RICOVR is the fourth investment from the NJIEF

TRENTON, N.J. (September 13, 2024) – This week, the New Jersey Economic Development Authority (NJEDA) Board approved the fourth investment from the New Jersey Innovation Evergreen Fund (NJIEF) into an emerging Princeton-based life sciences company, RICOVR Healthcare, which is developing a rapid diagnostic test for cannabis use. The investment into RICOVR comes from the approval of an application submitted by Yaax Capital for an initial Qualified Investment of $400,000.

“The New Jersey Innovation Evergreen Fund is a transformative initiative, designed to boost New Jersey’s economy and support high-growth start-ups by providing a self-sustaining investment cycle for entrepreneurs in need of access to capital. At a time when overall market investments are lower, New Jersey’s investments into young companies continues to grow,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, the Garden State remains a global innovation leader by investing in the next generation of emerging companies.”

The NJIEF, launched in 2022, is a unique tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms. The Evergreen Fund currently has over $30 million available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey. The NJEDA is planning for another tax credit auction in 2025 to raise additional capital for further investment.

“Today’s Board approval into RICOVR boosts the company’s momentum, giving them the tools they need to succeed. The New Jersey Innovation Evergreen Fund has made four investments thus far with no signs of slowing down, proving that New Jersey is dedicated to nurturing life science ventures,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “NJIEF’s ongoing venture capital investments into high-growth start-ups foster job creation and economic development throughout the State.”

Based in Princeton, RICOVR Healthcare is a life sciences company founded by Dr. Himanshi Bhatia, the company’s CEO. RICOVR is currently in the process of developing an innovative technology called XALIVA, a point-of-care medical device that uses saliva to provide rapid diagnostics results. Initially, XALIVA will be targeting Tetrahydrocannabinol (“THC”) testing. RICOVR’s initial product offering aims to solve the problem in today’s workforce where employees are unjustly fired for consuming cannabis in off-work hours. The XALIVA THC test only detects recent use (within the past 8-10 hours), compared to standard urine tests that can detect THC for 30 days or more.

The technology has the potential to expand to other vertical markets such as reproductive health, infectious diseases, and other illicit drug testing.

“We are thrilled and honored to receive this investment from the New Jersey Economic Development Authority,” said Himanshu Bhatia, CEO of RICOVR Healthcare. “This support underscores the innovative work we’re doing at RICOVR, and it will accelerate our mission to deliver cutting-edge diagnostic solutions that prioritize accuracy, speed, and accessibility. New Jersey has been an incredible place for us to grow, and we look forward to continuing our partnership with NJEDA as we drive advancements in diagnostic technology.”

RICOVR has previously received support from the NJEDA and Commission on Science, Innovation, and Technology (CSIT), and has received two grants from the COVID NJ Entrepreneur Support Program, two grants from the Catalyst Research and Development (R&D) Voucher Pilot Program, and one grant from the CSIT Maternal and Infant Health R&D Grant Program.

RICOVR, like all companies approved for investment under the NJIEF, will benefit from the strategic commitments made by NJIEF tax credit purchasers. These purchases, which fund investments made by the Qualified Venture Firms (QVFs), are made in tandem with commitments to provide strategic support to strengthen the State’s innovation ecosystem. These commitments, which include networking, mentoring, and educational opportunities, are a scored component of the tax credit purchasers’ bids.

Yaax Capital is managed by a seasoned team of investment professionals with extensive venture capital and private equity experience. Managing Partners John Farrell and Andres Azcarraga Riveria Torres co-founded the firm together in 2018 after working together at DILA capital, a Latin American-focused venture capital firm. RICOVR Healthcare will be the first New Jersey-based business that the firm has invested in.

“We are thrilled to partner with the New Jersey Economic Development Authority to support RICOVR as they continue to develop cutting-edge technology to ensure a safe work environment,” said John Farrell, Managing Partner of Yaax Capital. “As more and more states legalize medical and adult cannabis, companies in all sectors of the economy will rely on RICOVR to promote a safe working environment while ensuring workers are treated fairly.”

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

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total capital available for new investments stands at over $30 million.

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 round of Historic Property Reinvestment Program is currently accepting applications

TRENTON, N.J. (September 13, 2024) – Earlier this week, the New Jersey Economic Development Authority (NJEDA) Board approved a tax credit award of up to $8 million to rehabilitate the underutilized Schwehm Building in downtown Atlantic City under the Historic Property Reinvestment Program (HPRP). The Atlantic Lofts Rehabilitation Project, developed by Atlantic Lofts Urban Renewal Entity and Odin Forward, will introduce 56 new residential units and associated amenities, as well as commercial spaces, in the Orange Loop district.

“The HPRP advances Governor Phil Murphy’s efforts to revitalize New Jersey communities by rehabilitating dormant or underutilized historic properties, resulting in long-term economic benefits and quality-of-life improvements for residents,” said NJEDA Chief Executive Officer Tim Sullivan. “The Atlantic Lofts Rehabilitation Project will preserve the historic Schwehm Building for future generations, create new housing and commercial spaces, and contribute to the resurgence of Atlantic City’s Orange Loop district.”

The project consists of a complete rehabilitation of an eight-story office building into new residential units with amenities, including a new roof deck and commercial space on the first floor. The proposed tax credit award of 45 percent of eligible project costs, up to $8 million, will result in a total overall investment of $22.5 million in Atlantic City.

The HPRP’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value. The revitalization of historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program and is subject to an annual program cap of $50 million, with annual unused amounts included in the amounts available for approval in the subsequent year. Full details on the program are available here.

A new application round for the program opened on September 10^th and will close on October 29^th at 2 p.m. For more information, and to apply, visit www.njeda.gov/historic-property-reinvestment-program.

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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Applications expected to open in early 2025

TRENTON, N.J. (September 12, 2024) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved Phase III of the Manufacturing Voucher Program (MVP), dedicating an additional $10 million to support manufacturers access to new equipment. To date, the NJEDA has committed nearly $50 million to over 325 manufacturers under MVP.

An informational webinar will be held later this Fall and applications for MVP III are expected to open in early 2025.

“Governor Phil Murphy has prioritized growing and strengthening New Jersey’s manufacturing sector, leading to the creation of thousands of new, good-paying jobs in the industry since 2018,” said NJEDA Chief Executive Officer Tim Sullivan. “Manufacturers across the Garden State play a critical role in the nation’s supply chain, and they must have access to the resources needed to keep their business moving forward. This next phase of MVP will allow manufacturers to purchase essential equipment, which will enhance efficiency, productivity, and overall profitability in New Jersey.”

MVP Phase III will provide vouchers valued at 30 to 50 percent of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000. The program will target the State’s priority sectors that will purchase manufacturing equipment and non-targeted manufacturers that will purchase equipment that integrate advanced or innovative technologies, processes, and materials to improve the manufacturing of products.

To ensure equitable access to funding, during the initial two-week application period, Phase III applications will be prioritized for new applicants who have not previously been awarded MVP grants. Following this two-week period, all eligible businesses will have the opportunity to apply should there be funding available.

“We at the New Jersey Manufacturing Extension Program (NJMEP) fully support the NJEDA’s Manufacturing Voucher Program (MVP) and are excited about the upcoming release of MVP 3,” said NJMEP CEO Peter Connolly. “The first two rounds of the program were resounding successes for New Jersey manufacturers, providing nearly $50 million in capital funding to support crucial equipment purchases for small-medium sized manufacturers. This program has been a game-changer for our manufacturing community, and NJMEP stands behind the NJEDA as they continue to empower and advance New Jersey’s manufacturing sector through this vital initiative.”

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

Governor Murphy announced the MVP in October 2022 as a pilot program. With today’s approval, the program has been funded with over $63 million since it was first launched.

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. (September 5, 2024) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Proposal (RFP) to solicit firms interested in assisting business owners and employees in developing Employee Stock Ownership Plans (ESOP) through the NJEDA’s ESOP Assistance Program. The deadline to submit questions will be 2:00 p.m. on September 13, 2024, and the deadline for responses will be 2:00 p.m. on October 1, 2024. The RFP can be found here: Bidding Opportunities – NJEDA.   

WHAT:           The intent of this RFP is to award contracts to up to five firms that will assist New Jersey business owners in developing ESOPs for employees of their respective companies. The proposed contract term will be for one year, with an extension option of up to one year.

WHO:            The RFP seeks responses from qualified firms who have experience with the following:

• Providing Employee Ownership (EO) transition, Employee Stock Ownership Plan (ESOP) transition, or Merger and Acquisition (M&A) services, including design/development of feasibility studies and valuations;
• Assisting small businesses in New Jersey that meet the requirements as defined pursuant to N.J.A.C. 17:13-1.2.
• Employs Certified Public Accountants and/or attorneys with experience in employee ownership models and New Jersey tax codes;

For a full list of required qualifications, click here.

WHEN:            All questions must be submitted in writing no later than 2:00 p.m. on September 13, 2024, via email to EDAProcurementQA@njeda.gov. The subject line of the e-mail should read: “QUESTIONS-2024-RFP-220–EMPLOYEE STOCK OWNERSHIP PLAN ASSISTANCE PROGRAM”. Answers to questions submitted will be publicly posted on the NJEDA’s website at: Bidding Opportunities – NJEDA.

All RFP responses must be uploaded to the Authority’s ShareFile system no later than 2:00 p.m. on October 1, 2024 . The subject line of the e-mail should state: “(Proposer’s Company Name) – Bid Submission-2024-RFP-220 EMPLOYEE STOCK OWNERSHIP PLAN ASSISTANCE PROGRAM, and the (file/document title)”.

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 proposed $10M program will advance Governor Murphy’s initiative to reform state’s liquor license laws

TRENTON, N.J. (August 19, 2024) – The New Jersey Economic Development Authority (NJEDA) is developing a new grant program that will provide funding to small businesses that have obtained an inactive plenary retail consumption liquor license pursuant to recently enacted liquor license legislation. Pending approval from the NJEDA Board, the $10 million program will join the suite of programs currently offered under the Main Street Recovery program established under the Economic Recovery Act of 2020.

“Earlier this year I was proud to sign into law legislation that will overhaul New Jersey’s antiquated liquor license laws that have been a burden to small businesses across the state for far too long,” said Governor Phil Murphy. “Now, we are continuing to take steps to remove these barriers for our small businesses, so that we may provide them financial peace of mind and the opportunity to flourish.”

In January, Governor Murphy signed legislation overhauling the state’s outdated liquor license laws. The law will increase the number of available liquor licenses statewide by revitalizing inactive licenses. Currently, there are 1,379 inactive licenses within the State’s system. The NJEDA Liquor License Acquisition program is currently being drafted in consultation with the Division of Alcoholic Beverage Control (ABC) and will coincide with relevant provisions in the law as they take effect. The NJEDA will look to take this new grant product to their Board in the fall of 2024 and is expected to be available to take applications in early 2025. Earlier this month, the ABC released regulatory guidance to provide more information on intermunicipal license transfers and new shopping mall licenses.

“Under Governor Murphy’s leadership, the NJEDA is focused on ensuring small business owners have every tool necessary to succeed and providing opportunities for them to grow and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “Giving restaurants the opportunity to transform their business by aiding in the purchase of a liquor license will have a major impact on their long-term economic success, will relieve unnecessary financial burdens, and further increase the vitality of our downtowns and main streets.”

Under the proposed program, the NJEDA will award grants of up to $100,000, but no more than 50 percent of the purchase price of the license. Eligible applicants must possess a recently purchased inactive plenary retail consumption license at time of application, must be open and operating for 12 months prior to application and must meet the SBA definition of a small business. Applications will be accepted on a rolling basis for three years or until the funds are exhausted.

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. (August 2, 2024) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on amendments to the Authority’s rules on disqualification, debarment, and suspension. The Authority’s debarment and disqualification rules were last updated in 2010. These draft new rules are proposed to codify the Authority’s suspension procedure and to update the Authority’s existing debarment and disqualification rules consistent with current Authority policies and procedures.

WHAT:            The document posted on the NJEDA webpage is a draft, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval. If approved, the amendments will be published in the New Jersey Register for formal public comment as required by the Administrative Procedure Act before adoption.

WHEN:           Feedback must be submitted in writing no later than 5:00 p.m. on Wednesday, August 7, 2024. Written feedback can be submitted 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. (July 25, 2024) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on amendments to the Authority’s prevailing wage rules. The Authority’s prevailing wage rules were last updated over a decade ago. These amendments are proposed to bring the rules up to date with the statutory changes that have since occurred, including the Economic Recovery Act, the Public Works Contractor Registration Act, and the Prevailing Wage Act. 

WHAT:            The document posted on the NJEDA webpage is a draft, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval. If approved, the amendments will be published in the New Jersey Register for formal public comment as required by the Administrative Procedure Act before adoption.

WHEN:           Feedback must be submitted in writing no later than 5:00 p.m. on Thursday, August 1, 2024. Written feedback can be submitted here.

A virtual listening session will be held at 11:00 a.m. on Wednesday, July 31, 2024. Click here for more information.

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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