Jake Trinidad, Author at NJEDA

TRENTON, N.J. (May 15, 2024) – The New Jersey Economic Development Authority (NJEDA) Board approved $350,000 in tax credits under the Brownfields Redevelopment Incentive (BRI) Program to support remediation of a long-dormant manufacturing site in Elmwood Park. The BRI Program supports remediation costs and incentivizes developers to cleanup brownfield sites across the state, transforming contaminated properties into community assets.

“The Brownfields Redevelopment Incentive Program will help achieve Governor Phil Murphy’s goal of revitalizing underutilized properties into thriving economic engines that will benefit entire communities,” said NJEDA Chief Executive Officer Tim Sullivan. “After decades of pollution and contamination at this site in Elmwood Park, the BRI Program will support the property’s remediation, which will allow for a new business to open on the site, creating new jobs and increased spending in the area. As this program continues to support additional projects across the state, it will help rejuvenate communities and unlock untapped economic potential.”

The tax credits approved by the NJEDA Board were awarded to Ninety Nine Main Avenue Redevelopment, which will remediate 99 Main Avenue in Elmwood Park. The site was used for manufacturing from 1955 to 1989. During 1960’s through the 1980’s, metal shelves, storage units, and conveyor systems were manufactured and painted on site. A tank containing cleaning products leaked and caused soil and groundwater contamination.

In 2023, the developer entered into an agreement with the New Jersey Department of Environment Protection (NJDEP) to remediate the site. Once remediation is complete, the developer plans to use the site for a construction business, which will include an office building and laydown yard for equipment.

“We are extremely grateful for NJEDA’s ongoing support of our efforts to work with developers to transform underutilized sites across the state to productive use that will improve local economies and enhance protection of public health and the environment,” said Environmental Protection Commissioner Shawn M. LaTourette. “The DEP is eager to work with all parties to facilitate the cleanup of the legacy contamination at this site in Elmwood Park so that it can be redeveloped to better serve the needs of the community.”

“I want to extend my thanks to the NJEDA and Governor Murphy for their commitment to right past environmental wrongs while driving economic growth through the administration of the Brownfields Redevelopment Incentive (BRI) Program,” said Bergen County Executive Jim Tedesco. “This tax credit awarded to the 99 Main Avenue site in Elmwood Park eliminates long-standing environmental hazards and will revitalize the property, ultimately spurring further job creation here in Bergen County.”

“This is great news for the Borough and its residents. We are thankful that the site will be turned into something useful and that will hopefully add jobs to our community. The residents and other business on that street deserve to have a new, updated, esthetically pleasing property at that location that will help to enhance property values and improve the morale in the neighborhood,” said Elmwood Park Mayor Robert Colletti.

Established by the New Jersey Economic Recovery Act of 2020 (ERA), the BRI Program will make a onetime award of up to 60 percent of remediation costs available for eligible brownfield sites depending upon their location, with a maximum award of up to $8 million. The program is designed to work in conjunction with other NJEDA incentives if applicable, including the Aspire tax credit 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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Projects filmed at new, state-of-the-art production studio campus at Fort Monmouth can now benefit from expanded Film Tax Credits

TRENTON, N.J. (May 8, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today designated Netflix Inc. as a Studio Partner, allowing the media company to access expanded benefits under the state’s Film and Digital Media Tax Credit program. Under the designation agreement, Netflix commits to occupy a New Jersey film production facility for at least 10 years and is potentially eligible for a 40 percent base tax credit for qualified production expenses on future New Jersey film projects.

“The expanded Film and Digital Media Tax Credit program, coupled with strong state support, make a compelling case for the return of major production companies to New Jersey – the birthplace of film,” said Governor Phil Murphy. “With Netflix leading the way, the creation of new, world-class studios has solidified New Jersey standing as a national leader in film and television production. These substantial investments will create thousands of good-paying jobs, support small businesses and vendors, and stimulate the regional economy.”

In January 2023, Netflix entered into a Purchase and Sale and Redevelopment Agreement with the Fort Monmouth Economic Revitalization Authority (FMERA) to purchase 292 acres and develop over one million square feet of studio production and support space at the former Fort Monmouth. The state-of-the-art production studio campus will include 12 soundstages, backlot areas, an office building, and other production support facilities. Over 280,000 square feet of production space included in the project has been designated as Studio Partner Facility space by Netflix. Netflix plans to open the full facility in 2028.

“Under Governor Murphy’s leadership, film production continues to thrive in the Garden State, exemplified by Netflix’s commitment to build a world-class studio in Fort Monmouth,” said NJEDA Chief Executive Officer Tim Sullivan. “With the advantages of a generous Film and Digital Media Tax Credit program and today’s designation, Netflix is poised to grow its presence in New Jersey, revitalizing local communities and providing countless exciting career opportunities.”

Founded in 1997, Netflix is a leading entertainment services company, offering subscription video on-demand and over-the-top streaming services for movies and television shows. In 2013, Netflix established its original content division, and its productions, such as “Stranger Things,” “Black Mirror,” and “The Irishman,” have garnered critical acclaim and won numerous awards.

“I want to thank Governor Murphy and his administration for their steadfast commitment to bringing this project to fruition,” said Netflix Co-CEO Ted Sarandos. “Today takes us one step closer to making New Jersey an international center for studio production and Netflix is excited to be a part of it.”

“In expanding New Jersey’s Film and Digital Media Tax Credit Program last summer, we sought to create incentives that would encourage studios to make a long-term commitment to our state,” said Senator Vin Gopal. “Netflix’s designation as a studio partner proves we were successful. New Jersey will soon be home to one of the most dynamic film studios in the world, and its work will be driven by direct partnerships with local businesses and communities.”

“This is an extremely exciting next step and a massive commitment to the investment of people and production facilities here in Monmouth County. It will bring countless jobs to the local community and economy, not to mention expanding upon New Jersey’s film legacy,” said Senator Declan O’Scanlon. “I’m grateful to see Netflix making this commitment to help the next stages of the innovative revitalization of Fort Monmouth. This is historic. I commend the Murphy administration, particularly the EDA, for a job well done.”

“Netflix’s Film Studio Partner designation by the NJEDA is a momentous event in the continuing redevelopment of the Fort Monmouth property. The Borough of Oceanport, the FMERA board and administrative staff, particularly Executive Director Kara Kopach, and the State of New Jersey have worked tirelessly to bring about this transformative economic and social revitalization of an abandoned military facility,” said Oceanport Mayor Thomas J. Tvrdik.“That a little town like Oceanport will be home to part of Netflix’s east coast operations center is simply incomprehensible for someone like me who has spent his entire life in this town. I, along with Oceanport’s entire Borough Council, look forward to the opportunities that Netflix will bring to Oceanport, Eatontown, Monmouth County and the State of New Jersey.”

“Eatontown is excited to welcome Netflix to our community. The closure of Fort Monmouth left an enormous void in the region. The size and scope of the Netflix project will bring enormous benefits to and revitalize the area,” said Eatontown Mayor Anthony Talerico, Jr. “I would like to thank Kara Kopach and her team at FMERA for their tireless efforts to redevelop Fort Monmouth. Working together with Mayor Tvrdik of Oceanport, Eatontown is happy to begin the next phase of negotiations with Netflix and move this project forward.”

“Netflix’s decision to build a top-tier production studio in New Jersey symbolizes the momentum of the state’s film industry, attracting more studios to the breadth of local talent, diverse filming locations, and generous incentives that the Garden State offers,” said New Jersey Motion Picture and Television Commission Executive Director Jon Crowley. “Today’s designation will allow Netflix to access increased benefits under the successful Film and Digital Media Tax Credit program, and our continued partnership over the next decade will bolster New Jersey’s standing as a hub of media production.”

Total production spending in New Jersey has surged since 2018, when Governor Murphy reinstated the Film and Digital Media Tax Credit program. Funded through 2039, the program provides a tax credit of up to 35 percent of qualified film production expenses, including a Diversity Tax Credit of up to four percent for productions that employ the services of women or people of color.

The program was expanded in 2021, increasing the annual allocation to $400 million and granting the NJEDA authority to designate eligible film production companies as Studio Partners, which must commit to occupying large studio developments in New Jersey which have the potential to have large economic impacts. Studio Partners have access to a separate $150 million pool of incentives under the Film and Digital Media Tax Credit program and allows a production company to capture additional above-the-line salaries and wages as part of its tax credit award.

For more information on the NJEDA’s suite of production support, visit www.njeda.gov/film/.

About the NJEDA

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1888 Studios’ 1.5-million-square-foot development will feature 23 smart sound stages and production support space

TRENTON, N.J. (May 8, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today designated 1888 Studios in Bayonne, developed by Togus Urban Renewal, LLC, as a Film-Lease Partner Facility. The designation agreement, which commits the developer to occupying the facility for at least five years and grants future tenants eligibility to apply for increased tax credits for projects filmed at the facility under the Film and Digital Media Tax Credit program, marks a pivotal moment in New Jersey’s evolution as an emerging force in film and television production.

“The increase in film studio development in New Jersey is a testament to the state’s best-in-the-region incentives and wealth of local talent, helping transition the Garden State into the northeastern capital of film and entertainment,” said Governor Phil Murphy. “The designation of 1888 Studios as a Film-Lease Partner Facility will open the door for more production companies to film in New Jersey, helping to support local small businesses and communities and create thousands of good-paying jobs.”

“Governor Phil Murphy’s revival of New Jersey’s Film and Digital Media Tax Credit program has made the state a hub of film and media production, attracting hundreds of millions in revenue and creating thousands of good-paying jobs,” said NJEDA Chief Executive Officer Tim Sullivan. “Today’s designation of 1888 Studios as a Film-Lease Partner Facility highlights how the state’s generous incentives, breadth of local talent, and diverse filming locations are attracting the development of world-class studio spaces, transforming regional economies.”

1888 Studios will stand as the largest and first campus style film and television studio facility in the Northeast and one of the largest in the nation, occupying 58 acres of land and 20 acres in the Newark Bay just miles from New York City. Designed by the leading architecture firm, Gensler, to evoke imagery of Golden Age Hollywood, the development will include 23 mega-powered smart sound stages ranging from 18,000 to 60,000 square feet with 40 to 50 foot-high ceilings, more than 350,000 square feet of production support space, outdoor backlot space, amenities, office spaces, mills, lighting and grip facilities, parking garage and storage. The development will also feature a waterfront park and promenade accessible to the public. 1888 Studios is expected to open in 2026.

“We are honored Governor Murphy invited us to take part in fulfilling his ambitious vision to catapult New Jersey –– the birthplace of moviemaking and the home of the first film studio, Thomas Edison’s The Black Maria –– back onto the world stage, reclaiming its title as the premier destination for entertainment production. Without that vision and his administration’s relentless commitment to this industry, none of this would be possible,” said Arpad “Arki” Busson, Chairman of Togus Urban Renewal, the developer of 1888 Studios. “Receiving this first-of-its-kind designation for 1888 Studios is largely due to the unwavering support of Mayor Jimmy Davis of Bayonne. For years, he tirelessly worked to revitalize the city, culminating in the development of this state-of-the-art facility. Thanks to Tim Sullivan and the NJEDA, New Jersey offers a leading tax credit program and infrastructure that will ensure the state’s competitiveness for years to come.”

“We are immensely proud to welcome 1888 Studios to our community and eagerly anticipate the diverse opportunities it will bring to Bayonne’s workforce. We are turning a new page in Bayonne’s history, one that promises to be as dynamic and inspiring as the films that will soon be produced right here in our city,” said Bayonne Mayor Jimmy Davis. “Today’s designation for 1888 Studios is a testament to the city’s commitment to fostering an environment where creative and technological industries can thrive.”“1888 Studios takes its name from the year Thomas Edison invented the motion picture camera in New Jersey, and the state continues to honor that legacy with studio partnerships that strengthen its standing as a hub of media production,” said New Jersey Motion Picture and Television Commission Executive Director Jon Crowley. “As a Film-Lease Partner Facility, future tenants of 1888 Studios will have the opportunity to access some of the most competitive filming incentives in the nation, ensuring that the Garden State stays at the forefront of movie and television production.”

To be designated as a Film-Lease Partner, developers and operators must commit to occupying and operating studio developments in New Jersey for at least five years. Future tenants of a Film-Lease Partner Facility can receive increased tax credit awards for filming in New Jersey. The tax credit award increases if the designated facility’s tenant qualifies as a “film-lease production company”. To qualify, the production company must occupy space at designated film-lease partner facility, film at least 50 percent of the total project shoot days in New Jersey, and film at least 50 percent of the New Jersey shoot days at the designated facility.

The Film-Lease Partner designation is part of the Film and Digital Media Tax Credit program, which Governor Murphy reinstated in 2018, and has led to increased film and digital media production throughout the state. The program, which is funded through 2039, provides a tax credit of up to 40 percent of labor expenditures and up to 35 percent of qualified film production expenses, including a Diversity Tax Credit of up to four percent for productions that employ the services of women or people of color.

The program was expanded in 2021, increasing the annual allocation to $400 million and granting the NJEDA authority to designate eligible film studio developments as Film-Lease Partner Facilities.

For more information on the NJEDA’s suite of production support, visit www.njeda.gov/film/.

About the NJEDA

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Anchored in downtown Trenton, MIHIC will work to eliminate racial disparities in health equity, offer groundbreaking training programs for the perinatal workforce & provide critical health services and career pathways for local residents

TRENTON, N.J. (May 8, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved a memorandum of understanding (MOU) with the Trenton Board of Education (BOE) and the New Jersey Schools Development Authority (NJSDA) to purchase property in downtown Trenton as the future home of the Maternal and Infant Health and Innovation Center (MIHIC). This is a critical step in establishing the Center, which is a central component to First Lady Tammy Murphy’s Nurture NJ initiative. The Center will serve as a hub for stakeholders committed to eliminating racial disparities and advancing maternal and infant health equity in the state.

Last month, the NJEDA Board approved Capital Health, Rutgers, The State University of New Jersey, and Trenton Health Team to serve as the Center’s anchor tenants, where they will work collaboratively to provide services to address issues related to maternal and infant health in Trenton and across New Jersey.

The MIHIC is being developed by the NJEDA, in partnership with First Lady Tammy Murphy, and the Maternal and Infant Health Innovation Authority (MIHIA), which will oversee day-to-day operations of the Center.

“From its conception, this Center has been imagined as a fully three-dimensional approach to addressing our incredibly complex maternal and infant health crisis, and I am truly heartened to see this vision becoming reality,” said First Lady Murphy. “The Maternal and Infant Health and Innovation Center will provide critical maternal health services to the mothers of the Trenton community, serve as a hub for research and innovation, and create career pathways and training opportunities for Trenton students. Further, building this Center at the Battle Monument Site which is an easily accessible location for our community partners reaffirms our commitment to centering the residents of Trenton first and foremost. This is an exciting next step in the development of the Center, and I look forward to continuing our work together with our partners as we bring high quality services to Trenton.”

The MOU will allow for the NJEDA to purchase land next to the historic Battle Monument site, located at the southwest corner of Pennington Avenue and Warren Street in Trenton, which is currently owned by the BOE. The site in the North Trenton – Battle Monument neighborhood was identified through community engagement efforts and was prioritized due to its easy accessibility for community residents, safety, and close proximity to community resources such as Henry J. Austin Health Center and Greater Mount Zion AME Church.

Additionally, the NJEDA will work in collaboration with the BOE and Rutgers, the State University of New Jersey, the Lead Institution of Higher Education within the Center, to establish career pathways and training opportunities for public school students in Trenton. Rutgers will provide a variety of services, including accredited degree programs, certification programs, non-degree programs, on-the-job training opportunities, student support services, and maternal and infant health research.

“Maternal and infant health equity is at the forefront of Governor and First Lady Murphy’s priorities, and the City of Trenton has been actively engaged in establishing the Maternal and Infant Health and Innovation Center from its inception,” said NJEDA Chief Executive Officer Tim Sullivan. “Today has been a major step forward, and our engagement with the Trenton BOE and Rutgers University to establish education and training opportunities will help prepare students for highly skilled, good-paying jobs at the Center. The MIHIC will help uplift the Trenton community by expanding access to quality health care services and generating ancillary economic activity.”

“Part of what makes the MIHIC so special is how we engaged with the community from day one. We had the opportunity to hear what they wanted to see in this Center, and where they wanted it to be located,” said Lisa Asare, President and CEO of the MIHIA. “By placing the Center in a central, accessible area, we are creating a true community health hub, where expectant parents and infants can receive the quality care that they deserve.”

“The Trenton Board of Education is excited to partner with the NJEDA on this opportunity for Trenton residents,” said James Earle, superintendent of the Trenton Public School District. “The Maternal and Infant Health and Innovation Center (MIHIC) will provide expecting mothers with high-quality care in an accessible location within the City of Trenton and support mothers and children prior to birth. We look forward to seeing this project come to life and the impacts it will have on our future families for years to come.”

“Locating the new Maternal and Infant Health Innovation Center in downtown Trenton makes good on our commitment to improving health equity for mothers and babies in our capital city and beyond,” said Senator Shirley Turner (D-Mercer/Hunterdon). “The MIHIC will be a transformative resource for the city, bringing comprehensive health care services, educational opportunities, and jobs to a historically underserved area. I am incredibly proud that Trenton will serve as the anchor in this mission and look forward to seeing the center’s positive impact on the community take fold.”

“I wholeheartedly applaud the action taken by the NJEDA Board today, which will have enormous benefits for the residents of Trenton, as well as expectant and new moms around the region,” said Assemblywoman Verlina Reynolds-Jackson (D-Mercer Hunterdon). “The location selected for the future home of the MIHIC is easily accessible for women seeking pre- and post-natal care. At the same time, the collaboration between Rutgers, the Trenton Board of Education and the NJEDA to provide Trenton public school students with services such as accredited degree programs and training opportunities will set these young people up for success in the near and distant future.”

“I couldn’t be more excited about the news of collaboration between New Jersey Economic Development Authority, School Development Authority and Trenton Board of Education. These types of partnerships are critical to the continued revitalization of our Capital Region,” said Mercer County Executive Dan Benson.

“The City fully supports this initiative as it will provide access to much-needed resources in our underserved communities,” said Trenton Mayor Reed Gusciora. “We are grateful to the Murphy Administration, and particularly First Lady Tammy Murphy, for bringing this project to the Capital City.

About the NJEDA

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NJ FAST is the fourth Strategic Innovation Center in the state and will support research and development, innovation, and entrepreneurship in the Fintech and Insuretech Sectors

HOBOKEN, N.J. (May 7, 2024) – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (NJEDA) and Plug and Play, a Silicon Valley-based firm and innovation platform known for connecting startups, corporations, venture capital firms, and government agencies, have launched an accelerator hub known as the Fintech Accelerator at Stevens Institute of Technology (NJ FAST). NJ FAST is the first location on the East Coast for Plug and Play, which has partnerships around the globe.

The Strategic Innovation Center (SIC) will serve as a hub for financial technology (fintech) and insurance technology (insuretech) startups. Stevens Institute of Technology will serve as the founding academic partner and Prudential Financial will serve as the founding corporate partner for NJ FAST.

“Serving as the fourth Strategic Innovation Center, NJ FAST positions New Jersey to remain at the forefront of innovation, research, and development, specifically within the cutting-edge fintech and insuretech sectors,” said Governor Phil Murphy. “NJ FAST will allow for new entrepreneurs to bring their world-class ideas to New Jersey, increasing our state’s already impressive talent pool, all while capitalizing on the resources and expertise of our partners at Stevens Institute of Technology. This center sends a clear message that when it comes to technology and innovation, the Garden State is the place to be.”

The NJEDA and Plug and Play have signed a non-binding letter of intent to form a limited partnership known as NJ FAST. The two entities will oversee NJ FAST’s accelerator program with an opportunity to make equity investments into select participating companies. The program will host two cohorts a year, which will consist of at least 10 companies per cohort. Companies will be recruited globally to participate in the program, but at least 20 percent of the cohort will be from New Jersey and there will be a strong focus on diversity, equity, and inclusion. Equity investments of up to $1 million will be made in at least 15 percent of participating companies.

Pending approval by its Board, the NJEDA intends to invest up to $17.5 million in the fintech accelerator.

“Since taking office, Governor Murphy has prioritized growing New Jersey’s innovation economy by ensuring that the companies of the future have access to first-rate resources and support as entrepreneurs grow and scale their business,” said NJEDA Chief Executive Officer Tim Sullivan. “Powered by NJEDA’s Strategic Innovation Center program, NJFAST aims to make New Jersey a national leader in fintech and insuretech by supporting innovation, which will help empower startups and drive the creation of new technologies that in turn will create jobs and support long-term, sustainable economic growth across the state.”

Plug and Play was founded in the 1990’s and saw early success from investments in companies like PayPal and Dropbox. The firm has a presence in over 60 sites across five continents and NJ FAST is the firm’s first-ever partnership on the East Coast. Plug and Play’s network consists of 50,000 startups, over 500 leading corporations, and hundreds of venture capital firms, universities, and government agencies. From 2020 to 2022, Plug and Play was the most active startup accelerator in the world, according to CB Insights. Plug and Play invests in over 250 companies a year.

The firm plans to commit at least 10 percent of the total capital commitment up to a maximum of $2.5 million in funding for the Innovation Center and will work to secure funding and industry support from various corporate entities.

“We couldn’t be more thrilled to be landing in New Jersey and working with NJEDA, Stevens Institute and Prudential to build out our East Coast presence and execute our open innovation approach across the financial services and insurance sector to identify and accelerate the most promising startups in the space,” said Plug and Play Chief Revenue Officer Michael Olmstead.

Stevens Institute and Prudential will provide training and other educational, licensing, research opportunities for start-up companies participating in NJ FAST, and more. Stevens will also host events each year on its campus and will provide a standing team of student interns who will work to support participating companies.

Stevens Institute already has a major presence in the fintech industry. Its fintech-focused research center, the Center for Research toward Advancing Financial Technologies, collaborates with academic and industry partners on innovative solutions like decentralized finance, AI-enabled finance, quantum finance, and solutions to climate-related impacts on investment. The research center also works to secure financial data by creating and testing more equitable trading platforms and support improved market simulation and stress-testing tools.

“NJFAST is an excellent example of a public-private-higher education collaboration that has the potential to bring significant economic value to our State and to serve as a national and global leader,” said Stevens Institute of Technology President Nariman Farvardin. “Stevens is pleased to leverage its deep and significant expertise in financial systems, technologies and entrepreneurship and our knowledge of emerging fields such as AI, machine learning and quantum computing, to the benefit of all partners and the State.”

“Prudential is thrilled to become an anchor partner on the NJ Fast accelerator. Our commitment to our home base of New Jersey, and specifically Newark, goes back nearly 150 years, so an opportunity to further our connection to this community is so rewarding,” said Prudential Chief Information Officer Stacey Goodman. “Prudential’s purpose is to make lives better by solving the financial challenges of our changing world and we firmly believe that this partnership will help us achieve our goal.”

With renowned financial institutions, such as Prudential, Barclay’s, Fiserv, and JP Morgan, already having a presence in New Jersey, NJ FAST will build upon the state’s longstanding history as a leader in the financial industry. With a focus on fintech, NJ FAST will support the growth of new types of companies and career opportunities, expanding New Jersey’s influence in the national finance and fintech industries.

“NJ FAST represents the type and level of fintech investment we need to cement New Jersey’s place as an innovator in the new global economy,” said Senator Raj Mukherji, D-Hudson. “By targeting support to businesses and entrepreneurs in the innovation economy, many of which already call New Jersey home, the state in partnership with Stevens Institute will compound economic agglomeration up and down supply chains and bring thousands of quality jobs to Hudson County and the state.”

“NJ FAST will create new and exciting business ventures for entrepreneurs in Hudson County, New Jersey, and the region. Investments such as this are critical to creating jobs and expanding New Jersey’s innovation economy,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “NJ FAST will serve as a central hub for innovative fintech entrepreneurs, which will allow for new, cutting-edge developments to advance.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, incubators, or research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.

Last week, Governor Murphy attended the ribbon cutting at HAX’s flagship United States headquarters in Newark. HAX, also a SIC, will support 100 new companies over the next five years, generating at least 2,500 new jobs.

About the NJEDA

TRENTON, N.J. (May 6, 2024) – Tomorrow, Tuesday, May 7, 2024, the New Jersey Economic Development Authority (NJEDA) will announce the launch of the New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST), which will serve as a hub for financial technology and insurance technology startups. The NJEDA and Plug and Play have signed a non-binding letter of intent to form a limited partnership to establish NJ FAST, with Stevens and Prudential Financial serving as the academic and corporate partners, respectively. NJ FAST will be the state’s fourth Strategic Innovation Center.

WHEN: Tuesday, May 7, 2024

11:00 a.m.

WHO: Governor Phil Murphy

NJEDA Chief Executive Officer Tim Sullivan

Stevens Institute of Technology President Nariman Farvardin

Plug and Play Founder & CEO Saeed Amidi

Prudential Financial Chief Information Officer, Head of Service & Technology Bob Bastian

WHERE: Stevens Institute of Technology

Babbio Center

525 River St.

Hoboken, N.J., 07030

PRESS: OPEN

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TRENTON, N.J. (May 3, 2024) – The New Jersey Economic Development Authority (NJEDA) is opening applications for the next cohort of the New Jersey Innovation Fellows (NJIF) Program on May 6^th, and is currently accepting questions from potential applicants. The NJIF Program supports entrepreneurs with income replacement grants, mentorship, and training to provide security in the early stages of start-up business creation.

WHAT: Through the NJIF Program, the NJEDA supports teams of at least three entrepreneurs with mentorship, training, and income replacement capital of up to $400,000 over a two-year period, attracting innovative ideas and entrepreneurs who would otherwise be unable to pursue the launch of a new venture due to income needs or socio-economic constraints. In addition to financial benefits, the first-in-the-nation program also offers a comprehensive mentorship program facilitated by the New Jersey Innovation Institute (NJII) or The Rowan Center for Innovation & Entrepreneurship (RCIE), which can help mitigate the risk of business failure and propel start-ups to the next level.

Announced in January 2024, the inaugural cohort of NJIF entrepreneurs included 10 new businesses and 30 entrepreneurs, supporting ventures in the fields of life sciences, film, information technology, and professional services. The inaugural cohort of startups showcase a rich tapestry of diverse backgrounds and perspectives, with many startups at the forefront of the current artificial intelligence/technology revolution.

Last month, Governor Phil Murphy announced a new fellowship program for entrepreneurs who will focus exclusively on AI-powered discovery. The AI-focused fellowship, which is an extension of the NJIF program, will open for applications at a later date.

WHEN: The NJEDA will begin accepting applications for the second cohort of NJIF entrepreneurs at 10 a.m. on Monday, May 6^th, 2024. The application will be open for 60 days, closing on Friday, July 5^th, 2024. Potential applicants can ask questions on the application process or program specifics by emailing NJInnovationFellows@njeda.gov. For more information on the program, click here.

The NJEDA will hold two informational webinars for potential NJIF applicants. The first webinar, on Friday, May 10^th, at 9:00 a.m., will cover funding opportunities and the application process under the NJIF program, as well as the Commission on Science, Innovation, and Technology’s (CSIT) clean tech programs. To register, click here.

The second webinar, on Tuesday, May 21^st at 10:00 a.m., will go over funding and programming opportunities available to create and improve resources for maternal and infant health, including an informational overview for potential NJIF applicants in the sector. To register, click here.

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52% of loans were approved for women- and minority-owned small businesses and nonprofits

TRENTON, N.J. (May 3, 2024) – In recognition of National Small Business Week (April 28 – May 4), the New Jersey Economic Development Authority (NJEDA) announced today that more than $3.6 million in working capital loans have been approved under the NJ Capital Access Fund, since the program launched in November 2023. Administered by designated fund manager Calvert Impact, the $100 million fund, supported by the State Small Business Credit Initiative (SSBCI) program and a private capital match, leverages Community Development Financial Institutions (CDFIs) and Minority Deposit Institutions (MDIs) to offer technical assistance and an affordable and flexible working capital loan product to assist small businesses and nonprofits with payroll, rent, utilities, and other operational business expenses.

In line with the NJEDA’s commitment to supporting diverse business owners and creating an equitable economy, 52 percent of the program’s loans were approved for women- and minority-owned small businesses and nonprofits and 72 percent of the overall funding supported business owners identified as socially and economically disadvantaged individuals (SEDI).

“Under Governor Phil Murphy’s leadership, New Jersey remains committed to supporting small business growth by providing increased access to capital and resources to entrepreneurs and small business owners. Through our suite of small business support programs, the NJEDA is helping expand economic opportunities, foster business growth, and ensure the longevity and increased vitality of New Jersey’s main streets,” said NJEDA Chief Executive Officer Tim Sullivan. “The milestone announced today demonstrates how the NJ Capital Access Fund is providing a streamlined path to loans for small businesses, allowing them to continue to grow and thrive in the Garden State.”

Utilizing a technology platform provided by the Community Reinvestment Fund, USA, the NJ Capital Access Fund currently works alongside the NJ Small Business Development Center and four CDFIs to offer technical assistance and working capital loans up to $250,000 to small businesses and nonprofits that have been operating for at least 12 months, with revenue of $10 million or less and fewer than 50 employees. Participating CDFIs include Renaissance Economic Development Corporation, Ascendus, Grow America, and Pursuit. Working capital loans administered by each participating CDFI offer flexible features, including terms from 36 to 60 months, low fees to borrowers, fixed competitive interest rates, and no specific collateral requirements. The NJ Capital Access Fund further expands access to capital by purchasing 80 percent of all eligible working capital loans, allowing the CDFIs to increase lending capacity and provide more loans to underserved communities. To date the fund has been utilized to purchase $2.9 million in eligible loans. For more information on eligibility requirements, and to pre-apply, visit https://njcapitalaccessfund.com.

In May 2023, the NJEDA announced that Calvert Impact would administer the NJ Capital Access Fund, utilizing and matching the Authority’s $50 million investment with State Small Business Credit Initiative (SSBCI) funding. Calvert Impact is a nonprofit investment firm that has supported community and economic development organizations for nearly 30 years, with a focus on financing sectors overlooked by mainstream capital markets.

“Calvert Impact knows that supporting small business owners is the key to a sustainable and equitable economic growth. We’re thrilled to see how eager entrepreneurs in New Jersey are to put capital to work, growing their companies and enriching their communities,” said Joe Meginnes, Director of Strategy at Calvert Impact. “And we expect that momentum to continue building with the recent launch of the technical assistance portal where entrepreneurs can get help applying for a loan and deploying the funds most effectively once they receive one.”

Women-owned Blue Skies Pottery, with locations in Long Branch and Hoboken, leveraged the New Jersey Capital Access Fund to receive a loan through CDFI partner Ascendus. Blue Skies Pottery offers courses, classes, and memberships for anyone interested in a creative outlet.

“Making a positive impact on our community has been a core value of our pottery studio since we opened in 2022,” said Blue Skies Pottery Owner Valerie Dantone. “Thanks to the help from Ascendus, we’ve been able to prioritize partnership opportunities with local businesses, add more classes and staff members for our growing special needs program, and provide need-based tuition options to our students and members who need support.”

The Pink Room Shapewear, a Minority- and Women-owned Business Enterprise located in Union and Elizabeth, received a loan through Pursuit, another New Jersey Capital Access Fund CDFI partner. The company is committed to improving lives by offering high-quality shapewear garments that offer comfort and security.

“Thanks to all the different opportunities we have nowadays, it has never been so easy to look for resources and use them to grow our business, helping our community and team grow with us,” said The Pink Room Shapewear Owner Maria Sparacio. “Opportunities such as these open doors for women and minorities in business, giving them the ability to expand. Thank you to the NJEDA for making a difference and supporting us.”

Financing for the NJ Capital Access Fund is allocated from $255 million in federal SSBCI capital allotted to the State of New Jersey by the United States Department of the Treasury. The NJEDA utilized the SSBCI funding to create six programs that provide financial assistance to small and micro businesses in New Jersey. More information on SSBCI-funded programs can be found here.

For more information on the NJEDA’s small business support programs, visit https://www.njeda.gov/smallbusinessservices/.

About the NJEDA

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NJ’s Strategic Innovation Center will support 100 new companies over next five years, generating at least 2,500 new jobs

NEWARK, N.J. (May 1, 2024) – Yesterday, Governor Phil Murphy, Newark Mayor Ras Baraka, and the New Jersey Economic Development Authority (NJEDA) joined company leaders to cut the ribbon on HAX, LLC’s newly constructed United States flagship headquarters located at 707 Broad Street in Newark. HAX, a startup development program for pre-seed hard tech companies, with offices across the world, supports startups and entrepreneurs through investment capital, mentorship, and collaboration.

“One of the key priorities of my administration has been to expand our innovation economy by providing critical resources to entrepreneurs who want to bring their world-class ideas to New Jersey,” said Governor Phil Murphy. “HAX’s investment in Newark and New Jersey is a testament to the diverse talent pool the Garden State has to offer. From HAX to the Princeton AI Hub, to the Helix and Edge Works, New Jersey’s innovation story is evolving and our investment in the field will lead to long-term, sustainable economic growth.”

HAX, which is operated by Princeton-based venture capital firm SOSV, provides support for emerging companies, including a $250,000 initial investment in each participating company, 180 days of hands-on collaboration, and a global community for early-stage founders building hard tech startups. The 35,000-square-foot space on Broad Street boasts tools and workspaces such as chemical, mechanical, and electrical engineering labs, 3D printing, manual metal fabrication, Computer Numerical Control machining, and laser cutting. Since May of 2022, 32 HAX-supported startups have been operating out of the company’s temporary space in Newark.

“I’ve long disputed the idea that cities lack an appropriate workforce. What we lack is appropriate investment,” said Newark Mayor Ras J. Baraka. “HAX’s investment in Newark goes beyond being appropriate because it recognizes that innovation, creativity, collaboration and diligence are inscribed in our history and embedded in our DNA. With the opening of HAX, Newark accelerates its momentum as an emergent global hub for manufacturing and technological breakthroughs. I thank HAX and our advocates at Invest Newark and Newark Alliance for this critical partnership and extend my gratitude to Governor Murphy, our supportive legislators and the New Jersey Economic Development Authority.”

In 2021, SOSV issued a Request for Proposal (RFP) regarding its intent to establish HAX’s U.S. headquarters. After submitting a response to the RFP and showing potential locations to SOSV leadership, the NJEDA was awarded the RFP. New Jersey was one of several states across the East Coast and Mid-West to submit a response. The two entities signed a Letter of Intent, with both the NJEDA and SOSV investing $25 million to establish HAX, LLC. As its contribution, SOSV committed to taking 100 companies through the HAX program over the next five years and investing $25 million in these startups. Companies participating in the HAX program are expected to generate at least 2,500 new, high-paying jobs in the area and attract millions in new capital.

HAX also furthers Governor Murphy’s economic initiatives by serving as the flagship Strategic Innovation Center (SIC) in New Jersey. SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, like HAX, or incubators and research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and drive long-term economic growth.

In late 2022, the NJEDA approved HAX for the NJ Accelerate program. Through NJ Accelerate, the NJEDA matches investments made by approved startup programs into startups that locate in New Jersey within six months after graduating from the participating accelerator program. The NJEDA’s match is in the form of a direct loan up to $250,000. HAX is one of five startup development programs currently approved to participate in NJ Accelerate.

“Under Governor Murphy’s leadership, New Jersey has made significant investments in innovative technology startups, helping create jobs and strengthen our economy” said NJEDA Chief Executive Officer Tim Sullivan. “Newark is an ideal location for entrepreneurs looking to collaborate, create, and hone their skills in the climate tech, industrial automation, and health care fields. Powered by NJEDA-supported initiatives such as the Strategic Innovation Centers program, accelerators such as HAX are helping empower New Jersey startups and revolutionize the global marketplace, leading to diversity in the workplace and increased educational opportunities for the surrounding community. When we invest in New Jersey’s innovation economy, we invest in entire communities, small businesses, and cutting-edge technologies.”

“Today marks a monumental step forward in the expansion of New Jersey’s innovation economy and I commend Governor Murphy’s commitment to nurturing innovation opportunities throughout our great state. It is with great pride for me to witness Newark become the epicenter of this transformative endeavor, signaling the emergence of a new dawn in domestic re-industrialization,” said Senator M. Teresa Ruiz. “With this world-class facility, we cultivate new burgeoning economic opportunities that will reinforce New Jersey’s status as the hub for economic prosperity and transformative growth.”

“The grand opening of HAX, LLC’s United States flagship headquarters in our district signifies not just the growth of a company but the vitality of our community and the opportunities we offer to businesses seeking to thrive in New Jersey,” said Assemblywoman Eliana Pintor Marin (D-Essex). “I am proud of the creativity and thoughtfulness of the legislature in creating tax incentive programs that attract these innovative enterprises. By providing initial capital, mentorship and collaborative opportunities, HAX will serve as a pivotal catalyst for further propelling Newark to the forefront of tech innovation and economic prosperity.”

SOSV has also committed to establishing relationships with universities such as the New Jersey Institute of Technology, Princeton University, Rutgers University, and Stevens Institute of Technology. SOSV has also become invested in the Newark community by hosting groups like the Newark Youth Career Pathways, participating in speaking engagements like The Newark Summit, and organizing events like its first HAX-A-THON during Newark Tech Week for local high school students.

“The State of New Jersey showed tremendous foresight when it decided to support HAX in the establishment of its new headquarters in Newark,” said Sean O’Sullivan, Managing General Partner at SOSV. “It is the perfect location, not the least because SOSV with NJEDA’s backing, has been able to build an incredibly well equipped and staffed facility that is attracting exactly the type of founder we want to back. They hail from all over the country and the world, and from their perch here in Newark they have a great opportunity to take in all the immense possibilities and resources New Jersey has to offer.”

“When we set out to find a new headquarters for HAX in the U.S., we were looking for an ecosystem that could be the birthplace of the re-industrialization of the U.S. We wanted world-class talent close to some of the largest industries in the world where we would have an industrial heritage and infrastructure ready to support our companies’ expansions,” said Duncan Turner, HAX Manager Director and SOSV General Partner. “Newark really has it all. NJ is committed to renewable power generation that will feed the grid for decades. We have some truly exceptional universities in the surrounding areas with academic departments that are developing IP and talent that will shape the world for generations to come. And we are a train ride away from 2 of the best sources of venture capital in the world. This really is a truly unique place.”

About the NJEDA

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TRENTON, N.J. (April 25, 2024) – The New Jersey Economic Development Authority (NJEDA) is opening applications for the 2024 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) program, on Wednesday, May 1^st. 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 their net operating losses and R&D tax credits. Up to $75 million in funding is available annually under the NOL program, with $15 million set aside for businesses located in the state’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, businesses within Opportunity Zones, or certified minority- or woman-owned businesses.

Participants can use the capital raised through the NOL Program to help cover allowable operating costs such as salaries, R&D, and other working capital expenditures.

Since the program’s inception over 25 years ago, the NOL program has awarded more than $1.95 billion in tax credits to over 580 innovative companies in New Jersey.

WHEN: The NJEDA will begin accepting applications for the 2024 NOL program on Wednesday, May 1^st, at 12 a.m., and close applications on Thursday, June 30^th, at 11:59 p.m. Visit https://www.njeda.gov/nol/ for more information.

For more information on eligibility and the application process, the NJEDA is hosting an informational webinar on Thursday, May 9^th, at noon. To register, click here.

About the NJEDA

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