Board will work to increase capital to minority-owned startups, create diverse innovation economy

WOODBRIDGE, N.J. (September 21, 2023) – The New Jersey Economic Development Authority (NJEDA) today announced the establishment of the Diversity Finance Advisory Board (DFAB) which will work to increase access to institutional capital for women- and minority-owned startups. The board will provide knowledge, guidance, and insights on ways to best increase capital, access, and investments in New Jersey’s diverse entrepreneurs.

According to a survey from the National Venture Capital Associations (NVCA), venture capital investments have quadrupled across the United States over the past 10 years, but those increases are not true for startups with women or racial minorities as their founders. The State recognizes national studies that correlate with the NVCA study that finds only one percent of venture capital-backed founders are Black and less than two percent are Hispanic.

“Across the nation, women- and minority-owned startups have not benefitted from the increase in venture capital investments that white-owned startups have experienced. The Diversity Finance Advisory Board aims to rewrite that narrative and ensure New Jersey-based diverse entrepreneurs have equitable access to institutional capital,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, New Jersey has prioritized supporting diverse entrepreneurs and growing the state’s innovation community. The creation of this advisory board, comprised of investment, entrepreneurship, and subject-matter experts with a commitment to diversity and inclusion, is another tangible step toward a stronger, fairer, and more diverse New Jersey economy.”

Sullivan announced the creation of DFAB today during a speech at the African American Chamber of Commerce of New Jersey’s Business Leadership Conference in Woodbridge.

“Our state has put forth a strategy that has the potential to have a transformational impact on the competitiveness of New Jersey,” said John E. Harmon, Sr., IOM, Founder, President & CEO, African American Chamber of Commerce of New Jersey. “Moreover, today’s announcement could lead to a more level playing for woman and minority owned businesses whose vision and proposed plans to establish a successful enterprise can now be realized. This is a positive step towards a more equitable future for New Jersey.”

“Black and Latino communities face long-standing barriers including those that limit their access to capital, yet these communities remain incubators of ingenuity and innovation,” said Jayné Johnson, Director of the Governor’s Office of Diversity, Equity, Inclusion, and Belonging. “NJEDA’s Diversity Finance Board advances the Administration’s efforts to increase access and opportunity for historically underrepresented entrepreneurs, and supports our state’s innovation economy by engaging women, Black, and Latino entrepreneurs in the venture capital market. Our state’s competitive edge is strengthened when promising, new business startups are equipped to succeed.”

DFAB, in collaboration with NJEDA staff, will work to develop and implement a holistic product set that will help make New Jersey a national leader in diversity finance. Board members will also work to develop a private-sector engagement framework to identify and engage the state’s private capital sources. Additionally, Board members will help establish partnerships to support the NJEDA’s mission to grow high-quality jobs, catalyze investment, and foster inclusive community development.

“The Diversity Finance Advisory Board will help uplift minority-owned startups, while bolstering and transforming New Jersey’s innovation economy” said Kathleen Coviello, NJEDA’s Chief Economic Transformation Officer. “By creating additional pathways for entrepreneurs to succeed, the Board will ultimately help spur innovation, create jobs, and grow the statewide economy. The NJEDA is appreciative of this inaugural board for their willingness to support the Authority and state in this critical mission.”

“The Murphy Administration’s commitment to supporting diverse entrepreneurs is good for our communities, our state, and our nation,” said Michelle Bodden, NJEDA’s Chief Diversity & Inclusion Officer. “The Diversity Finance Advisory Board is ready to break down barriers and unlock potential to help ensure women- and minority-owned startups have the tools and resources to grow and succeed.”

To serve on the Board, members must have a strong New Jersey nexus and demonstrate institutional development, investment, or policy experiences. Additionally, members must show a commitment to, and have experience in, the development of Diversity, Equity, and Inclusion (DE&I) policies. The NJEDA will continue to add and supplement the initial advisory board members.

The inaugural 2023-2024 Diversity Finance Advisory Board members include:

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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Authority announces plans for Phase 2 for family child care homes in 2024 after approving $14M in Phase 1 funding to date

TRENTON, N.J. (September 19, 2023) – The New Jersey Economic Development Authority (NJEDA) announced today that it will close applications for Phase 1 of its Child Care Facilities Improvement Program on October 20. Following overwhelming interest in, and demand throughout, Phase 1 of the program the NJEDA plans to open applications for Phase 2 in 2024. This second phase will provide grants to Registered Family Child Care Homes (FCCs) to address facilities improvements.

Since launching in November 2022, the NJEDA has received 528 applications from child care centers across New Jersey that serve over 43,000 children and employ nearly 11,000 members of the vital early childhood workforce. To date, the NJEDA has already approved 79 of those applications for a combined $14.1 million in funding and expects to approve more applications in the coming weeks and months. The first 79 centers approved through the program are located in 19 counties, serve almost 7,000 children – including more than 3,300 infants and toddlers – and employ over 1,800 teachers and administrators. More than 200 contractors registered with the New Jersey Department of Labor have expressed interest in providing work for awarded child care centers. Departments of Labor Registered Public Works Contractors can learn more about the program and submit an interest form here.

No action is needed from the remaining applicants before October 20; their applications are continuing to undergo review. Applicants that have not yet started, or submitted, an application are encouraged to complete the application process by that date.

Phase 1 of the Child Care Facilities Improvement Program provides grants of $50,000 to $200,000 for child care centers to make interior and exterior upgrades and purchase furniture, fixtures, and equipment that will benefit both the children and program staff. A complete list of eligible uses and details on the program can be found at https://www.njeda.gov/child-care-improvement-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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This marks the third project in Newark approved for Aspire awards

TRENTON, N.J. (September 13, 2023) – The New Jersey Economic Development Authority (NJEDA) Board approved tax credits for an additional residential project in Newark under its Aspire Program. The new, mixed-use building was approved for up to $90 million in tax credits, which represents 60 percent of eligible project costs of $150 million. The 14-story building will be located at 81-93 Orange Street in Newark across the street from New Jersey Transit’s Broad Street Station.

To date, the Board has now approved a total of $273.9 million in Aspire awards for residential projects, creating 1,368 housing units – 898, or 60 percent, of which will be affordable. In Newark, three residential projects have been approved for Aspire awards, creating 626 units, of which 206 will be affordable.

“The Aspire Program aims to expand housing options, increase affordability, and create stronger communities,” said NJEDA Chief Executive Officer Tim Sullivan. “Transit-oriented development is an integral part of Governor Murphy’s mission to revitalize neighborhoods and is a key focus of the Aspire Program. The proximity of today’s project to NJ TRANSIT’s Broad Street Station and the city’s downtown makes it ideal for families, commuters, and students and will help create a more prosperous Newark.”

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.

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities and breathing new life into underutilized spaces,” said Senate Majority Leader Teresa Ruiz (D-Essex). “This project will do just that, taking a parking lot and using it to spur economic development. The site will still offer parking, but will also help with housing shortages, providing market rate and affordable units, in addition to retail space, all within walking distance to a major transit station.”

The 14-story high-rise, which will replace a surface parking lot, will be comprised of 350 residential units, 8,500 square feet of retail space, and a commercial parking garage. The units will be a mix of studio, one-, two-, and three-bedroom units. Seventy units will be reserved as affordable units, while the remaining will be market rate.

Residents of 81-93 Orange Street will be able to enjoy a pool, health club, spa, work from home space, and electric vehicle charging stations. The project is strategically located across the street from Newark’s Broad Street Station, giving residents access to NJ TRANSIT train and bus service and the Newark Light Rail.

“This Aspire award helps realize Newark’s Transit Village strategy for building mixed-use developments combining high quality affordable and market housing with retail and commercial space. The Broad Street Station will anchor a vibrant neighborhood and vital transportation hub,” said Newark Mayor Ras J. Baraka. “This is the kind of project that helps realize the dreams of residents to remain in the city they love, and improve their quality of life. The New Jersey Economic Development Authority’s $90 million in tax credits is critical to making this development affordable to Newark residents. All of Newark is grateful for NJEDA’s commitment to our city’s well-being and growth.”

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

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

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Agreement will enable the Authority to provide nearly $400K to NJIT’s POWERCERTS Program

TRENTON, N.J. (September 12, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved a memorandum of understanding (MOU) with the New Jersey Institute of Technology (NJIT) to provide $399,000 in funding to the Professional Offshore Wind Energy Certificates (POWERCERTS) Program. The funding approved in the MOU will establish two graduate certificates in Wind Power System Operation and Maintenance and Wind Power Economics and Management, bolstering offshore wind workforce training opportunities for college students.   

“As offshore wind developments advance along the East Coast, we must guarantee that our workforce is equipped to meet the needs of the industry,” said NJEDA Chief Executive Officer Tim Sullivan. “Today’s MOU with NJIT reflects the NJEDA’s commitment to providing high-quality workforce development programs in offshore wind that ensure opportunities for minority and underserved communities. This partnership helps move us closer to Governor Phil Murphy’s goal of creating 11 GW of offshore wind by 2040.”

NJIT’s POWERCERTS Program will address demands for offshore wind training in New Jersey, collaborating closely with the wind industry and the College’s science and engineering departments to offer a robust curriculum. The two graduate certificates established as part of the program will consist of 12 credits, including three core classes and one elective class. Using funding from today’s MOU, POWERCERTS will offer 24 $3,000 scholarships and 24 $4,000 assistantships primarily for students from minority and underrepresented communities to encourage and support their participation in offshore wind workforce training.   

“We are very excited to be working with the NJEDA to establish the NJIT POWERCERTS graduate-certificates program, which will prepare workers to excel in the rapidly growing offshore wind clean energy sector,” said NJIT President Teik C. Lim. “NJIT makes innovations happen, including in the area of environmental sustainability, and this effort will bolster New Jersey’s strength in the clean energy economy.”

To support offshore wind in New Jersey, the NJEDA is developing the Wind Institute for Innovation and Training to accelerate the development of a robust and diverse offshore wind workforce and champion research and innovation to unlock market potential. Today’s MOU is part of a comprehensive strategy to develop several training programs to bolster New Jersey’s offshore wind workforce for thousands of good-paying offshore wind employment opportunities.

“Effective workforce training programs are necessary to prepare future job seekers with the skills they need to thrive in the offshore wind sector,” said NJEDA’s Vice President for Offshore Wind Jen Becker. “NJIT’s POWERCERTS program will prepare graduates for good-paying job opportunities in offshore wind engineering and management, helping keep the state at the forefront of offshore wind energy development.”

The funding provided in today’s MOU is allocated from the NJEDA’s previous MOU with the New Jersey Board of Public Utilities (NJBPU). Approved in October 2022, the $10 million MOU dedicates funds to support the continued development and execution of offshore wind workforce, education, research, and innovation programs.

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, 2023) – The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Construction Inflation Fund, which will provide grants for development projects experiencing increased construction costs and funding gaps resulting from inflation caused by the COVID-19 pandemic. The $10 million program offers grants of up to 20 percent of total project costs.

WHAT:            The Construction Inflation Fund, funded at $10 million, is a competitive grant program created to address the impacts of COVID-19. The Fund aims to mitigate the negative economic impacts of the pandemic by providing support to real estate development in the form of grants for real estate substantial rehabilitation, new construction, and development costs associated to each project.

The Fund was created through the federal American Rescue Plan’s Coronavirus State and Local Fiscal Recovery Funds. The Fiscal Year 2023 State Budget appropriated ARP funds for “Real Estate Gap Financing”, which led to the creation of the Construction Inflation Fund.

WHERE:         Applications for the Construction Inflation Fund can be found here. Questions from interested parties can be submitted to realestateinfo@njeda.gov.

WHEN:           Applications must be submitted by October 19, 2023 at 5:00 p.m.    

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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Tax credit auction will support programs to alleviate food deserts and make nutritious foods more accessible & affordable

TRENTON, N.J. (August 17, 2023) – The New Jersey Economic Development Authority (NJEDA) will auction up to $10 million in corporate and insurance premiums tax credits through the Food Desert Relief Tax Credit Auction beginning on September 18. The proceeds of the auction will fund programs aimed to improve and increase access to healthy and affordable food throughout New Jersey’s 50 Food Desert Communities (FDCs). The tax credit auction was approved by the NJEDA Board in April.

Eligible bidders must be New Jersey Corporation Business Tax or Insurance Premiums Tax filers. Companies can bid for tax credits at a discount of up to 15 percent. The application for the auction will open on September 18 at 10:00 a.m. and close on October 18 at 5:00 p.m. A sample application and details about the auction process can be found here. Questions may be submitted to FDRTCAuction@NJEDA.gov until Tuesday, September 5 at 5:00 pm. Answers will be posted no later than Monday, September 11 at 5:00 pm.

“The NJEDA is committed to fighting food insecurity and this tax credit auction will help raise funds for programs that will help ensure fresh, healthy, and affordable food is accessible and available in every community across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “Every New Jerseyan deserves access to high-quality food options, no matter their zip code. Governor Phil Murphy and the Legislature have long been committed to combatting food insecurity, while uplifting families and neighborhoods.”

In April, the Board approved proposed rules for the $240 million Food Desert Relief Tax Credit Program, as well as the auction of up to $50 million of the $240 million in tax credits in 2023. Proceeds from the auction will be used to fund programs that will advance the priorities established by the Food Desert Relief Act (FDRA). These future grants, loans, and technical assistance initiatives will complement the Food Desert Relief Tax Credit Program, a tax credit program to support development and operation of new supermarkets in FDCs, by supporting small and mid-sized food retailers and other entities involved in strengthening food security.

The FDRA was established under the New Jersey Economic Recovery Act (ERA) of 2020. The programs created under the FDRA are part of the NJEDA’s broader portfolio of work focused on food security, including the Food Security Planning Grant, Sustain & Serve NJ, and the Food Retail Innovation in Delivery Grant (FRIDG). Learn more here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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El innovador programa de 57.6 millones de dólares del Gobernador Murphy apoyó compras en cientos de restaurantes locales para alimentar a familias de todo New Jersey

TRENTON, N.J. (15 de agosto de 2023) – La Autoridad para el Desarrollo Económico de New Jersey (NJEDA, por sus siglas en inglés) anunció hoy que ha alcanzado el admirable hito de apoyar la compra y distribución de más de cinco millones de comidas a través de su programa Sustain & Serve NJ (Mantener y servir a NJ). Sustain & Serve NJ fue lanzado por el Gobernador Phil Murphy a finales de 2020 como un programa piloto de 2 millones de dólares para apoyar a los restaurantes afectados por COVID-19 y creció hasta llegar a ser un programa de 57.6 millones de dólares que ha permitido a 36 organizaciones comprar comidas en casi 450 restaurantes y distribuir dichas comidas sin costo a los habitantes de New Jersey que se enfrentan a la inseguridad alimentaria. El Estado Jardín es el único estado del país que ha lanzado un programa a esta escala.

«Sustain & Serve NJ saca a relucir lo mejor de nuestras comunidades, organizaciones sin fines de lucro que trabajan junto a sus restaurantes locales para garantizar que los vecinos tengan acceso a comidas nutritivas», dijo el Gobernador Phil Murphy. «Los enormes beneficios de este programa centrado en la recuperación simplemente no pueden sobreestimarse».

Mediante tres rondas de financiamiento, Sustain & Serve NJ ha permitido que 36 beneficiarios compren comidas en 449 restaurantes de 179 municipalidades de todos los 21 condados, y ha distribuido casi 5.4 millones de comidas a los habitantes necesitados de New Jersey. A medida que New Jersey surge de los efectos de la pandemia de COVID-19 y luego de la conclusión de la fase 3 de Sustain & Serve NJ en agosto, las lecciones de Sustain & Serve NJ seguirán informando y orientando los continuos esfuerzos de la NJEDA para apoyar la seguridad alimentaria.

«Sustain & Serve NJ comenzó como un modelo innovador para ayudar a los restaurantes a sobrellevar la emergencia económica creada por COVID-19 y creció para proporcionar más de cinco millones de comidas a personas y familias hambrientas de todo el estado», dijo el Director Económico de la NJEDA, Tim Sullivan. «Estamos agradecidos con el Gobernador Murphy y con la Legislatura de New Jersey por confiarnos el cumplimiento de la promesa de Sustain & Serve NJ, que ha ampliado la capacidad de nuestros beneficiarios para servir a los habitantes de New Jersey que dependen de ellos para comer, al mismo tiempo que ha levantado a los restaurantes que son una fuente de empleo, cultura y vitalidad en nuestras comunidades».

Hoy la NJEDA emitió un informe y un video en los que describe el impacto que Sustain & Serve NJ tiene sobre los beneficiarios, los restaurantes y los habitantes de New Jersey que se enfrentan a la inseguridad alimentaria. Una copia del informe y el video se pueden encontrar aquí.

Sustain & Serve NJ es una parte clave del enfoque de todo el gobierno del Gobernador Murphy para fortalecer la seguridad alimentaria de todos los habitantes de New Jersey. Como parte de ese esfuerzo, la NJEDA está llevando adelante una estrategia múltiple para eliminar los desiertos alimentarios dentro del estado, apoyada con financiamiento designado a través de la Ley de Recuperación Económica de New Jersey de 2020, que el Gobernador Murphy firmó como ley en enero de 2021. Puede encontrar más información sobre el Programa de ayuda para los desiertos alimentarios aquí. La NJEDA también ha lanzado programas para apoyar el acceso a los alimentos en las Comunidades con desiertos alimentarios a través del Subsidio para la innovación en la distribución minorista (FRIDG, por sus sigla en inglés) y el Subsidio para la planificación de seguridad alimentaria. Los futuros esfuerzos de seguridad alimentaria se financiarán a través de la subasta de créditos fiscales para paliar los desiertos alimentarios, que se pondrá en marcha a finales de este año. Puede encontrar más información sobre la subasta aquí.

El Presidente de la Asamblea Craig J. Coughlin ha defendido durante mucho tiempo la creación de programas para combatir el hambre y ha aclamado a Sustain & Serve NJ como «una parte integral de nuestra batalla contra la inseguridad alimentaria.» 

«Sustain & Serve NJ es un ejemplo modelo de alianza eficaz entre nuestro estado, los restaurantes locales y las organizaciones sin fines de lucro que luchan contra la inseguridad alimentaria. El éxito del programa ha sido doble: ha puesto comida caliente en los platos de aquellos con dificultades mientras que apoya al mismo tiempo a las pequeñas empresas, que con frecuencia son familiares”, dijo el portavoz Coughlin. «Desde su lanzamiento en 2020, Sustain & Serve NJ ha ayudado a entregar cinco millones de comidas frescas y nutritivas a los necesitados. Recursos como estos son cruciales para seguir combatiendo el hambre en nuestras comunidades».

“Sustain & Serve NJ es un ejemplo fenomenal del enfoque innovador, orientado a soluciones y de todo el gobierno del gobernador Murphy para ayudar a las familias de New Jersey a alcanzar la seguridad alimentaria”, dijo la Comisionada del Departamento de Servicios Humanos de New Jersey, Sarah Adelman. «Felicito al Director General Sullivan y a la NJEDA por el increíble éxito de Sustain & Serve NJ, que ha brindado apoyo económico a tantas pequeñas empresas de restaurantes y organizaciones sin fines de lucro, y lo que es más importante, ha entregado ya cinco millones de comidas a los necesitados de todo New Jersey. Y como siempre, invito a cualquiera que necesite ayuda para poder comprar alimentos a que visite www.njsnap.gov.”

«Existe verdadera seguridad alimentaria cuando todas las personas, en todo momento, tienen acceso físico, económico y social a suficientes alimentos seguros y nutritivos», dijo Mark Dinglasan, Director Ejecutivo de la Oficina de Defensa de la Seguridad Alimentaria (OFSA, por sus siglas en inglés) de New Jersey. «El program Sustain & Serve NJ sobrealimentó la economía local, especialmente nuestro sector de restaurantes, al mismo tiempo que ayudaba a las organizaciones de servicios sociales a brindar acceso físico y social a alimentos saludables y nutritivos. No solo eso, Sustain & Serve NJ también ayudó a nuestros sectores de restaurantes y sin fines de lucro a innovar y cocrear soluciones. Celebro a la NJEDA por su liderazgo con este programa y la OFSA espera seguir apoyando continuamente sus esfuerzos de seguridad alimentaria».

En este video, los beneficiarios y los propietarios de restaurantes compartieron sus sentimientos sobre el impacto significativo que Sustain & Serve NJ ha tenido en sus organizaciones y comunidades.

«En la Coalición por la Igualdad Alimentaria y Sanitaria movilizamos alimentos”, dijo la Dra. Leeja Carter, fundadora y Directora General de la Coalición. «Pensamos que la seguridad alimentaria no es solo tener comida en la mesa, sino también cómo llevamos la comida del punto A al punto B, la logística en torno a la comida. El programa Sustain & Serve NJ nos ayudó a evolucionar el trabajo que estábamos haciendo aquí en el Condado de Hudson».

«A principios de COVID-19, nuestra organización estaba proporcionando solo de 120 a 150 comidas por semana y luego cuando atacó COVID-19, nos vimos desbordados y la demanda de comidas aumentó hasta 900 o 1.000 comidas semanales”, dijo Mark Blackwell, Presidente de A Need We Feed (Una necesidad que alimentamos). «Sabíamos que a largo plazo eso no era sostenible en nuestro presupuesto. Luego se hizo disponible el subsidio de Sustain & Serve NJ de la NJEDA. El momento fue perfecto».  

«Los ingresos procedentes de las comidas compradas a través de Sustain & Serve NJ nos ayudó a mantener nuestras puertas abiertas y a pagarle a nuestros empleados durante toda la pandemia de COVID-19», dijo Mohamed Elrawy, propietario de Pita Square, un restarurante de Newark que trabaja con múltiples beneficiarios de Sustain & Serve NJ. «Ha sido un honor trabajar con organizaciones locales tales como la Coalición por la Igualdad Alimentaria y Sanitaria, Working Kitchens (cocinas de trabajo) de Newark y el Hospital Universitario para llevar nuestros alimentos a las manos de las personas que más los necesitan. No me cansaré de elogiar a este programa».

Puede encontrar más información sobre Sustain & Serve NJ en https://www.njeda.gov/sustain-and-serve/.

Acerca de la Autoridad para el Desarrollo Económico de New Jersey

La Autoridad para el Desarrollo Económico de New Jersey (NJEDA) es la principal agencia del Estado para el impulso del desarrollo económico. La NJEDA tiene el compromiso de hacer del Estado de New Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible al centrarse en estrategias clave para ayudar a forjar comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de New Jersey y ofrecer caminos para una economía más sólida y justa. A través de la alianza con una diversa gama de interesados, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y calidad de vida en el Estado y fortalecer la competitividad económica de New Jersey a largo plazo.

Para obtener más información sobre los recursos de la NJEDA para las empresas, llame a la línea de atención al cliente de NJEDA al (844) 965-1125 o visite http://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter, Instagram y LinkedIn.

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TRENTON, N.J. (August 9, 2023) – The New Jersey Economic Development Authority (NJEDA) today announced nine awardees of the New Jersey Asset Activation Planning Grant Program who will receive a combined $407,800 in grants. The program provides grants to communities and stakeholder groups to fund early-stage planning work focused on catalytic redevelopment and the adaptive reuse of vacant and underutilized public assets.

The NJEDA also announced today that applications for Phase II of the program will open August 15, 2023, and will be accepted until November 13, 2023, or until grant funds are exhausted.  They willbe reviewed and scored on a first-come, first served basis. The New Jersey Asset Activation Planning Grant Program offers public, private, and nonprofit entities grants of up to $50,000 for innovative projects that both revitalize community assets and drive equitable community growth.

“Under Governor Murphy’s leadership, New Jersey is taking concrete steps to transform the state’s distressed and abandoned properties,” said NJEDA Chief Executive Officer Tim Sullivan. “The grants awarded today will position the recipients to revitalize underutilized public assets, which will create greater economic growth and opportunity in these communities. With the launch of the second phase of this program, the NJEDA will be able to support the transformation of properties in even more communities across the state.”

The awardees of Phase I of the Asset Activation Planning Grant Program include:

  • City of Atlantic City – $50,000

The City will use the grant to conduct a feasibility study and legal analysis for the redevelopment of Renaissance Plaza, a shopping plaza in midtown Atlantic City with 75,000 square feet of gross leasable space. Site improvements will focus on crime prevention through environmental design.

  • Borough of Penns Grove – $50,000

The grant will be used to conduct an economic analysis and feasibility study for the revitalization of Penns Grove’s waterfront area, which includes a pavilion, abandoned pier, and several properties along West Main Street.

The grant will be used to conduct public outreach and facilitate conceptual designs to activate a public plaza at 3rd and Market Streets in Camden. The public plaza would complement forthcoming traffic and pedestrian improvements planned for the area.

The nonprofit organization will use the grant to host community visioning sessions and conduct a feasibility study and remediation needs assessment of the Old Sketch Club Building, a community theatre, in Woodbury.

  • LTD Unlimited – $49,800

A remediation needs assessment and feasibility study will be conducted with the grant for three city-owned properties on Broadway and Market Street in downtown Salem. One of the properties, 113 Market Street, is a historic tavern in the city located at the site since the 1730’s.

  • Mount Holly Township – $11,000

The Township will use the grant for a feasibility study and create a concept plan to repurpose a Township-owned parking lot as a community open space. The community space will aim to draw business to the adjacent commercial district, host community events and farmer’s markets, and mitigate flooding.

The grant will be used for a zoning analysis, site surveys, environmental review, financial feasibility analysis, and a preliminary market study of a city-owned site in Newark. The site at 132-136 Clinton Avenue is located in the city’s Lincoln Park Redevelopment Area and contains a vacant one-story commercial building and a vacant lot.

The NJEDA Board approved this grant in 2022. The Meadowlands 2040 Foundation used their grant to conduct a concept design, market analysis, and financial feasibility study of a potential convention or conference center to replace the former IZOD sports arena in East Rutherford.

  • Trenton Parking Authority – $47,000

The city’s parking authority will use the grant to conduct a market analysis and resident and stakeholder visioning for the five-level parking garage on the corner of Broad and Front Streets.

To be eligible for an Asset Activation Planning Grant, projects must target distressed public assets, unutilized or underutilized public property, or unutilized public lands owned by a municipality, county, independent authority, bureau, commission, or other public body. Proposed planning projects may include conceptual design, feasibility studies, and economic or market analyses. They should also demonstrate a strong connection to the State’s development objectives by creating or catalyzing a new business sector or target industry, driving economic growth and equity, creating an innovative use for an asset, expanding access to public transportation or public services, attracting employers and a diverse, talented workforce, expanding entrepreneurial opportunities and supporting local businesses, and/or improving land use efficiency and sustainability.

A complete list of eligibility and scoring criteria can be found here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Agreement will lead to 200 new high-skilled jobs, over $25 million in expected revenue for state

TRENTON, N.J. (July 28, 2023) – The New Jersey Economic Development Authority (NJEDA) Board on Wednesday approved the Authority entering into development and sublease agreements with Ørsted Wind Power North America, LLC (Ørsted) for the sublease of up to 34 acres of property at the New Jersey Wind Port (NJWP). Ørsted will be the NJWP’s inaugural tenant and expects to create up to 200 jobs over its lease term. Orsted’s Ocean Wind 1 project is expected to create over 15,000 jobs over its 25-year operational life.

“The Board’s approval serves as another major step forward in achieving Governor Murphy’s 11 GW offshore wind target, and cements New Jersey’s reputation as a national leader in offshore wind,” said NJEDA Chief Executive Officer Tim Sullivan. “Ørsted’s decision to marshal its Ocean Wind 1 project from the New Jersey Wind Port will create 200 jobs that would otherwise have gone to other states, and is the first of many projects that will use the Port in the years and decades ahead that will create jobs for our children, further our clean energy goals, and ensure a more resilient environment and economy. I appreciate the men and women in organized labor who have invested over 250,000 hours thus far in the construction of the Wind Port and look forward to our continued partnership as we work towards its completion.”

“We are pleased to help the state achieve its clean energy goals and are proud to be the New Jersey Wind Port’s inaugural tenant, creating clean energy jobs and economic development opportunities,” said Maddy Urbish, Head of Government Affairs and Market Strategy, NJ, Ørsted. “With onshore construction beginning this fall and offshore construction starting next year, Ocean Wind 1 looks forward to providing reliable offshore wind energy to New Jersey and the region when complete.”

“There are immense economic, workforce development, and clean energy benefits anticipated to come with offshore wind development,” said State Senator Bob Smith (D-Middlesex). “Every step forward we make validates the hard work that the Legislature and the Murphy Administration have undertaken to make the State an attractive partner for offshore wind developers.”

“I look forward to this project continuing to advance and become the much-needed economic stimulus for South Jersey,” said Dan Cosner, Business Manager and Financial Secretary of Electrical Workers Local Union 351.  “This will be a catalyst for the men and women of the South Jersey building trades, which in turn will help grow the local economy with the union wages that are being paid. I am very grateful for all those who made this a reality and continue to make sure this worthwhile project stays on track.”

Ørsted will sublease up to 34 acres of property at the Port for up to two years. Assuming a 24-month sublease term, total rent paid by Ørsted is estimated at over $25 million, representing a strong financial result for New Jersey taxpayers.

Importantly, the agreement with Ørsted includes a mechanism for shared berth use, preserving the NJWP’s ability to attract manufacturing tenants who require access to purpose-built wharves to ship out completed components.

The NJWP, once complete, will be the first and largest facility of its kind in the U.S. With a shortfall in fit-for-purpose port capacity in the U.S, the NJWP is expected to support offshore wind projects up and down the U.S East Coast including serving as a regional hub for turbine component manufacturing. At over 220 acres, the port can accommodate multiple Tier 1 component manufacturers, such as blades, nacelles, towers, and cables.

The NJEDA first issued a Notice to sublease in November 2020 and Ørsted submitted a non-binding offer in December of that year. The two parties executed a Letter of Intent (LOI) in April 2022 and have since been negotiating final terms. The property being subleased to Orsted is owned by PSEG Nuclear and is being leased by NJEDA from PSEG Nuclear on a 78-year basis.

Earlier this month, Governor Murphy signed legislation allowing Ørsted to access federal tax credits that will enable them to complete Ocean Wind 1, the first of two energy projects the developer plans in New Jersey.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Approved Firms Can Leverage Up to $12.5M Annually to Invest in NJ-Based Companies

TRENTON, N.J. (July 27, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved adding four venture capital firms to the growing list of Qualified Venture Firms (QVFs) that can access funding from the New Jersey Innovation Evergreen Fund (NJIEF). These QVFs, as well as the three approved by the NJEDA Board in May, are eligible to access up to $12.5 million annually per investor from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. 

Established under the New Jersey Economic Recovery Act (ERA) of 2020, signed into law by Governor Phil Murphy in 2021, the NJIEF allows the State to become an equity investor in innovative early-stage businesses based in New Jersey, investing up to $300 million in New Jersey companies alongside approved QVFs for a total of $600 million. The capital raised from the sale of tax credits auctioned off to eight corporations in December 2022 are expected to result in the funding of initial investments into high-growth businesses in New Jersey.

“The NJIEF is a unique tool that will propel New Jersey’s innovation economy forward by leveraging public and private dollars to invest in high-growth startups, entrepreneurs, and our innovation ecosystem,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the NJIEF, the NJEDA is supporting Governor Murphy’s strategic vision to invest in New Jersey entrepreneurs by providing access to necessary capital, which in turn, will allow companies of the future to grow and scale.”

The QVF applicants approved today are:

“The QVFs approved yesterday all have a proven track record of investing for the growth of emerging companies throughout the country,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This is a robust roster of qualified venture firms and enhancing their capital to invest in New Jersey businesses couldn’t come at a more critical time when the capital markets have slowed making investments.  We look forward to partnering with all our QVFs in the months and years ahead on strategic investments that will spur opportunities for New Jersey entrepreneurs and their businesses.”

Applications for venture firms to qualify as a QVF can be found here. Applications are open to venture capital firms worldwide and are being accepted on a rolling basis.  The roster of seven firms approved to date includes diversity of investment strategy, industry, and stage. There continues to be strong momentum from interested managers and we anticipate continuing to make announcements around several mor QVFs in the coming months.

Coviello noted that the application for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey is also now open. The total unallocated capital available for new investments stands at over $46 million. 

About the New Jersey Economic Development Authority

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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