Jersey’s public, private, and academic sectors to create a world-class hub of innovation and a strong base of support and talent pipeline for innovative companies. The HELIX campus, consisting of three separate buildings, will provide 1.5 million square feet of multifaceted, state-of-the-art environments supporting the gamut of health and life science organizations and professions.

“The HELIX serves as a cornerstone of Governor Murphy’s vision to supercharge New Jersey’s economy and retain our legacy as a national leader in innovation,” said NJEDA Chief Executive Officer Tim Sullivan. “The Aspire Program fuels catalytic development projects that transform communities into dynamic, transit-oriented hubs, ideal for living, working, and doing business. With today’s Aspire award, Nokia Bell Labs addition to the HELIX will further support New Brunswick’s innovation ecosystem by creating cutting-edge technology, high-quality jobs, and long-term economic growth that will benefit generations of New Jerseyans.”

Last month, the NJEDA announced it will partner with Nokia Bell Labs to launch a Strategic Innovation Center (SIC) consisting of the NJ Nokia Innovation Center and Bell Labs Venture Studio, both of which will eventually be located at H-2. Both components will be focused on enabling startups to accelerate and commercialize intellectual property from Nokia Bell Labs and local universities with an emphasis in the fields of communication, artificial intelligence (AI), cloud computing, and optical and wireless networks.

“We are thrilled that the NJEDA Board has approved the Aspire tax credits for the second phase of the HELIX project. New Jersey has long been a significant hub for innovation, and this significant achievement would not have been possible without the unwavering support from Governor Murphy and the NJEDA through the Aspire Program,” said Nokia Chief Strategy and Technology Officer Nishant Batra. “This state-of-the-art facility will not only enhance our research and development capabilities, but will also drive the creation of cutting-edge technology, generate new jobs, and stimulate long-term economic growth in the state through the NJ Nokia Innovation Center and the Bell Labs Venture Studio.”

H-2 will be a research and development facility comprised of chemistry and biology laboratories, data centers, 3D printing areas, machine shops, office space, and conference rooms. The main lobby of H-2 will include a technology showcase and a coffee shop, which will have access to the Paseo, a public outdoor space connecting the Rutgers campus, the Robert Wood Johnson University Hospital District, the New Brunswick train station, and the Government and Arts District in downtown New Brunswick.

“This investment in New Brunswick’s HELIX campus is another example of how New Jersey is solidifying its position as a national leader in life sciences and technological innovation,” said Speaker Craig J. Coughlin. “With world-class partners like Nokia Bell Labs and transformative programs like Aspire, we’re building on an already impressive ecosystem that draws in top talent, keeping New Jersey at the cutting edge of global innovation. Further, major public-private partnerships such as the HELIX illustrates to the American and foreign private sector job-creators that New Jersey can get big things done with the right leadership and vision in place.”

“The approval of Aspire tax credits for H-2 marks another transformative step in New Brunswick’s evolution as a hub for cutting-edge research, innovation, and economic growth,” said New Brunswick Mayor Jim Cahill. “Nokia Bell Labs’ decision to establish its headquarters in New Brunswick is a tremendous opportunity that will further enhance our City’s role as a leader in technological advancement. This move will attract top-tier talent, drive new investment, and create opportunities that will benefit our community for years to come.”

SJP Properties is the lead developer of H-2 and was approved for Aspire tax credits of up to 80 percent of the eligible project cost, not to exceed $103.9 million.

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 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.

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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