Rachel Goemaat, Author at NJEDA

MARCH 13, 2023 – Newark, NJ – Governor Phil Murphy and First Lady Tammy Murphy took the stage at NJPAC’s Prudential Hall this morning alongside NJPAC President and CEO John Schreiber, Newark Mayor Ras J. Baraka, Asbury Park Mayor John Moor, and Atlantic City Mayor Marty Small to announce…

Programs will provide approximately $35m in short term support for New Jersey companies impacted by Silicon Valley Bank

Trenton, N.J. (March 12, 2023) – In response to Silicon Valley Bank’s (SVB) collapse last week, Governor Phil Murphy announced that the New Jersey Economic Development Authority (NJEDA) will be opening, and launching, a series of programs designed to provide emergency assistance to New Jersey-based companies banked by SVB.

Specifically, this package of assistance includes the re-opening of the NJEDA’s Entrepreneur Support Program, the launch of the NJEDA’s Angel Match Program, and the scheduling of a special board meeting for consideration of an emergency liquidity facility. All programs will provide necessary financial support for companies experiencing liquidity challenges due to the SVB collapse and are designed to help companies meet payroll, pay rent, and continue their day-to-day operations. Both programs will open on the NJEDA’s website early this week, with Angel Match launching on Monday, March 13^th with pre-qualifications opening at 9:00am, and the Entrepreneur Support Program launching on Wednesday, March 15^th.

“Ensuring the success of New Jersey’s businesses is a vital component in building a stronger and fairer New Jersey economy,” said Governor Murphy. “Now, more than ever, it is essential that our state supports companies that contribute to our economy, innovation ecosystem, and the dynamism of our cities. By offering a suite of programs for New Jersey entrepreneurs impacted by the SVB collapse, we will continue to keep residents employed and support companies that are vital to our innovation ecosystem.”

“Under Governor Murphy’s leadership, New Jersey has made monumental strides in growing our innovation economy and scaling companies of the future,” said NJEDA Chief Executive Officer Tim Sullivan. “Today’s announcement serves as a testament to New Jersey’s commitment to the success of our entrepreneurial sector, with the state pivoting almost overnight to launch programs that provide critically necessary support for entrepreneurs during times of economic uncertainty.”

Funded at $5 million, the New Jersey Entrepreneur Support Program offers a guarantee to support repayment of an investor loan advanced for working capital purposes and is designed to encourage investors to support businesses within their portfolios during this liquidity crisis when investor support is particularly crucial. It provides an NJEDA guarantee of up to 80 percent for an eligible new loan or convertible note by a qualified investor into a New Jersey qualified business, not to exceed a $200,000 guarantee per company.

Funded at $20 million, the Angel Match Program will help early-stage businesses bridge funding gaps as they scale their operations and refine their products. The program, which will match up to $500,000 in direct investments, is designed to fuel the growth of early-stage companies while increasing the pool of available capital, stimulating further investments into New Jersey’s innovation ecosystem. The funding may be used for product development, marketing, research and development, and other working capital needs. This will extend the capital support from investors during this time of uncertain banking resources.

Finally, the NJEDA board will consider the creation of a $10 million emergency liquidity facility that will review financial support requests for New Jersey-based companies with over $250,000 in deposits at SVB. This product is anticipated to support impacted companies with a loan of up to $500,000 to provide short-term financing options for at most 12 months. The Authority’s board will consider the program approval at a board meeting to be scheduled in the coming week. Further details will be announced prior to the board meeting.

“During this challenging time, we remain committed to ensuring that investment dollars continue to flow to New Jersey’s emerging technology and life sciences companies,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Entrepreneurial businesses are critical to our state’s overall economy. The suite of programs announced today will connect them with the working capital they need to keep their operations running and will keep our innovation economy moving forward.”

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Woman-Founded and Led Small Business Plans to Create 90 Positions in New Jersey

TRENTON, N.J. (March 8, 2023) –The Board of the New Jersey Economic Development Authority (NJEDA) today approved EpiBone, Inc . to receive up to $3.5 million over seven years in Emerge tax credits to secure the Brooklyn-based biotechnology company’s commitment to move to Jersey City, where it expects to create 90 full-time jobs. The project is expected to yield a net benefit greater than 300 percent to the state over its 11-year commitment period.

EpiBone grows bone and cartilage for skeletal reconstruction using stem cells to create new healthy bone, cartilage, and compound (bone and cartilage) products in a lab. EpiBone is a clinical stage company with one product in clinical trials, and two products in various phases of clinical development, requiring it to take on additional space, including a clean room, and hire more support staff. The company has outgrown its current location at the Downstate Biotechnology Incubator space in Brooklyn, NY, and through the Emerge program, will move to New Jersey to expand.

“By securing EpiBone’s relocation to Jersey City through the ground-breaking Emerge Program, New Jersey is once again expanding its nation-leading life sciences ecosystem,” said Governor Phil Murphy. “EpiBone will serve as an invaluable asset to our growing economy as it brings nearly 100 new jobs to our state and innovates at the cutting edge of life-changing biotechnology. We welcome this women-owned and led small business as we celebrate International Women’s Day and continue to foster a fairer and more inclusive New Jersey.”

EpiBone is co-founded and led by Chief Executive Officer (CEO) Dr. Nina Marie Tandon, a New York City native and biomedical engineer, who holds several patents and is known for her TED Talks on engineered tissue and the future of personalized medicine. She has completed a PhD in Biomedical Engineering and MBA from Columbia University, as well as a Master’s in Bioelectrical Engineering from MIT. Named one the 40 under 40 by Crain’s New York, an Ernst & Young Winning Woman, and one of Goldman Sachs’ 100 Most Intriguing Entrepreneurs; she is also a WEF Young Global Leader and McKinsey alumni. Dr. Tandon’s passion for science and innovation is dwarfed only by her desire to see the promise of regenerative medicine fully realized.

Prior to NJEDA Board consideration, Dr. Tandon submitted a letter of intent to the NJEDA indicating that if the Authority approves the tax award as proposed by the NJEDA, EpiBone will proceed with the Project at the Qualified Business Facility located at 95 Greene Street in Jersey City.

The Emerge Program is part of the New Jersey Economic Recovery Act (ERA). Through the Emerge Program, small to large businesses, as well as non-profits, can apply for tax credits to support projects that meet minimum capital investment, job creation or retention, and other requirements when competing with another State. Founded in 2014, EpiBone is the first company approved under Emerge to qualify for the program’s “Small Business” designation, which allows for increased flexibility and enhanced benefits as the company grows in New Jersey.

“The Board’s approval of EpiBone for tax credits illustrates the ability of the Emerge program to attract growing innovation companies to New Jersey,” said NJEDA CEO Tim Sullivan. “Governor Murphy’s vision for a stronger, fairer economy and the legislature’s thoughtful approach to the creation of the Economic Recovery Act, combined with New Jersey’s unmatched talent pool and ideal location, creates a stellar value proposition for up-and-coming companies and future technologies.”

Additionally, EpiBone’s approval falls in tandem with International Women’s Day. Dr. Tandon joins leagues of women entrepreneurs contributing to New Jersey’s leadership in innovation, a testament to New Jersey’s supportive climate for women-led businesses. Notably, Jersey City is home to the highest percentage of venture-funded companies founded by women, according to a study by banking app Tide.

“New Jersey’s educated and diverse talent pool, accessible location, and network of high-profile research universities makes it an ideal spot for a dynamic, rapidly growing business to reach its potential,” Dr. Tandon said. “New Jersey also offers a robust range of programs to support companies through all stages of growth. Jersey City, in particular, is a model of diversity, has a thriving innovation community, and is accessible via mass transit – all just a short drive from lower Manhattan and major international airports.”

The project will be the company’s headquarters and will include research and development facilities and clean room space. The positions moving to Jersey City include executive staff, clinical positions, research, system engineers, lab support, quality control and quality assurance specialists, manufacturing support, information technology, and various administrative functions.

“We continue to promote growth and economic development amid one of the greatest renaissances Jersey City has ever seen, and businesses want to relocate here to be part of the progress. We have welcomed several majorly successful companies in recent years as they move their operations across the Hudson River and even across the nation seeking out Jersey City where we have become a destination for businesses of all sizes to grow and thrive. We welcome EpiBone as our newest resident. We look forward to the job creation and economic growth that these companies can offer communities like ours, and we’re thankful for the efforts on the state-level to further push this narrative,” said Mayor Steven M. Fulop, City of Jersey City.

More information about the Emerge Program is available at: https://www.njeda.gov/emerge. In addition to the Emerge Program, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. More information about these programs is available at https://www.njeda.gov/economicrecoveryact.

About the NJEDA

About EpiBone, Inc.

EpiBone, Inc. is a privately-held clinical-stage regenerative medicine company focused on skeletal reconstruction. Sitting at the intersection of biology and engineering, the company harnesses the power of cells to create living solutions that can become a seamless part of a patient’s body. EpiBone is currently developing a pipeline of bone, cartilage, and compound (bone and cartilage) products.

For more information, please visit: https://www.epibone.com/

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.
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The landmark pilot program will provide the largest grants of their kind in the nation and aims to ensure those negatively impacted by the war on drugs have equitable access to the industry

TRENTON, N.J (March 7, 2023) – The New Jersey Economic Development Authority (NJEDA) announced today that the Eligibility Assessment Tool for the first phase of its Cannabis Equity Grant Program will open on Wednesday, March 8, 2023, at 9:00 a.m. The $10 million state-funded pilot program consists of 2 phases and the first phase is for the Joint Ventures Grant of $250,000, the largest of its kind in the nation. The Cannabis Equity Grant Program is focused on supporting businesses and startups in the recreational cannabis industry and ensuring that communities that were adversely impacted by the war on drugs have equitable access to the industry. To this end, 40% of the funding in Phase I is reserved for qualifying social equity applicants primarily characterized as those who have previous cannabis convictions or live in economically disadvantaged areas. Additionally, 5% of the total program funding is reserved for businesses located in Impact Zones, which are areas targeted based on previous levels of marijuana arrests, population, unemployment rates, and additional socioeconomic factors.

The purpose of the Eligibility Assessment Tool is to help applicants determine their eligibility prior to the launch of the Phase I application. There is no cost for this tool.

“By 2025, the cannabis industry is expected to contribute approximately $2.4 billion to New Jersey’s economy. However, access to capital remains a significant barrier to entry, particularly for people of color. NJEDA is thrilled to take the first step in ensuring that businesses that have been historically and intentionally locked out of funding opportunities have access to the capital needed to participate in this growing industry,” said Tim Sullivan, CEO of NJEDA. “I want to thank our partners in this crucial work, the New Jersey Cannabis Regulatory Commission and the Business Action Center, for collaborating with NJEDA to make sure that these dollars help to fulfill Governor Murphy’s commitment to building stronger and fairer communities in our state.”

“Through NJEDA’s work, I’ve witnessed firsthand the transformative impact that access to capital can have on New Jersey small businesses and startups, especially those owned by people of color. Cannabis entrepreneurship opportunities can play an integral role in building and returning wealth to individuals and communities that have been significantly harmed by the criminalization of cannabis,” said Tai Cooper, Chief Community Development Officer of NJEDA. “NJEDA recognizes that this pilot grant program alone will not address all of the barriers to entry for small businesses and those who have suffered unfairly as a result of the war on drugs, which is why it is the first in a series of initiatives aimed at increasing equity and access to this industry.”

The Joint Ventures Grant will allocate a total of $6 million in funding to 24 entities that have a conditional or annual license, have obtained site control over their real estate, and have municipal approval. Each $250,000 Joint Ventures Grant will be disbursed in two rounds with the first allocation in the amount of $100,000 occurring upon the execution of the grant agreement. The second disbursement of $150,000 will occur once the grantee receives its annual license and demonstrates that it utilized the first disbursement for eligible costs.

The goal of the Joint Ventures Grant is to support businesses that do not need technical assistance but that still have carrying costs and capital issues associated with converting their conditional license to an annual license. Eligible applicants must have formed their business after March 9, 2020 and employ 50 or fewer full-time employees.

Eligible uses for the Joint Ventures Grant include expenses such as rent and mortgage payments, payroll and independent contractors, utilities, legal, accounting, marketing, and more. To learn more about the program and the eligibility requirements, visit Cannabis Equity Grant Program – NJEDA.

Applicants who are not eligible for the Joint Ventures Grant may qualify for Phase II of the program that will launch later this year. The Phase II grant in the amount of $150,000, the Seed Equity Grant, is solely for applicants who meet the New Jersey Cannabis Regulatory Commission’s criteria for social equity and have obtained a conditional license but have not secured the real estate or municipal approval (defined as a resolution from governing body or letter of support from the Municipal Executive and land use/planning/zoning approval) and need assistance in converting their conditional license to an annual license. Additionally, all applicants who do not qualify for the Phase I grant will be connected to training and other programmatic resources.

About NJEDA

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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Program Offering Entrepreneurs up to $400,000 in Grants for Income Replacement

TRENTON, N.J. (March 7, 2023) – The New Jersey Economic Development Authority (NJEDA) will open the application for the New Jersey Innovation Fellows (NJIF) program on March 14^th at 10:00 a.m. This program levels the playing field for first-time entrepreneurs in underrepresented groups looking to start businesses in New Jersey.

Startup groups of three or more members can apply for a two-year grant to help start a business in a targeted industry. The funding is intended to serve as income replacement, which should entice those who would normally be unable to commit full-time efforts to entrepreneurship due to financial constraints. Groups are eligible for $200,000 in funding, which can increase with the inclusion of residents of Opportunity Zones, graduates of New Jersey colleges and universities, as well as females and minority entrepreneurs. The maximum grant awarded will be $400,000.

To qualify, applicant teams must have at least one-half of the group certify as “first-time entrepreneurs,” while at least two-thirds of the group must come from the workforce. Recipients will also receive mentorship and training in a variety of business and managerial subjects during the grant period, with curriculum developed by some of New Jersey’s top universities.

The NJIF was formally announced in November 2022 and is a competitive program. Complete program eligibility and details can be found here.

About the NJEDA

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$1M program will bring on contractors to help restaurants, retail shops, personal care businesses expand business and build resilience through free e-commerce consulting services

TRENTON, N.J. (March 1, 2023) – The New Jersey Economic Development Authority (NJEDA) launched a $1 million pilot program this week that will provide free e-commerce and digital marketing consulting services to small businesses across New Jersey to help them adapt to the growing e-commerce economy, which has boomed since the pandemic. The Small Busin ess E-Commerce Support Program will offer up to $11,400 in consulting services to eligible restaurants, retailers, and personal care businesses to assist with the development of websites, e-commerce platforms, and digital marketing plans. The NJEDA Board approved the program during its December board meeting.

“As consumers become more reliant on online services, our small businesses along our Main Streets need resources to help them modernize, expand their customer base, and stay competitive,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey invested hundreds of millions of dollars to help small businesses keep their doors open during the pandemic. The Small Business E-Commerce Support Program, and others in the pipeline, will continue to help bolster the resilience of small businesses and preserve our Main Streets as the bedrock of New Jersey’s economy.”

To be eligible, a restaurant, retail store, or personal care business must be in a commercial location with a physical storefront and meet the U.S. Small Business Administration’s (SBA) definition of a small business. Business type will be verified by NAICS Code, location will be verified via Google maps search results, business registration and good standing will be confirmed by required submission of a NJ Division of Taxation current tax clearance certificate and small business status will be verified using the SBA Table of Small Business Size Standards.

Services small businesses can receive include web page design and development, online ordering implementation, online appointment booking implementation, e-commerce design and development, and online marketing plan development. Restaurants and personal care businesses can receive up to $11,400 in consulting services, while retail stores can receive up to $10,800.

The NJEDA has contracted with seven consulting firms to provide e-commerce and digital marketing services to small businesses for a two-year term, with two one-year extension options. The total combined contract award is based on a budget of $1 million. Interested businesses should contact the consulting firm of their choice directly. Contact information for each firm can be found here.

The firms include:

Beyond Media Global, Paramus
eGrove Systems Corporation, East Brunswick
Masterpiece Advertising, Atlantic City
New Frontier, Millburn
Positive Solutions, Robbinsville
Tara Dowdell Group, Jersey City
360 Marketing and PR, Camden

“When we invest in the growth of small businesses, we invest in the growth of entire communities – paving the way for economic empowerment,” said NJEDA Chief Community Development Officer Tai Cooper. “With a concentration on women, minority, and veteran owned small businesses in Opportunity Zones, this program will help our most diverse businesses grow, thrive, and succeed.”

This program is funded by the Main Street Recovery Finance Program, which was established under the New Jersey Economic Recovery Act of 2020 (ERA). The ERA is a recovery package to help the state address the economic impacts of the pandemic and build a stronger economy that invests in innovation, small businesses, and New Jersey’s communities. The ERA created over 15 programs, including the Main Street Recovery Program, which is a $100 million small business support program. The Small Business E-Commerce Support Program is the fifth pilot program the NJEDA approved under the Main Street Recovery Finance Program.

About the NJEDA

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Total includes over $500K recently awarded to 17 startups

TRENTON, N.J. (February 16, 2023) – The New Jersey Commission on Science, Innovation and Technology (CSIT) has awarded a total of $2.425 million in matching grants to more than 80 startups since 2020 through its NJ Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Direct Financial Assistance Program. The program supports startups that are receiving funding from highly competitive federal research and development (R&D) grant programs as they work toward commercialization. The $2.425 million in funding includes $525,000 that was awarded 17 startups through the program’s fourth funding round.

The federal SBIR and STTR grant programs provide more than $3 billion each year to small businesses in a variety of technology and life sciences arenas that propose innovative ideas that meet specific federal R&D needs as they explore their technological potential. Thirteen of the 17 awardees announced today are currently in Phase 1 of, or have received a Fast-Track or Phase II designation from, the federal SBIR/STTR programs. Each of these awardees will receive up to $25,000 through the NJ SBIR/STTR Direct Financial Assistance Program. The grants are intended to help awardees increase intensity of research, strengthen commercialization plans, cover operational expenses, and become more competitive for Phase II funding. These awardees include:

Atux Iskay Group LLC (Princeton, Mercer County)
AuresTech Incorporated (Bridgewater, Somerset County)
Dina Pharma, Inc (Peapack-Gladstone, Somerset County)
Enalare Therapeutics (Princeton, Mercer County)
Farm to Flame Energy Inc. (West Orange, Essex County)
Innovative AI Technologies LLC (Newark, Essex County)
Mallika Ashwin Maya Corporation (Bridgewater, Somerset County)
Misram LLC (Holmdel, Monmouth County)
Neutroelectric, LLC (Camden, Camden County)
Paragon Flavor, Inc (Princeton, Mercer County)
Regenosine Inc (Princeton, Mercer County)
ShockTech (Mahwah, Bergen County)
SingletO2 Therapeutics LLC (New Providence Borough, Union County)

The other four awardees announced today have each completed Phase I or more of the federal SBIR/STTR programs and have applied for Phase II federal funding. Each of these awardees will receive bridge grants of up to $50,000 through CSIT’s Bridge Funding program.

Bezwada Biomedical, LLC. (Hillsborough, Somerset County)
Impact Business Information Solutions, Inc (Princeton, Mercer County)
Optimeos Life Sciences, Inc (Princeton, Mercer County)
Venarum Medical, LLC (Eatontown, Monmouth County)

“New Jersey startups are creating cutting-edge technologies that will have both far-reaching and long-lasting effects on the worldwide stage and we are proud to connect them with access to the capital they need to succeed,” said CSIT Executive Director Judith Sheft. “Our state’s blend of highly talented workforce and proximity to both a high concentration of scientists and research universities make us an attractive location for startups looking to scale their operations. The NJ SBIR/STTR Direct Financial Assistance Program is a perfect complement to those assets.”

Awardees in the latest round of NJ SBIR/STTR Direct Financial Assistance Program funding range from clean technology startups to companies focused in such areas as aerospace, gene therapy, drug discovery, and sustainability and nutrient content of packaged foods. Sixteen of the 17 awardees had fewer than 10 employees at the time of application. Twelve out of the 17 awardees had fewer than five employees.

“This grant program is specifically designed to support the smallest of startups competing in the global marketplace,” said CSIT Chair Debbie Hart. “By helping grantees maximize their federal funds, we are enabling them to scale their operations and focus on commercializing their products. This, in turn, will lead to grantees expanding their presence and creating good paying jobs in the Garden State.”

State Senator Robert W. Singer and Assemblyman P. Christopher Tully played critical roles in securing the funding needed to support startups through the NJ SBIR/STTR Direct Financial Assistance Program.

“As our innovation ecosystem continues to emerge from COVID-19, it’s more important than ever that we provide our startups the tools they need to compete in the global economy,” Senator Singer said. “This is a great step in helping New Jersey be a leader in technology.”

“An economy fueled by innovation is never just about ideas or human ingenuity alone. It’s about fostering an ecosystem where these ideas can transform into something tangible,” said Assemblyman Tully. “From our groundbreaking medical research to our technological advancements, these grants further demonstrate New Jersey is a proven home for small startups to grow and prosper.”

About CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.

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TRENTON, N.J. (February 9, 2023) – The New Jersey Economic Development Authority (NJEDA) today issued Notices of Investment Opportunities (NIOs) seeking experienced investment managers to manage and deploy investment capital for unique fund opportunities. Combined, there is $150 million of capital for the selected managers to support investment in New Jersey through four funds. The NIOs can be found at https://www.njeda.gov/notices-of-investment-opportunity/.

The Authority plans to use $130 million it will receive from the U.S. Department of Treasury’s State Small Business Credit Initiative (SSBCI) to anchor three of the funds. A fourth fund – the Black and Latino Seed Fund – will be capitalized with up to $20 million from New Jersey’s 2022 and 2023 Fiscal Year budgets and is a key element of Governor Phil Murphy’s plan to create the most diverse and inclusive innovation economy in the nation.

The NJEDA issued the NIOs for the following four unique investment strategies:

Socially & Economically Disadvantaged Individuals (SEDI) Seed Fund – The SEDI Seed Fund is a $20 million limited partner investment that will focus on investing in one or more venture funds to support seed and early-stage startups substantially located in New Jersey with SEDI owners. For purposes of the fund, the basis for eligibility can be geographic, demographic, or socioeconomic.
Black and Latino Seed Fund – Governor Murphy and the New Jersey Legislature have committed up to $20 million to form a New Jersey specific fund that will drive capital to innovative Black- and Latino-owned enterprises. The fund aims to address the nationwide investment crisis within the innovation economy by helping to close funding gaps that exist for far too many entrepreneurs of color. Crafted with input from Black and Latino founders, investors, and policy experts, this seed fund is an important step toward tearing down the institutional barriers that hold Black and Latino entrepreneurs back and replacing them with accessible resources that respond to these innovators’ unique needs.
Blended Capital Fund – The $50 million Blended Capital Fund will co-invest SSBCI funds in an investment vehicle that supports the purchase of eligible loans from Community Development Financial Institutions (CDFIs) serving New Jersey, allowing them to do more lending.
Life Science/Health Care Fund – This $60 million limited partner investment fund will invest in one or more venture funds to support early-stage New Jersey life science and health care businesses. The fund will consider investing in New Jersey companies in any or all of the following areas: pharmaceuticals, including branded, generic, and specialty; biotechnology; medical devices; regenerative medicine; microbiome; technology platforms geared to assist the medical community; digital health or health care software; diagnostics; biomedical technologies; nutraceuticals; cosmeceuticals; and others that dedicate their efforts to creating products to improve human or animal lives.

For each fund, the investment manager(s) will also be expected to raise, or contribute to the raising of, private capital, manage the fund’s day-to-day operations, and develop and maintain a pipeline of prospective, New Jersey-based small businesses that can benefit from the fund(s). Each NIO details additional responsibilities and qualifications for investment managers, as well as response deadlines. Each fund will be designed to provide members of the small business and innovation communities with access to resources to address their unique financing needs.

“Injecting capital into several high-wage, high growth sectors is one of the most critical elements of our ongoing efforts to strengthen New Jersey’s business environment and create opportunities for small business owners and entrepreneurs,” said NJEDA Chief Executive Officer Tim Sullivan. “Funding allocated by Governor Murphy and the New Jersey Legislature, as well as monies provided from the federal government, position us well to help finance growing businesses, attract new firms, and increase job opportunities.”

“New Jersey’s diversity is one of its greatest assets, and we have a moral obligation to ensure that that diversity is reflected in our business and innovation communities,” said Office of Diversity, Equity, Inclusion, and Belonging Director Jayne Johnson. “The investment managers selected through the NIOs announced today will be in a terrific position to help the NJEDA drive funding to small businesses and innovative, high-growth companies owned by diverse entrepreneurs throughout the state.”

In line with Governor Murphy’s vision for a stronger and fairer New Jersey economy, two of the four funds will be targeted to supporting the expansion of businesses owned by diverse or disadvantaged entrepreneurs.

“Under the Governor’s leadership, we are working to remove the systemic obstacles faced by far too many entrepreneurs of color and female founders seeking capital,” said NJEDA Chief Diversity and Inclusion Officer Michelle Bodden. “The unique investment strategies we plan to launch this year will strengthen our ability to address and offset the challenges diverse entrepreneurs and small business owners face as they grow their enterprises. It is particularly fitting that we are taking important steps during Black History Month toward launching the Black and Latino Seed Fund as we honor the contributions of the Black and Brown community in the innovation and venture capital space.”

“The NJEDA has a noteworthy history of committing millions of dollars into funds that have successfully fueled the growth of New Jersey small businesses and early-stage companies,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Now, leveraging the expertise of investment managers we select, we’ll be able to exponentially multiply the impact our dollars will have on businesses statewide, with a particular focus on supporting minority- and women-owned companies and businesses in strategic sectors.”

About the NJEDA

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Assistance available to indoor amusement centers and arcades will help offset COVID-19 pandemic-related losses

TRENTON, N.J. (February 9, 2023) –The New Jersey Economic Development Authority (NJEDA) Board approved yesterday the creation of a grant program that will help indoor amusement parks, arcades, and entertainment centers rebound from the COVID-19 pandemic. The New Jersey Indoor Amusement Park Grant Program will provide eligible applicants with up to $150,000 to offset losses incurred due to decreased business as a result of the global pandemic.

“As the New Jersey economy continues to rebound in the wake of COVID-19, investment into family-friendly entertainment centers like indoor amusement facilities adds to the comprehensive nature of our pandemic recovery strategy,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, the NJEDA has helped thousands of small businesses not only recover from the pandemic, but thrive for years to come. The NJ Indoor Amusement Park Grant Program will join our suite of programs designed to build the economic resilience of small businesses, especially those that play an essential role in the fabric of our local communities.”

These one-time grants will range from $5,000, up to $100,000. Those in Opportunity Zone eligible census tracts will be eligible for up to $150,000, and businesses that are not located in an Opportunity Zone eligible census tracts can qualify for up to $100,000. The funds may only be used for working capital costs. This program is being created to help these niche businesses, which were not eligible for funding under the Small Business Administration’s Shuttered Venue Operators Grant or Restaurant Revitalization Fund, by providing funding that will meaningfully improve their viability.

For eligibility, venues must have opened on or before March 9, 2020, and demonstrate a financial need by reporting at least a 50 percent loss in indoor self-reported gross revenue from the 12-month period of April 2019. Businesses must be open and operating at the date of application. Facilities that include both indoor and outdoor offerings are eligible, yet the losses must be proven to be related to the business’s indoor aspects.

“The pandemic was especially devastating for indoor entertainment facilities, along with other businesses that rely solely on in-person customers,” said NJEDA Chief Community Development Officer Tai Cooper. “These grants will help eligible businesses continue to drive thriving communities, including a focus on those located in Opportunity Zone-eligible areas, where they are so important to the vitality of their neighborhoods.”

Funds will be disbursed on a first-come, first-serve basis. Funds will be available for the application period, which will be at least 30 days, or until funds are exhausted.

About the NJEDA

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