wpengine, Author at NJEDA

Program Will Offer up to $150,000 in grants to NJ Startups

TRENTON, N.J. (November 23, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced the creation of a $1.5 million Catalyst Seed Research and Development (R&D) Grant Program to help New Jersey-based startups accelerate development of technologies. The funding will help the companies transform new discoveries from the research stage into commercially viable products and services. The application, which opens on December 6, will be available at http://www.njeda.gov/csit.

The Catalyst Seed R&D Grant Program will be open to companies conducting R&D or testing technologies in the following areas that were identified as targeted industries in Governor Phil Murphy’s economic development plan, “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey: Advanced Manufacturing, Transportation and Logistics, Film and Digital Media, Life Sciences (including, but not limited to: therapeutic drug development, diagnostics, and medical devices), Non-Retail Food and Beverage, Finance and Professional Services, and Technology.

“The new Catalyst Seed R&D Grant Program will vastly expand the scope of projects and companies that CSIT is able to support,” said CSIT Executive Director Judith Sheft. “Providing seed capital to businesses in high-wage, high growth sectors is both beneficial to the individual entities and important to the strength of our overall innovation economy.”

The program will offer two grant components:

Grants of up to $150,000 for projects that are developing life sciences therapeutics. It is anticipated that five awards will be made in this area.
Grants of up to $75,000 for other innovation projects – non–life sciences therapeutics drug R&D projects and projects that are not eligible for the Clean Tech Seed Grant. It is anticipated that 10 awards will be made in this area.

Sheft noted that the Catalyst Seed R&D Program is modeled after CSIT’s successful Clean Tech R&D Seed Grant Program, which awarded nearly $750,000 to startups statewide earlier this year. CSIT anticipates opening a second round of its Clean Tech Seed Grant program in early 2022. Therefore, companies that are working on research regarding the avoidance of emissions of, or recapture, greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture, will not be eligible to participate in the Catalyst Seed R&D Grant Program.

Applications for the Catalyst Seed R&D Grant Program will open on December 6, 2021. CSIT will host an information webinar on December 7, 2021 at 10:00 a.m., which will include a walk-through of the application. Anyone interested in attending can visit http://tinyurl.com/NJCSIT to register. A recording of the webinar will also be available on CSIT’s website. Entrepreneurs can also get information about this and other programs designed to help their early-stage companies grow during the NJEDA’s November 30 Innovation Economy Programs webinar. Attendees can register for the event at http://tinyurl.com/NJ-Innovation.

“Under Governor Murphy’s leadership, New Jersey is receiving national and international attention as an excellent place to locate and grow a startup,” NJEDA Chief Executive Officer Tim Sullivan said. “The Catalyst Seed R&D Grant Program will be an important tool for helping us continue to foster an environment where these startups can succeed and thrive.”

Applicants for the Catalyst Seed R&D Grant Program will be required to demonstrate at least one of the following for their projects in order to be eligible for funding: description of the proof of concept results, published paper outlining results achieved, successful completion of a federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grant or contract related to the project, and/or confirmation documentation from a university tech transfer office if the project relates to technology that has been developed at a university. Complete eligibility requirements can be found at http://www.njeda.gov/csit.

In support of CSIT’s mission to foster diversity and inclusion, one grant award will be reserved for an applicant meeting the minimum scoring criteria of 70 points that is women-owned as certified by the State of New Jersey and one grant award will be reserved for an applicant meeting the minimum scoring criteria of 70 points that is minority-owned as certified by the State of New Jersey. If there are no applicants that meet these criteria the funds may be allocated to other applicants.

In their roles on the CSIT Board, New Jersey State Senator Robert Singer and Assemblyman Andrew Zwicker have been vocal champions of creating resources such as the Catalyst Seed R&D Program to support New Jersey startups.

“Access to seed capital is among the most vital tools for very young companies that are often too early-stage to attract outside capital,” Senator Singer said. “Giving them that access now will pay dividends for our innovation ecosystem in the future.”

“New Jersey startups already have a tremendous number of assets available to them – including proximity to world-class universities, a top-notch talent pool, and a supportive innovation ecosystem,” Assemblyman Andrew Zwicker said. “Adding the Catalyst Seed R&D Grant Program to the suite of resources that CSIT offers startup companies will further Governor Murphy’s goal vision of making New Jersey the nation’s premier hub for innovative, science-and-technology focused entrepreneurism.”

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.

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

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TRENTON, N.J. (November 17, 2021) – The New Jersey Economic Development Authority (NJEDA) today released for public feedback updated rules for the Emerge Program as amended by P.L. 2021, c. 160. Members of the public are encouraged to review the preliminary rules and submit written feedback through an online form available on the Economic Recovery Act website.

The Emerge Program is New Jersey’s new job creation incentive program created under the ERA. Through the program, small and 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. To date, the NJEDA has approved two projects through the Emerge Program to support more than 3,500 good jobs.

The updated rules are the result of statutory changes made by P.L. 2021, c. 160. The draft amended rules will be available for public comment until December 1, 2021. Members of the public can review the rules and provide comment at https://www.njeda.gov/economicrecoveryact/program-specific-feedback/.

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. The NJEDA will continue to engage the public as new programs and rules are developed.

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (November 10, 2021) – The New Jersey Economic Development Authority (NJEDA) today released for public feedback rules for the Net Operating Loss (NOL) Program as updated under the New Jersey Economic Recovery Act of 2020 (ERA) and P.L. 2021, c. 160, including new measures to support woman- and minority-owned businesses. Members of the public are encouraged to review the preliminary rules and submit written feedback through an online form available on the Economic Recovery Act website.

“Governor Phil Murphy is committed to driving long-term economic growth in New Jersey by building the most diverse, inclusive innovation ecosystem in the nation,” said NJEDA Chief Executive Officer Tim Sullivan. “The NOL Program has a long history of success helping early-stage companies with the greatest growth potential launch and grow in New Jersey. The updated program rules released today will increase this important program’s impact and help us continue to grow New Jersey’s innovation economy.”

The NOL Program enables tech and life sciences companies to sell their New Jersey net operating losses and/or research and development (R&D) tax credits for cash. Buyers can purchase tax credits at a discount and apply them to reduce taxable income.

To date, more than $1.07 billion in funding has been distributed to over 550 technology and life sciences companies since the NOL Program’s inception in the late 1990s. In 2020, 49 companies were approved to sell a combined $54 million through the program. The average award for companies approved to sell their net operating losses through the program last year was $1.1 million.

The updated rules released today incorporate changes mandated in the ERA, including increasing the NOL Program’s annual cap from $60 million to $75 million and raising the lifetime cap for an individual company from $15 million to $20 million. The updated rules also expand the type of participating companies subject to the initial allocation to include companies located within an opportunity zone and certified woman- or minority-owned businesses.

Draft NOL Program rules will be available for public comment until November 24, 2021. Members of the public can review the rules and provide comment at https://www.njeda.gov/economicrecoveryact/program-specific-feedback/.

In addition to the NOL 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. The NJEDA will continue to engage the public as new programs and rules are developed.

About the New Jersey Economic Development Authority

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TRENTON, N.J. (November 10, 2021) – The New Jersey Economic Development Authority Board today approved rules for the Aspire Program, a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) that supports mixed use, transit-oriented development by providing tax credits to commercial and residential real estate development projects that have financing gaps.

As authorized by the ERA, the Board approved rules that will be effective immediately for a short-term duration, enabling the NJEDA to move forward with instituting the program this year. Concurrently, the Board also approved publishing the rules for public comment prior to adopting longer-term rules.

“New Jersey’s economy is growing, and with economic growth comes the need for housing and commercial development,” said Governor Phil Murphy. “The Aspire Program is a much-needed incentive that will support the construction of new housing and commercial projects throughout the state, with an emphasis on communities that have been left out of growth in the past.”

“Supporting equitable development and growth that aligns with communities’ priorities is central to Governor Murphy’s economic plan,” said NJEDA Chief Executive Officer Tim Sullivan. “The Aspire Program rules approved today establish the framework for a robust policy that will support much-needed mixed use, transit-oriented development in communities all around New Jersey. Importantly, these rules also build in much-needed safeguards to ensure transparency, accountability, and fiscal responsibility. This is an important step forward for New Jersey that will drive sustainable, inclusive growth.”

“The Aspire Program rules that were approved today will facilitate the development of transformative mixed-income, mixed-use projects that will promote housing opportunity and economic growth throughout our state,” said NJHMFA Executive Director Melanie R. Walter. “We look forward to working with community and development partners to implement these rules, seamlessly combining Aspire and Low-Income Housing Tax Credits, from the NJEDA and HMFA, respectively, and leveraging these valuable resources to produce high-impact, high-quality development that benefits our residents.”

The Aspire Program is part of the suite of programs created under the ERA to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy. The Board action taken today approved special adoption rules for the Aspire Program, which will go into effect immediately upon filing with the Office of Administrative Law and will remain in effect for 180 days. During this time, the NJEDA will propose the same rules as long-term rules and undertake the Administrative Procedures Act required 60-day public comment process. This dual track approach, authorized by the ERA, will allow the Authority to begin accepting applications near the end of this calendar year, when Aspire’s predecessor program, the Economic Redevelopment and Growth (ERG) Program, sunsets.

In line with the Murphy Administration’s Executive Order 63 and the NJEDA’s commitment to transparency and accountability, and in anticipation of today’s vote, the NJEDA publicly posted a draft copy of the Aspire Program proposed rules several weeks ago and actively sought public feedback. This feedback process included two public listening sessions, an opportunity to submit written overall programmatic comments, and a channel to submit detailed feedback on the proposed rules.

The Aspire Program encourages mixed use, transit-oriented development in New Jersey by providing tax credits to commercial and residential development projects that have a financing gap. The amount of tax credits a project is eligible to receive is a percentage of the project’s eligible costs, subject to a cap that is determined by the project’s location, other financing available, and other aspects of the project. Most projects are eligible for tax credits up to $42 million, but projects that meet specific criteria may receive tax credits up to $60 million. Projects that qualify as “transformative projects” may receive tax credits up to $350 million.

To be eligible for Aspire Program tax credits, a project must be located in an eligible incentive location, which may include: Planning Area 1, Aviation District, Port District, or Planning Area 2 or other Designated Center that is within a half mile of a rail transit station or a high frequency bus stop. Film production projects may be located anywhere in the State.

Projects must also meet minimum size and cost thresholds. Commercial projects must include at least 100,000 square feet of retail or commercial space. Residential projects must have eligible project costs totaling $5 million to $17.5 million depending on location.

Projects that meet certain parameters can qualify as “transformative projects” and receive tax credits above and beyond the caps that are established for standard projects. Transformative projects must have eligible costs of at least $100 million and be at least 500,000 square feet or up to 250,000 square feet for film studio projects. Transformative projects must also demonstrate special economic importance to New Jersey and leverage New Jersey’s mass transit assets, higher education assets, and other economic development assets to attract or retain employers and skilled workers.

In addition to meeting these baseline eligibility requirements, the developer of a project seeking Aspire Program tax credits must be in substantial good standing with the New Jersey Department of Labor and Workforce Development (DOL), the New Jersey Department of Environmental Protection (DEP), and the Department of the Treasury. Projects must also comply with environmental laws (including flood hazard requirements), meet green building requirements, and pay prevailing wages to construction workers and building service workers. Retail, warehouse, and/or hospitality establishments with a certain number of employees that are included in projects with a State proprietary interest and that receive tax credits must enter into a labor harmony agreement with a labor organization or cooperating labor organizations that represent relevant employees in the State.

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, excess revenue sharing requirements, and a net positive economic benefit test for most projects, to ensure tax credits are awarded responsibly.

Collectively, projects under the Aspire Program and the Emerge Program – a separate ERA tax incentive program focused on attracting high-quality jobs to New Jersey – are subject to a program cap of $1.1 billion per year in tax credit awards for each of the first six years of the programs, with the cap split between northern and southern counties. Unused amounts may be carried forward each year, and any remaining unused tax credits are available in the seventh year.

The Aspire Program rules also include requirements to ensure that communities where projects are located participate in and benefit from the economic growth the project generates. As part of the application for projects, applicants must provide a letter of support from the governing body of the municipality or municipalities in which the project is located and projects with an eligible project cost equaling or exceeding $10 million must also enter into a Community Benefits Agreement with the Authority and municipality or county in which the project is located.

Furthermore, projects including newly constructed residential units must set aside at least 20 percent for occupancy by low- and moderate-income households. The NJEDA will build on the coordination and collaboration practices with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) that were established under the ERG program to ensure that Aspire projects with affordable housing components comply with housing rules and meet the housing needs of New Jersey’s growing work force.

In addition to the Aspire 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://njeda.com/economicrecoveryact.

About the New Jersey Economic Development Authority

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WASHINGTON, D.C. (November 1, 2021) – The New Jersey Wind Port has been awarded the “Strategic Infrastructure Project of the Year” award at CG/LA Infrastructure’s 13th Annual North America Infrastructure Leadership Forum. This award, together with the significant interest from global companies in leasing space at the Wind Port, confirms the offshore wind industry’s strong and sustained interest in partnering with the State to turn New Jersey into an internationally recognized offshore wind hub that will drive economic growth and job creation for decades to come.

“The New Jersey Wind Port is a transformative project that will provide immediate environmental and economic benefits and set New Jersey on a path to a more sustainable and prosperous future,” said Governor Phil Murphy. “This award and the demonstrable interest the wind industry has already shown in the project once again confirm New Jersey as the capital of offshore wind in the United States.”

“The New Jersey Wind Port is a forward-thinking project that will move us closer to Governor Murphy’s vision for a stronger, fairer New Jersey and cement New Jersey’s position as the U.S. capital of offshore wind,” said New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan. “The Strategic Infrastructure Project of the Year award recognizes this project’s transformative potential, and the significant interest from global leaders in the wind industry shows that our strategy for growing this industry in New Jersey is working.”

“CG/LA Infrastructure is honored to present the NJEDA with 2021 Strategic Project of the Year Award for the New Jersey Wind Port. With 55% of the vote, the project was selected over the SOO Green HVDC Link, the Northeast Maglev, and Clean Path NY, which were each nominated from the 2021 North American Strategic100 Top Infrastructure Projects List. As the first greenfield offshore wind port in the US under construction and given the project’s strategic place in the nascent industry’s supply chain, we celebrate the project’s milestones thus far and look forward to celebrating future phases of development!” said Colin Whelan, Director of Projects, CG/LA Infrastructure.

Offshore wind is a central component of Governor Murphy’s Energy Master Plan to achieve 100 percent clean energy by 2050. As part of that plan, New Jersey has committed to producing 7,500 megawatts of offshore wind energy by 2035.

The New Jersey Wind Port is a first-in-the-nation infrastructure investment that will provide a location for essential staging, assembly, and manufacturing activities related to offshore wind projects on the East Coast. At full build-out, the Wind Port has the potential to create up to 1,500 manufacturing, assembly, and operations jobs and drive billions of dollars in economic growth.

The NJEDA recently announced that six leading offshore wind developers and manufacturers have submitted 16 non-binding offers to sublease space at the Wind Port that NJEDA staff have preliminarily determined to be compliant. All bidders put in multiple offers encompassing different parcels, project configurations, and levels of investments.

CG/LA Infrastructure is the authority on infrastructure strategy and project development. Headquartered in Washington, D.C., CG/LA advises senior-level leaders, policymakers, investors, and infrastructure project developers from more than 20 countries across the public-private spectrum. The North America Strategic Infrastructure Leadership Forum is a two-day conference featuring more than fifty infrastructure projects and 500 infrastructure executives. The forum is not sector-specific and features projects from highways and bridges to urban mass transit and energy.

More information about the New Jersey Wind Port is available at https://nj.gov/windport.

About the New Jersey Economic Development Authority

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TRENTON, N.J. (October 28, 2021) – The New Jersey Economic Development Authority (NJEDA) has received 16 non-binding offers to become tenants at the New Jersey Wind Port from six of the largest turbine manufacturers and offshore wind developers in the world. The offers were made in response to a recent Notice for Sublease of Property. This solicitation result confirms the offshore wind industry’s strong and sustained interest in partnering with the State to turn the New Jersey Wind Port into an internationally recognized offshore wind hub that will drive economic growth and job creation in South Jersey and throughout the Garden State.

“The New Jersey Wind Port is a game-changing investment that establishes New Jersey as the capital of offshore wind in the United States,” said Governor Phil Murphy, “The overwhelming response to this early opportunity to lease space at the Wind Port from the biggest global players in offshore wind shows that we are already well on our way to achieving this vision and driving economic growth that firmly aligns with our environmental goals.”

“I am not surprised that many of the most successful offshore wind manufacturers and developers in the world want to join us in this project,” said Senate President Steve Sweeney. “We have captured the world’s attention with a Wind Port that will be the nation’s first onshore site built with the purpose of servicing an offshore wind industry. It will position South Jersey at the epicenter of the emerging industry for wind farms off the Jersey Shore and along the entire Atlantic Seaboard. The economic benefits will be significant and long lasting. This project will create hundreds of construction jobs, support thousands of ancillary jobs, and generate $500 million in annual economic activity. It didn’t happen by accident. This is the realization of a vision that has been more than a decade in the making, going back to our Offshore Wind Economic Development Act of 2010. It was an investment in New Jersey’s future that capitalized on our strengths, including a highly skilled workforce and an effective transportation infrastructure, and our willingness to invest in the evolving clean energy sector. It is an investment in New Jersey’s future that will put our state in the forefront of a new industry that will offer expanding opportunities for generations to come.”

“We have taken significant steps to competitively and sustainably position New Jersey for the economy of the future,” said Assembly Speaker Craig J. Coughlin. “Our state’s commitment to clean, renewable energy with our investment in offshore wind is just one key example of this bold and ambitious leadership. News from the NJEDA of several global leaders in offshore wind bidding to develop our nation’s largest port makes it is clear New Jersey has captured the world’s attention, and with that we are confident we will move forward with a development plan that best prioritizes the interests of our diverse communities.”

“I am pleased that so many offshore wind energy companies – including some of the largest in the world – have expressed interest in the New Jersey Wind Port,” said Assemblyman John Burzichelli. “With fewer restrictions and greater access to various wind markets, this site is perfectly positioned to serve as a hub for America’s offshore wind industry. Our efforts to establish this port will lead to the creation of hundreds of new jobs and will advance our state toward a clean energy future.”

“Not only will this port help our state achieve its clean energy goals, it will also help increase the use of offshore wind throughout the rest of the world,” said Assemblyman Adam Taliaferro. “The interest in the New Jersey Wind Port goes to show just how critical it will be in expanding the offshore wind industry. Enabling environmentally-friendly energy sources while creating good-paying, union jobs is a win-win for our region, and I look forward to seeing this project continue to advance.”

“The New Jersey Wind Port is a critical piece of Governor Murphy’s plan to curb the effects of climate change and set New Jersey on the path to long-term, sustainable economic growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The significant interest we are seeing in the Port from many of the world’s largest offshore wind businesses validates our expectation that building this unique infrastructure resource would attract the attention of the global industry and establish New Jersey as a leader in the U.S. offshore wind industry. Going forward, this will drive investment and job creation in South Jersey and throughout the state.”

“Offshore wind is a major component of New Jersey’s Energy Master Plan and a pillar of the Governor’s plan to achieve 100 percent clean energy,” said New Jersey Board of Public Utilities President Joseph L. Fiordaliso. “The development of the New Jersey Wind Port with manufacturing and marshalling facilities will lead to lowering the cost of offshore wind. The interest from leading offshore wind companies in the New Jersey Wind Port shows the critical role this infrastructure project will play in attracting offshore wind projects to New Jersey and provides strong evidence that Governor Murphy’s strategy for attracting offshore wind investment is working.”

“The interest we are seeing in the New Jersey Wind Port demonstrates that we do not have to choose between addressing climate change and creating jobs,” said Jane Cohen, Executive Director, Office of Climate Action and the Green Economy. “Through this project and Governor Murphy’s other efforts to combat climate change, we can drive economic growth, strengthen our workforce, and create family sustaining jobs for all New Jerseyans who want to be in involved in the green economy.”

On September 29^th, 2021, the NJEDA posted a Notice for Sublease of Property at the New Jersey Wind Port seeking non-binding offers from offshore wind developers and component manufacturers on four parcels of property at the Port, including two parcels of property that are being purpose-built for offshore wind marshalling, staging, and final assembly of turbines; and two parcels that are being purpose-built for offshore wind turbine component manufacturing and assembly. The deadline for submissions was Friday, October 22^nd, 2021.

Six bidders submitted 16 non-binding offers that NJEDA staff have preliminarily determined to be compliant. All bidders put in multiple offers encompassing different parcels, project configurations, and levels of investments. Compliant bidders included offshore wind developers and manufacturers.

Atlantic Shores Offshore Wind, LLC (Atlantic Shores), Ørsted Wind Power North America LLC (Ørsted), and Beacon Wind LLC (Beacon Wind) are offshore wind developers that submitted offers for Parcels A and B1, which are being purpose-built for offshore wind marshalling, staging, and final assembly of turbines.

All are major players in the US offshore wind industry with projects ranging from Massachusetts to Maryland and have parent organizations with global offshore wind portfolios. The New Jersey Board of Public Utilities (NJBPU) has awarded more than 3,700 MW of offshore wind projects to Ørsted and Atlantic Shores, a 50:50 joint venture between Shell New Energies and EDF Renewables. Beacon Wind, a 50:50 joint venture between Equinor and bp, has been awarded projects by New York State.

GE Renewables US LLC (GE), Siemens Gamesa Renewable Energy Inc. (SGRE), and Vestas-American Wind Technology, Inc. (Vestas) are the three largest offshore wind turbine manufacturers in Europe and the United States. All three have submitted bids for both Parcels C and G, the two manufacturing parcels available at the Wind Port.

Sixteen offers have been preliminarily determined by Authority staff to be compliant with the solicitation’s requirements and will be scored in the coming days. After scoring is completed, the Authority anticipates beginning negotiations with some or all of the parties with compliant bids. The NJEDA Board will review and determine final compliance determinations, scoring, and approval of binding offers and subleases on a parcel-by-parcel basis in months to come, after the Authority completes negotiations.

More information about the New Jersey Wind Port is available at https://nj.gov/windport.

About the New Jersey Economic Development Authority

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TRENTON, N.J. (October 18, 2021) – Applications for the New Jersey Economic Development Authority (NJEDA) Small Business Lease Grant open Wednesday, October 20^th, at 9:00 a.m.

The Small Business Lease Grant provides grants up to 20 percent of annual lease payments to small businesses and nonprofits entering new or amended market-rate leases for at least 250 square feet of street-level space. Applications will be accepted on a rolling basis until all funds are awarded.

More information and the application are available at https://www.njeda.gov/small-business-lease-grant/.

Please Note: This announcement is for the Small Business Lease Grant only, which is a separate program from the Small Business Improvement Grant. Applications for the Small Business Improvement Grant will launch at a later date, which the NJEDA will communicate to the public on its website and through social media accounts prior to application launch.

Program Details

The Small Business Lease Grant is a $10 million program designed to revitalize downtowns and main streets by offsetting a portion of the cost associated with businesses and nonprofits leasing street-level space.

Through the program, eligible businesses and nonprofits that are entering new or amended market rate leases can receive two grants totaling up to 20 percent of annual lease payments. The first grant will be paid to entities immediately after they are approved for the program and execute the grant agreement, and the second grant will be paid after the first year of the lease.

To qualify, businesses and nonprofits must enter a new lease, lease amendment, or lease extension that includes at least 250 square feet of street-level office, commercial, or retail space. The applicant must also commit to remaining in the leased space for at least five years. Complete eligibility criteria are available at https://www.njeda.gov/small-business-lease-grant/.

In line with Governor Phil Murphy’s commitment to a stronger, fairer recovery from the COVID-19 pandemic, 40 percent of the $10 million allocated to the Small Business Lease Grant will be targeted to businesses and nonprofits in census tracts that were eligible to be designated as Opportunity Zones. This targeting will help to ensure resources are available to minority- and women-owned entities and communities that have faced disproportionate burdens as a result of COVID-19.

The Small Business Lease Grant is the first of several programs the NJEDA will launch in the coming months under the Main Street Recovery Program. Created under the New Jersey Economic Recovery Act of 2020, the Main Street Recovery Program is a $100 million small business support program that will fund multiple financial assistance products aimed at supporting the growth and success of small businesses in New Jersey. More information about the Main Street Recovery Program is available at https://www.njeda.gov/main-street-recovery-fund/.

About the New Jersey Economic Development Authority

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El Mes de la Herencia Hispana es una oportunidad para destacar las contribuciones de la comunidad hispana a nuestro estado

TRENTON, N.J. (13 de octubre de 2021) – La comunidad hispana se ha vuelto la minoría más grande en los Estados Unidos y es el segundo grupo de más rápido crecimiento en el país detrás de los estadounidenses de origen asiático. Este tremendo crecimiento en la población tiene una clara conexión con el crecimiento económico, ya que las familias hispanas tienen ahora ganancias considerables y poder de consumo en comparación con una década atrás.

En el Estado Jardín, los estadounidenses de origen hispano se vanaglorian de tener algunas de las tasas más altas en cuanto a propiedad de empresas en los Estados Unidos, ya que datos recientes demuestran que tienen más probabilidades de tener su propia empresa que la población estadounidense general. New Jersey es sede de más de 120,000 empresas pertenecientes a hispanos, lo que a su vez crea miles de puestos de trabajos y cientos de millones de dólares en ingresos tributarios, un componente vital para financiar los servicios municipales y apoyar programas sociales como Medicare y el Seguro Social. En particular, el producto bruto interno latino de New Jersey era de $97 mil millones en 2018, mayor que el producto económico total del estado de Hawái.

Sin embargo, el camino a la prosperidad y el “Sueño americano” ha sido un camino arduo y extenso para muchos empresarios hispanos, en especial durante la pandemia por COVID-19, que exacerbó los retos actuales con acceso al capital y otros recursos financieros. Pese a ello, los inmigrantes hispanos y los estadounidenses de origen hispano siguen realizando contribuciones sólidas y constantes a la población y al crecimiento económico de New Jersey.

“Como parte de su visión para crear una economía de New Jersey más fuerte, más justa y más equitativa, el Gobernador Murphy se compromete a adoptar un enfoque gubernamental integral para derribar barreras a fin de facilitar más equidad en el acceso a los tan necesitados recursos municipales, estatales y federales para las comunidades históricamente desatendidas”, expresó el director ejecutivo de la NJEDA, Tim Sullivan. “La NJEDA ha desarrollado una amplia cartera de programas diseñados para fomentar el crecimiento de pequeñas empresas y crear comunidades vibrantes”.

Desde marzo de 2020, la NJEDA ha aprobado más de 91,000 adjudicaciones de apoyo para empresas afectadas por la COVID-19. A través de una combinación de subsidios, préstamos a bajo interés, garantías de préstamos y asesoría comercial gratuita, la Autoridad ha proporcionado ayuda durante la pandemia por más de $650 millones. Muchos de estos programas han sido destinados específicamente a las empresas que corrían más riesgo, incluidas microempresas, empresas pertenecientes a hispanos y empresas en las comunidades que eran elegibles para ser designadas como zonas de oportunidad de New Jersey.

Durante toda la pandemia, la NJEDA se asoció con compañías líderes de marketing que se especializan en llegar a compañías pertenecientes a minorías y a mujeres para asegurarse de que las comunidades desatendidas sepan de los recursos de la NJEDA para recuperarse de la COVID. Como consecuencia de estos esfuerzos, la NJEDA ha proporcionado más de $160 millones en ayuda para la COVID-19 a empresas pertenecientes minorías, muchas de las cuales eran propiedad de hispanos, y un monto similar a empresas pertenecientes a mujeres. Estos números seguirán aumentando a medida que la Autoridad siga procesando solicitudes de ayuda y adjudique más subsidios y más préstamos.

Más recientemente, a medida que las empresas se recuperan del impacto de los rastros del Huracán Ida, la Autoridad seleccionó a la Cámara de Comercio Hispana a Nivel Estatal de New Jersey (SHCCNJ, por sus siglas en inglés) y la Cámara de Comercio Afroamericana de NJ (AACCNJ, por sus siglas en inglés) para que orienten a las empresas que sufrieron daños por la tormenta a través del proceso de solicitar el Préstamo para la recuperación de daños económicos por catástrofe que no sea por COVID (EIDL, por sus siglas en inglés) Non-COVID Economic Injury Disaster Loan (EIDL) Program y/o el Programa de préstamos para empresas para recuperarse de catástrofes físicas de la Administración de Pequeñas Empresas (SBA, por sus siglas en inglés).

“Estamos muy agradecidos por nuestra asociación de tantos años con la NJEDA, los recursos que brinda y la línea abierta de comunicación que tenemos con su dirección”, expresó el Presidente y Director Ejecutivo de la SHCCNJ, Carlos Medina. “Este apoyo ha sido sumamente crítico para muchos de nuestros miembros durante la pandemia y las recientes condiciones climáticas adversas, ya que les ha permitido ampliar sus oportunidades de trabajar en red, conectarse con sus mentores y tener acceso a recursos de formación necesarios para prosperar en New Jersey”.

Un pilar central de los esfuerzos de la administración Murphy para garantizar la resiliencia económica a largo plazo del estado es implementar el conjunto de nuevos programas creados por Ley de Recuperación Económica de New Jersey de 2020 (ERA, por sus siglas en inglés). Uno de esos programas, el Programa de Recuperación Main Street, es un programa de apoyo por $100 millones para pequeñas empresas que financiará diversos productos de asistencia financiera orientados a respaldar el crecimiento y el éxito de las pequeñas empresas de New Jersey. La NJEDA planea habilitar la presentación de solicitudes para un elemento del Programa de Recuperación Main Street, el Programa de subsidios para alquiler para pequeñas empresas, el 20 de octubre. El programa piloto de $10 millones ayudará a revitalizar el centro de la ciudad y las calles principales al compensar una parte del costo asociado al alquiler del espacio al nivel de la calle de empresas y entidades sin fines de lucro. Es el primero de varios programas que la NJEDA lanzará en los próximos meses bajo el Programa de Recuperación Main Street. Más información disponible en https://www.njeda.gov/main-street-recovery-fund/.

“Los recursos del estado han sido de gran ayuda para pequeñas empresas y entidades sin fines de lucro para recuperarse de los efectos de la pandemia y el impacto de las tormentas recientes”, manifestó el Presidente y Director Ejecutivo de la Asociación para el desarrollo económico latinoamericano (LAEDA, por sus siglas en inglés), Raymond L. Lamboy. “Dar a los propietarios de pequeñas empresas y empresarios las herramientas que necesitan para recuperar las ganancias perdidas y hacer crecer sus empresas es una inversión en nuestras economías locales y las comunidades a las que brindamos apoyo”.

El rol de los hispanos en los EE. UU., y en especial en New Jersey, es tan importante como lo ha sido siempre.

Los latinos aportan color, efervescencia, pasión y sabor a nuestras comunidades, pero también fortalecen la estructura de esta nación con su perseverancia y trabajo arduo, ya que han demostrado ser una fuente de resiliencia para la economía estadounidense.

A medida que nos acercamos al final del Mes de la Herencia Hispana, nuestro compromiso para servir mejor a los propietarios de empresas hispanos y de otras minorías y residentes de New Jersey sigue fortaleciéndose. Y, mientras prometemos seguir creando un entorno ideal para que las pequeñas empresas prosperen en nuestro estado, nunca debemos olvidar que, de la misma manera en que la influencia de los hispanos sigue creciendo en New Jersey, así también lo hace nuestra economía.

Acerca de la Autoridad para el desarrollo económico de New Jersey

La Autoridad para el desarrollo económico de New Jersey (NJEDA) es la agencia principal del Estado para impulsar el 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 claves para ayudar a construir comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de New Jersey y ofrecer oportunidades para una economía más sólida y justa. Mediante asociaciones con diversas partes interesadas, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y la calidad de vida en el Estado y para fortalecer la competitividad económica a largo plazo de New Jersey.

Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter, LinkedIn e Instagram.

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TRENTON, N.J. (October 13, 2021) – The New Jersey Economic Development Authority (NJEDA) Board today approved the use of up to $400,000 in Economic Recovery Fund (ERF) funding to provide matching funds as part of the Authority’s participation in four applicant coalitions to the United States Economic Development Administration (U.S. EDA) Build Back Better Regional Challenge (BBBRC). The Authority will provide up to $100,000 to support each coalition that is selected by the U.S. EDA as a Phase 1 finalist in the BBBRC to assist with the development of the coalition’s Phase 2 application.

“Governor Murphy and President Biden have made tackling the COVID-19 pandemic and supporting a strong, equitable recovery a top priority. The Build Back Better Regional Challenge is a unique opportunity for New Jersey to bolster our industry clusters to better address the ongoing impacts of COVID-19 and identify a slate of transformational economic development initiatives,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is proud to support applicant coalitions in key sectors with potential to drive transformative economic growth and job creation. The funding approved today will help ensure these applicants have the best chance of success if they are selected as finalists.”

The BBBRC is a federal program that will fund projects that create high-quality jobs, increase wages, and revitalize communities in places that have been impacted by the COVID-19 pandemic. Applicants for the Challenge act as a regional coalition with one lead entity per application.

Applications for Phase 1 are due October 19, 2021. During this phase the U.S. EDA will select 50 to 60 winners to receive planning grants of up to $500,000. Winners will use these planning grants to support the preparation of the coalition’s Phase 2 application, which is due March 15, 2022. During Phase 2, the U.S. EDA will choose 20 to 30 winners to receive implementation grants of $25 to $100 million.

The matching funds approved today will be available to support coalitions the NJEDA is participating in that are chosen as Phase 1 finalists as they work to prepare more detailed applications for Phase 2, including strengthening collaborations with industry partners and/or community groups; undertaking feasibility studies, architectural plans, or engineering studies; and continuing the development of component projects to prepare for the Phase 2 application or for other future funding opportunities.

The NJEDA is participating in four applicant coalitions focused on aviation innovation, biomanufacturing, clean energy, and smart ports. Coalitions were selected due to the leadership of, or the participation by, another government entity (including state universities) and for their alignment with New Jersey’s targeted industries identified in Governor Murphy’s economic plan.

The aviation innovation coalition is focused on smart aviation and aerospace in South Jersey, including Advanced Air Mobility (AAM), Advanced Air Cargo, and Uncrewed Aerial Systems (UAS). The coalition is considering infrastructure construction projects, including a vertiport and droneport; airspace planning; workforce training programs; microgrants for underrepresented youth to develop aviation innovations and businesses; and curricula for regional high schools and colleges focused on UAS and AAM. This coalition is led by Atlantic County and the Atlantic County Economic Alliance (ACEA).

The biomanufacturing coalition is focused on advanced manufacturing of pharmaceuticals and developing new, more efficient ways to produce medicines to reduce reliance on foreign drug manufacturing and shorten supply chains to help patients. The coalition is also working on training an expanded workforce on new and unique manufacturing processes, enabling digital design of products and processes, accelerating pharmaceutical product and manufacturing process development, and developing real time quality assurance processes. This coalition is led by Rutgers, The State University of New Jersey, and will leverage existing physical, educational, and talent assets in the Northeast corridor, including the NJ BioScience Center, the NJ Innovation & Technology HUB, BioCentriq at New Jersey Institute of Technology (NJIT), major research institutions, community colleges, and major biopharma companies with headquarters in New Jersey.

The clean energy coalition is building on the Murphy Administration’s historic investments in decarbonizing New Jersey’s economy by expanding New Jersey’s clean energy sector, specifically offshore wind, clean transport, energy storage, and smart grid technologies. The coalition is considering infrastructure projects, workforce training, and business acceleration efforts to support the manufacturing supply chain for clean energy. The coalition is led by Rowan University and includes multiple other higher education partners and thought leaders in the clean energy space.

The smart ports regional coalition is focused on optimizing ports in the greater Newark area to expand regional economic impact and spur large-scale job creation. The coalition will focus on innovative transportation systems, including industry projects of advanced technologies for freight movement, clean energy, data analytics and secured IT systems, supply chain improvements, workforce development, facility design, and an on-line property marketplace for off-port related businesses. These projects will be guided by principles of equity and social and environmental justice. This coalition is led by the City of Newark in partnership with NJIT.

About the New Jersey Economic Development Authority

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Investors Have Until November 1 to Apply for 2021 Tax Credits

TRENTON, N.J. (October 12, 2021) – The New Jersey Economic Development Authority (NJEDA) today reminded the investor community that applications for the New Jersey Angel Investor Tax Credit Program must be submitted by 11:59 p.m. on November 1 to considered for the 2021 program year. Applications received after this time will be considered for the 2022 program. The program, which is open to both in-state and out-of-state investors, is designed to encourage and incentivize investment into emerging New Jersey technology businesses.

Through the Angel Investor Tax Credit Program, an investor can receive a refundable tax credit equal to a percentage of their qualified investment made in a New Jersey early-stage company. The company’s primary business must be an eligible technology, including advanced computing, advanced materials, biotechnology, carbon footprint reduction technology, electronic device technology, information technology, life sciences, medical device technology, mobile communications technology, or renewable energy technology. In addition to commercializing one of these eligible technologies, the business receiving the investment must employ fewer than 225 employees, at least 75 percent of whom work in New Jersey. An investment in a New Jersey emerging technology business holding company may also meet the requirements for a qualified investment. All applications must be submitted within six months from the time the investment is made.

2021 is the second year that investors can benefit from the program’s expansion, which was signed into law by Governor Phil Murphy in the summer of 2019. Under enhancements to the program, which took effect January 1, 2020, investors can receive an increase in the tax credit from 10 percent to 20 percent on a qualified investment. The expansion also added a five-percent bonus for investments in businesses located in a qualified opportunity zone, low-income community, or a business that is certified by the State as minority- or women-owned.

The Angel Investor Tax Credit Program is administered by the NJEDA, with the assistance of the Department of the Treasury’s Division of Taxation. More information can be found at www.njeda.gov/angeltaxcredit.

About the New Jersey Economic Development Authority

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