TRENTON, N.J. (March 18, 2021) – Thirteen months ago, Golden Seeds, a nationwide angel investor network dedicated to investing in women-led startups, launched a New Jersey chapter in partnership with First Lady Tammy Snyder Murphy and the New Jersey Economic Development Authority (NJEDA) to increase available capital for female-led businesses. Since then, Golden Seeds has connected more than 80 female-led companies with seasoned angel investors through a series of monthly office hours and follow-up conversations. In celebration of Women’s History Month, the NJEDA takes a closer look at the chapter’s important role in New Jersey’s innovation economy and the resources available to female entrepreneurs.

Since its inception in 2005, Golden Seeds has become a leading force in focusing on women’s leadership, gender diversity and entrepreneurship. In its sixteen years, Golden Seeds has had over 850 investors nationally – in the angel network and/or as fund investors. Combined, the members and funds have invested approximately $140 million in over 200 companies. Despite COVID-19 impacting investing worldwide, Golden Seeds invested $12 million in 33 investments nationwide in 2020.

The New Jersey chapter of Golden Seeds currently has 27 members. The chapter holds monthly office hours, during which investors meet privately with individual entrepreneurs to help them build, grow, and eventually fund their companies. Seven to 12 investors attend each office hours session. When the COVID-19 lockdown began shortly after the New Jersey chapter of Golden Seeds launched, the investment network moved its office hours online and continued its one-on-one meetings virtually. In November 2020, East Hanover-based ROAR Augmented Reality became the first New Jersey company to close on an investment from Golden Seeds since the launch of the New Jersey chapter. The chapter is actively seeking new entrepreneurs who want to connect with knowledgeable and experienced angel investors.    

“Golden Seeds has a proven track record of successfully investing in, and creating opportunities for, women-led startups nationwide and we have experienced first-hand the impact that this angel investor network has on our state’s female entrepreneurs,” said First Lady Murphy. “Our flourishing New Jersey chapter continues to open doors and provide opportunities for women-led companies throughout the state. Establishing a Golden Seeds chapter in New Jersey has been vital in building our innovation ecosystem and driving sustainable, economic growth that will continue to thrive after the pandemic.”

NJEDA Executive Vice President for Technology, Life Sciences & Entrepreneurship Kathleen Coviello is a member of the New Jersey chapter of Golden Seeds, through the NJEDA.

“Access to capital has always been one of the greatest barriers to success for female founders, and under Governor Phil Murphy’s leadership, New Jersey is focused on removing that impediment,” Coviello said. “By connecting female founders directly with experienced investors who can offer feedback and guidance and the potential for funding, we are arming them with the tools they need to best position their early-stage companies for growth.”

The national Golden Seeds network is headed by Loretta McCarthy, Peggy Wallace, and Jo Ann Corkran. McCarthy is one of Golden Seeds’ managing partners and focuses on the network’s membership, orientation and engagement. She is also a frequent speaker, both in the United States and internationally, about early-stage investing, women entrepreneurs, and gender diversity. Wallace, also a managing partner and fund partner, works to build out a post-investment ecosystem that fosters the acceleration and growth of Golden Seeds companies. Corkran is a managing partner and fund partner who manages deal flow for Golden Seeds.   

“Women’s History Month celebrates not only the accomplishments of female entrepreneurs, but also the vast network of mentoring and guidance they receive from other women throughout the state,” McCarthy said. “Golden Seeds’ New Jersey chapter is a perfect example of this support in action and I am so proud of all that our members have done to bolster female-led companies during this past year.”

Golden Seeds was featured in three sessions recently during the third annual Women of Color Connecting (WOCCON) 2021 virtual conference, including a session on March 11th offering opportunities for entrepreneurs to meet one-on-one with Golden Seeds investors through “office hours” sessions; an information session on March 18th that provided an overview of Golden Seeds and advice to entrepreneurs on finding investors; and remarks by First Lady Murphy at a Golden Seeds-hosted reception on March 19th.

The Institute for Entrepreneurial Leadership (IFEL) launched WOCCON in 2018 to focus attention on Women of Color entrepreneurs, a powerful but often overlooked group of high-value professionals, customers, suppliers, investment targets, and job creators. The initiative focuses on eradicating the long-standing systemic barriers that Women of Color entrepreneurs face. WOCCON 2021 kicked off on March 11th and continues through Thursday, March 25th.

The creation of the New Jersey chapter of Golden Seeds is one of numerous initiatives launched under Governor Murphy’s administration to spur opportunities for entrepreneurs within New Jersey’s innovation economy. In the summer of 2019, the Governor signed legislation doubling the amount of tax credits (from 10 percent to 20 percent) an investor could receive on an eligible investment into a qualifying New Jersey company through the state’s Angel Investor Tax Credit Program. It also added a five-percent bonus for investments made into women- or minority-owned companies. Under the New Jersey Economic Recovery Act of 2020, which Governor Murphy signed into January, the legislative cap on this program increased from $25 million to $35 million for the 2021 program year and going forward. The Act also bolstered New Jersey’s Net Operating Loss (NOL) Program, which allows technology and life sciences companies that have yet to reach profitability to sell their net operating losses and unused research and development tax credits for cash. Part of the Act increased the program’s annual cap from $60 million to $75 million. It also increased the lifetime cap for an individual applicant from $15 million to $20 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 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. (16 de marzo de 2021) – La Autoridad para el desarrollo económico de New Jersey (New Jersey Economic Development Authority, NJEDA) anunció hoy que ha emitido una solicitud de información (Request for Information, RFI) que busca aportes para los desafíos alimentarios que enfrentan las comunidades en el Estado Jardín, incluyendo obstáculos y disparidades específicos dentro de las comunidades que se consideran “desiertos alimentarios”. Las respuestas a la RFI deben entregarse a más tardar a las 5:00 p. m. del 12 de abril de 2021. La RFI se puede encontrar en https://www.njeda.gov/bidding/#OET.

La NJEDA emitió la RFI junto con la oficina del Gobernador Phil Murphy y el Departamento de Asuntos Comunitarios de New Jersey (Department of Community Affairs, NJDCA) y el Departamento de Agricultura (New Jersey Department of Agriculture, NJDA), para reunir información e ideas sobre la implementación de la Ley de alivio de los desiertos alimentarios, parte de la Ley de recuperación económica de NJ de 2020 que el Gobernador Murphy firmó en enero de 2021.

La Ley de alivio de los desiertos alimentarios ordena a la NJEDA que aborde las necesidades de seguridad alimentaria de las comunidades de toda New Jersey al proporcionar hasta $40 millones al año durante seis años en créditos fiscales, préstamos, subvenciones o asistencia técnica para aumentar el acceso a alimentos nutritivos y desarrollar nuevos enfoques para aliviar los desiertos alimentarios. La información recopilada de esta RFI ayudará a crear una definición específica de los desiertos alimentarios de New Jersey y ofrecerá soluciones potenciales para aumentar la accesibilidad y la asequibilidad de alimentos saludables y nutritivos para todos los residentes de New Jersey.     

“Aunque el COVID no creó el problema de la inseguridad alimentaria o la falta de acceso a alimentos saludables, lo exacerbó enormemente”, dijo el Gobernador Murphy. “Al trabajar hacia una recuperación económica de la pandemia de manera equitativa, es esencial que demos prioridad a la eliminación de los desiertos alimentarios. El apoyo que la NJEDA proporcionará a través de la Ley de alivio de los desiertos alimentarios desempeñará un papel fundamental en el logro de ese objetivo y la RFI anunciada hoy es un paso importante en ese proceso”.

En 2018, aproximadamente 775.000 residentes de New Jersey comunicaron dificultades para llevar alimentos a sus mesas en algún momento del año. Ahora se prevé que esa cifra aumentará en más del 60 por ciento, hasta un total de más de 1.2 millones de residentes de New Jersey (el 13 por ciento de todos los residentes) que se enfrentan a la inseguridad alimentaria. Según Community Food Bank of New Jersey, se estima que 365,000 niños de Nueva Jersey, aproximadamente uno de cada cinco niños, experimentarán inseguridad alimentaria este año, un aumento del 75 por ciento. Además, un análisis realizado en 2018 por el Fondo de reinversión determinó que cerca de 880.000 residentes de New Jersey tenían acceso limitado a un supermercado o a una tienda de comestibles.

“Ninguna persona merece irse a la cama con hambre o preocuparse de dónde y cómo recibirá su próxima comida” , dijo la vicegobernadora Sheila Oliver, que también es la Comisionada de la NJDCA. “Las comunidades de New Jersey se beneficiarán enormemente de las ideas que surgen como resultado de esta RFI y la NJDCA está dispuesta a trabajar con nuestras agencias asociadas para trazar una ruta hacia adelante con base en los comentarios que recibamos.”  

El portavoz de la Asamblea, Craig J. Coughlin, quien desde hace mucho tiempo ha defendido la necesidad de combatir el hambre y la falta de acceso a alimentos saludables, considera que la RFI anunciada hoy es fundamental para abordar el problema.

“La Ley de alivio de los desiertos alimentarios es un programa de importancia crítica que nos ayudará a abordar la inseguridad alimentaria en las comunidades de Nueva Jersey mientras que la gente vuelve a trabajar a medida que emergemos de la pandemia de COVID-19”, dijo el portavoz Coughlin. “Esta RFI dará a personas y organizaciones conocimientos expertos de primera mano sobre los problemas que rodean la inseguridad alimentaria y las estrategias más eficaces para abordarlos; una oportunidad de dar forma a la respuesta del Estado para que podamos actuar rápida y eficientemente para apoyar a las familias y comunidades necesitadas”.

Además de buscar información para comprender mejor los retos de accesibilidad alimentaria a corto y largo plazo que enfrentan las comunidades de New Jersey, esta RFI también invita a plantear ideas para iniciativas potenciales para aumentar la accesibilidad y la asequibilidad de los alimentos saludables y consideraciones para la NJEDA y sus agencias asociadas en la definición de las comunidades del desierto alimentario del estado.

“Bajo el liderazgo del Gobernador Murphy y utilizando los fondos proporcionados a través de la Ley de recuperación Económica de New Jersey, estamos adoptando un enfoque de todo el gobierno para encontrar nuevas y creativas maneras de abordar y eliminar la inseguridad alimentaria”, dijo Tim Sullivan, Director Ejecutivo de NJEDA. “A través de esta RFI, planeamos aprovechar uno de los mayores activos de New Jersey, su gente, y aprovechar su capacidad intelectual para ayudarnos a proporcionar a más de un millón de personas afectadas por la inseguridad alimentaria acceso a opciones de alimentos saludables en sus vecindarios”.

La RFI busca respuestas de entidades tales como municipios y distritos escolares; organizaciones de alivio del hambre (por ejemplo, bancos de alimentos); minoristas, productores, procesadores y proveedores de alimentos; organizaciones de promoción; proveedores de servicios sociales; promotores y operadores de supermercados; interesados en la comunidad; investigadores académicos y de políticas; proveedores de asistencia técnica; organizaciones agrícolas y mercados agrícolas; promotores de programas innovadores de lucha contra el hambre y la nutrición; y fundaciones e iniciativas filantrópicas que aborden el hambre y la inseguridad alimentaria. 

“Demasiados residentes de New Jersey carecen de acceso a alimentos saludables dentro de sus comunidades locales, y eso es simplemente inaceptable”, dijo el Secretario de Agricultura de NJ, Douglas H. Fisher. “Nueva Jersey está clasificada a nivel nacional entre los 10 estados principales como productor de varias frutas y verduras diferentes y el Estado Jardín tiene cerca de 10,000 granjas dentro de sus fronteras. La Ley de alivio de los desiertos alimentarios presenta una oportunidad única e innovadora para conectar los productos cultivados en estas granjas con las comunidades que más los necesitan. Damos las gracias al Gobernador Murphy, al Vicegobernador Oliver y a la NJEDA por dar prioridad a un tema que afecta a cada región de nuestro estado.”  

La comisionada interina del Departamento de Servicios Humanos (DHS), Sarah Adelman, señaló que su departamento, que administra el Programa de asistencia nutricional suplementaria (SNAP), ve un enorme valor en la Ley de alivio de desiertos alimentarios y la RFI anunciada hoy.

“El Departamento de Servicios Humanos ha trabajado duro para facilitar a los residentes la solicitud de beneficios de asistencia alimentaria a través del programa NJSNAP que atiende a 815,000 residentes de New Jersey, y durante el último año ha proporcionado cerca de $550 millones de beneficios de SNAP mejorados para ayudar a abordar las necesidades relacionadas con la pandemia, pero los desiertos alimentarios plantean un desafío significativo”, dijo el comisionado interino Adelman. “Los beneficios mejorados de asistencia alimentaria no bastarán si los residentes no pueden acceder fácilmente a alimentos saludables en sus propios vecindarios. Por eso esperamos trabajar con nuestros asociados en la Administración Murphy para seguir abordando la inseguridad alimentaria y encontrar formas de ampliar el acceso a los alimentos.”

Todas las preguntas relacionadas con esta RFI deben enviarse por escrito a más tardar a las 11:59 p. m. hora del Este, del 22 de marzo de 2021, por correo electrónico a fooddesertrfi@njeda.com. La línea del asunto del correo electrónico debe decir: “QUESTIONS-2021-RFI-OET-COVID19-FoodDesert-125”. Las respuestas a las preguntas se presentarán públicamente en el sitio web de la Autoridad alrededor del 31 de marzo en: https://www.njeda.gov/bidding/#OET como una adenda.

Todas las respuestas de la RFI deben enviarse por escrito a más tardar a las 11:59 p. m. hora del Este, del 12 de abril de 2021, por correo electrónico a: fooddesertrfi@njeda.com. La línea del asunto del correo electrónico debe decir: “RFI Response-2021-RFI-OET-COVID19-FoodDesert-125”.

Actualmente, la NJEDA solicita opiniones sobre la Ley de recuperación Económica de New Jersey, que incluye la Ley de alivio de los desiertos alimentarios. Cualquier persona que desee proporcionar sus comentarios sobre la implementación del paquete de incentivos fiscales, financiamiento y programas de subsidios que se crearán bajo la Ley debe visitar https://www.njeda.gov/economicrecoveryact/.


Acerca de la NJEDA

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.

Acerca del NJDCA

El Departamento de Asuntos Comunitarios de New Jersey (DCA) es una agencia estatal creada para proporcionar orientación administrativa, apoyo financiero y asistencia técnica a los gobiernos locales, organizaciones de desarrollo comunitario, empresas e individuos para mejorar la calidad de vida en New Jersey.

El DCA ofrece una amplia gama de programas y servicios que responden a cuestiones de interés público, incluyendo seguridad contra incendios y edilicia, producción de viviendas, planificación y desarrollo comunitario y administración y finanzas del gobierno local.

Acerca del NJDA
El Departamento de Agricultura de New Jersey lleva a cabo actividades reguladoras, de servicio y de promoción, incluyendo programas para el control de enfermedades animales y vegetales, la administración de alimentos para escuelas y otras organizaciones, la producción, venta y fijación de precios de la leche, noticias del mercado, expansión del mercado, controles de calidad en el mercado, clasificación de productos y protección de recursos rurales. Su campaña “Jersey Fresh” promueve la frescura y la calidad de los productos agrícolas de New Jersey. También mantiene un programa de comercialización de pescado y mariscos e iniciativas para fomentar el crecimiento de la industria equina del estado. Obtenga más información sobre el NJDA en www.nj.gov/agriculture.


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, Instagram y LinkedIn.
 
 
 

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TRENTON, N.J. (March 16, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced that applications for the New Jersey Zero Emission Incentive Program (NJ ZIP) will open on Tuesday, April 6th 2021. The $15 million pilot program will fund 100 to 300 vouchers ranging in value from $25,000 to $100,000 for businesses and institutional organizations in the greater Newark and Camden areas for the purchase of new, zero emission medium and heavy-duty vehicles (MHDVs).

The NJEDA will be hosting three informational webinars for potential applicants and vendors on Tuesday, March 23rd 2021. Register for a webinar that fits your schedule here.

NJ ZIP is the first initiative in New Jersey’s holistic, Regional Greenhouse Gas Initiative (RGGI)-funded effort to support the deployment of zero emission MHDVs. The pilot program allocates $15 million to provide vouchers to businesses and organizations purchasing new, class 2b to class 6 vehicles. The size of vouchers awarded through the program will vary depending on the class of vehicle being purchased, from a minimum of $25,000 for Class 2b vehicles to $100,000 for Class 6 vehicles. Bonuses will be available for small businesses; women-, minority-, and veteran-owned businesses; vehicles that are manufactured in New Jersey; small businesses that scrap their eligible MHDVs; and vendors that invest in driver education and training.

Vouchers will be available on a first-come, first-served basis with $5 million set aside for micro and small businesses. Initially, NJ ZIP will only be available in the greater Newark and greater Camden areas, defined as the overburdened communities within or intersected by a circle with a 10-mile radius centered on Newark and Camden. More information is available at https://www.njeda.gov/njzip.

NJ ZIP will be funded using proceeds from New Jersey’s participation in RGGI, a multi-state “cap-and-trade” program regulating carbon dioxide emissions. The State plans to deploy those funds within four initiative categories identified in the RGGI Strategic Funding Plan: catalyzing clean, equitable transportation; promoting blue carbon in coastal habitats; enhancing forests and urban forests; and creating a New Jersey Green Fund. More information about New Jersey’s plans for using RGGI funding is available https://www.nj.gov/rggi/index.html.

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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. (March 15, 2021) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Information (RFI) seeking insight into food security challenges faced by communities across the Garden State, including specific obstacles and disparities within communities that are considered “food deserts.” Responses to the RFI are due no later than 5:00 p.m. on April 12, 2021. The RFI can be found at https://www.njeda.gov/bidding/#OET.

The NJEDA issued the RFI in conjunction with Governor Phil Murphy’s office and the New Jersey departments of Community Affairs (NJDCA) and Agriculture (NJDA), to gather information and ideas regarding the implementation of the Food Desert Relief Act, part of the NJ Economic Recovery Act of 2020 that Governor Murphy signed into law in January 2021.

The Food Desert Relief Act directs the NJEDA to address the food security needs of communities across New Jersey by providing up to $40 million per year for six years in tax credits, loans, grants, and/or technical assistance to increase access to nutritious foods and develop new approaches to alleviate food deserts. The information gathered from this RFI will help inform the creation of a New Jersey-specific definition of food deserts and offer potential solutions to increase the accessibility and affordability of healthy, nutritious foods for all NJ residents.     

“While COVID did not create the problem of food insecurity or lack of access to healthy food, it greatly exacerbated it,” said Governor Murphy. “As we work toward an economic recovery from the pandemic in an equitable manner, it is essential that we make eliminating food deserts a top priority. The support the NJEDA will provide through the Food Desert Relief Act will play a pivotal role in achieving that goal, and the RFI announced today is an important step in that process.”

In 2018, approximately 775,000 New Jerseyans reported difficulty putting food on their table at some point in the year. That number is now projected to grow by more than 60 percent, to a total of over 1.2 million New Jersey residents (13 percent of all residents) facing food insecurity. According to the Community Food Bank of New Jersey, an estimated 365,000 New Jersey children – approximately one in five children – will experience food insecurity this year, an increase of 75 percent. In addition, a 2018 analysis conducted by the Reinvestment Fund found that nearly 880,000 New Jerseyans had limited access to a supermarket or a grocery store.

“No person deserves to go to bed hungry or to worry where and how they will get their next meal,” said Lt. Governor Sheila Oliver, who is also the Commissioner of the NJDCA. “Communities throughout New Jersey will benefit greatly from the ideas that arise as a result of this RFI and the NJDCA stands ready to work with our partner agencies to map out a course forward based on the feedback we receive.”  

Assembly Speaker Craig J. Coughlin, who has long championed the need to combat hunger and the lack of access to healthy food, sees today’s RFI as instrumental in tackling the issue.

“The Food Desert Relief Act is a critically important program that will help us address food insecurity in communities across New Jersey while getting people back to work as we emerge from COVID-19 pandemic,” said Speaker Coughlin. “The RFI issued today will give individuals and organizations with first-hand, expert knowledge of the issues surrounding food insecurity – and the most effective strategies for addressing them – a chance to shape the State response so that we can act quickly and efficiently to support families and communities in need.”

In addition to seeking information to better understand the short- and long-term food accessibility challenges faced by communities across New Jersey, this RFI also invites ideas for potential initiatives to increase accessibility and affordability of healthy foods and considerations for the NJEDA and its partner agencies in defining the state’s food desert communities.

“Under Governor Murphy’s leadership and utilizing funding provided through the New Jersey Economic Recovery Act, we are taking a whole-of-government approach to finding new and creative ways to address and eliminate food insecurity,” said NJEDA Chief Executive Officer Tim Sullivan. “Through this RFI, we plan to leverage one of New Jersey’s greatest assets – its people – and harness their brainpower to help us provide more than a million people affected by food insecurity with access to healthy food options in their neighborhoods.”

The RFI seeks responses from such entities as municipalities and school districts; hunger relief organizations (e.g., food banks); food retailers, producers, processors and suppliers; advocacy organizations; social services providers; supermarket developers and operators; community stakeholders; policy and academic researchers; technical assistance providers; agricultural organizations and farm markets; developers of innovative anti-hunger and nutrition programs; and foundations and philanthropic initiatives that address hunger and food insecurity. 

“Far too many New Jerseyans lack access to healthy food within their local communities, and that is simply unacceptable,” said NJ Secretary of Agriculture Douglas H. Fisher. “New Jersey is nationally ranked in the top 10 states as a producer of several different fruits and vegetables and the Garden State has nearly 10,000 farms within its borders. The Food Desert Relief Act presents a unique and innovative opportunity to connect the produce grown at these farms with communities that need them most. We thank Governor Murphy, Lt. Governor Oliver, and the NJEDA for prioritizing an issue that impacts every region of our state.”  

Department of Human Services (DHS) Acting Commissioner Sarah Adelman noted that her department, which administers the Supplemental Nutrition Assistance Program (SNAP), sees tremendous value in the Food Desert Relief Act and the RFI announced today.

“The Department of Human Services has worked hard to make it easier for residents to apply for food assistance benefits through the NJSNAP program that serves 815,000 New Jerseyans, and has for the last year provided nearly $550 million in enhanced SNAP benefits to help address needs related to the pandemic, but food deserts pose a significant challenge,” Acting Commissioner Adelman said. “Enhanced food assistance benefits can only go so far if residents are unable to easily access healthy food in their own neighborhoods. That’s why we look forward to working with our partners in the Murphy Administration to continue addressing food insecurity and find ways to expand access to food.”

All questions concerning this RFI must be submitted in writing no later than 11:59 PM EST, on March 22, 2021 via e-mail to fooddesertrfi@njeda.com. The subject line of the e-mail should state: “QUESTIONS-2021-RFI-OET-COVID19-FoodDesert-125”. Answers to questions submitted will be publicly posted on the Authority’s website on or about March 31 at: https://www.njeda.gov/bidding/#OET as Addendum.

All RFI responses must be submitted in writing no later than 11:59 PM EST on April 12, 2021, via e-mail to: fooddesertrfi@njeda.com. The subject line of the e-mail should state: “RFI Response-2021-RFI-OET-COVID19-FoodDesert-125”.

The NJEDA is currently soliciting feedback on the New Jersey Economic Recovery Act, including the Food Desert Relief Act. Anyone who wishes provide your comment(s) on the implementation of the package of tax incentive, financing, & grant programs that will be created under the Act should visit https://www.njeda.gov/economicrecoveryact/.


About 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.

About NJDCA

The New Jersey Department of Community Affairs (DCA) is a State agency created to provide administrative guidance, financial support and technical assistance to local governments, community development organizations, businesses and individuals to improve the quality of life in New Jersey.

DCA offers a wide range of programs and services that respond to issues of public concern including fire and building safety, housing production, community planning and development, and local government management and finance.

About NJDA
The New Jersey Department of Agriculture conducts regulatory, service, and promotional activities, including programs for animal and plant disease control,  administering food for schools and other organizations, the production, sale and pricing of milk, market news, market expansion, quality controls in the marketplace, produce grading and rural resource protection. Its “Jersey Fresh” campaign promotes the freshness and quality of New Jersey farm products. It also maintains a fish and seafood marketing program and initiatives to encourage the growth of the state’s equine industry. Learn more about the NJDA at www.nj.gov/agriculture.


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. (March 12, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that it sent final approval letters last week to the 49 technology and life sciences companies that are participating in the 2020 Net Operating Loss (NOL) Program.

Hailed as a lifeline for New Jersey companies that have yet to reach profitability, the NOL Program enables participants to sell their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The cash can then be used for working capital or to fund research. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.

The average award for companies approved to sell their net operating losses through the program in 2020 was $1.1 million. Fourteen of the 49 participating companies set to receive funding are participating in the NOL Program for the first time. Those new to the program are noted with an asterisk in the table at the end of this news release.

To date, more than $1.07 billion in funding has been distributed to over 550 technology and life sciences companies since the program’s inception in the late 1990s.

The NOL Program got a boost in January 2021, when Governor Phil Murphy signed the New Jersey Economic Recovery Act of 2020. Part of the Act increased the program’s annual cap from $60 million to $75 million. It also increased the lifetime cap for an individual applicant from $15 million to $20 million.

“The NOL Program has historically been one of our most sought-after programs by entrepreneurs as they grow their companies here in the Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “Thanks to action taken by Governor Murphy and the Legislature, we will be able to connect even more companies with access to capital in the coming years. This, in turn, will lead to additional job creation within New Jersey’s innovation ecosystem and to the advancement of life-saving and life-enhancing technologies.”

Sullivan noted that the NJEDA plans to open the application for the 2021 NOL Program in early May.

In addition to being vital to emerging companies, the NOL Program also provides enormous benefits to the profitable companies that are buying the net operating losses and unused R&D tax credits. A profitable company can purchase tax credits at a discount, based on the market price at the time. These tax credits have traditionally traded somewhere between 88 and 94 cents on the dollar. Once purchased, the tax credits can then be applied to potentially reduce the buyer’s state tax obligation. The names of the buyers who chose to be publicly listed are on the NOL Program’s website.

Ailares Inc. in Princeton, Clinical Genomics in Bridgewater, and TrueFort in Weehawken, were among the 14 early-stage companies that were new to the NOL Program in 2020.

Ailares Inc. is a financial technology company that leverages machine learning (ML) and artificial intelligence (AI) in the fields of wealth management, investment management, and risk management. The company seeks to streamline the investment process for its clients by offering a platform that gives its user direct access to investment strategies and products.

“We founded Alaires with the goal of closing the wealth gap between those with access to ML/AI and those without it and to level the playing field for investors,” said Ailares CEO and Chief Investment Officer Kenneth Xu. “By leveraging the non-dilutive capital we receive through the NOL Program, we will be able to further our mission and connect every-day investors with the tools they need to invest strategically and successfully.”

Female-led Clinical Genomics, a biotechnology firm whose global headquarters are located in Bridgewater, develops technology to screen for, and monitor, colorectal cancer. Clinical Genomics’ products span the full spectrum of colorectal cancer testing from screening to post-treatment monitoring.

“New Jersey is home to the most scientists per square mile and top-notch resources like the NOL Program, which are tremendous assets for up-and-coming biotechnology companies like ours,” said Clinical Genomics President and CEO Betsy Hanna. “We have found the Garden State to be the perfect location to base our global operations as we continue to broaden access to our life-saving diagnostic tests for hospitals and testing facilities around the world.”

TrueFort develops cybersecurity software products used by enterprises to protect their critical business applications on premise and in the cloud. The TrueFort Fortress is a real-time enterprise security platform that defends high-value cloud, hybrid, and legacy environments from hidden risks using a unique application-centric approach. The company was founded by former information technology executives from JPMorgan Chase, Bank of America Merrill Lynch and Goldman Sachs. TrueFort announced last week it received accolades from Futuriom and the Cybersecurity Excellence Awards for its app and cloud workload protection innovations.

“This past year, more than ever, has shown the importance of keeping data safe in an increasing digital world,” said TrueFort President and CEO Sameer Malhotra. “We’re proud to be able to offer our clients peace of mind through our industry-leading technology. We are also grateful that the NJEDA’s NOL Program will enable us to keep building out our business as we expand our customer base.”

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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Company

Company Headquarters/Base of Operations (Municipality)

Company Headquarters/Base of Operations (County)

1

Acuitive Technologies

Allendale

Bergen

2*

Ailares Inc.

Princeton

Mercer

3

AIM ImmunoTech, Inc.

New Brunswick

Middlesex

4

Angel Medical Systems

Eatontown

Monmouth

5

Avlino Inc.

Holmdel

Monmouth

6

Bellerophon Therapeutics 

Warren

Somerset

7*

Bloqcube Inc.

Bridgewater

Somerset

8

Brilliant Light Power Inc.

Eatonton

Monmouth

9

Caladrius Biosciences, Inc.

Basking Ridge

Somerset

10

Celsion Corporation

Lawrenceville

Mercer

11

Celularity, Inc.

Warren

Somerset

12

CircleBlack, Inc.

Princeton

Mercer

13*

Clinical Genomics

Bridgewater

Somerset

14

CorMedix Inc.

Berkeley Heights

Union

15

Cytosorbents Medical Inc.

Monmouth Junction

Middlesex

16

electroCore, Inc.

Basking Ridge

Somerset

17

Elite Laboratories

Northvale

Bergen

18

EOS Energy Storage

Edison

Middlesex

19*

Forefront Telecare Inc.

Hamilton Twp.

Mercer

20*

Fusion Recruiting Labs, Inc.

Red Bank

Monmouth

21

Gadget Software, Inc.

Newark

Essex

22

Hope Portal Services, Inc DBA Hope Trust

Holmdel

Monmouth

23*

Interpace Biosciences, Inc.

Parsippany

Morris

24

IoTecha Corp

Piscataway

Middlesex

25

Matinas Biopharma

Bedminster

Somerset

26

Miami International Holdings, Inc

Princeton

Mercer

27

MYOS RENS Technology Inc.

Cedar Knolls

Morris

28

Nanotech Industrial Solutions

Avenel

Middlesex

29

Ocean Power Technologies, Inc.

Monroe Township

Middlesex

30

Oncosec Medical

Pennington

Mercer

31*

Onkos Surgical Incorporated

Parsippany

Morris

32

Orthobond Corporation

Princeton

Mercer

33

PDS Biotechnology Corporation

Florham Park

Morris

34*

Princeton Identity

Hamilton Twp.

Mercer

35

Provention Bio, Inc.

Red Bank

Monmouth

36

Rafael Pharmaceuticals, Inc.

Newark

Essex

37

Scynexis, Inc

Jersey City

Hudson

38

Solidia Technologies

Piscataway

Middlesex

39

Soligenix Inc.

Princeton

Mercer

40*

SPES Pharmaceuticals Inc.

North Brunswick

Middlesex

41*

Sunbird Software, Inc.

Somerset

Somerset

42

Svelte Medical Systems

New Providence

Union

43*

Tallyx, Inc.

Princeton

Mercer

44*

Throtle, Inc.

Red Bank

Monmouth

45

TrialScope

Jersey City

Hudson

46*

Truefort Inc

Weehawken

Hudson

47*

Tulex Pharmaceutical Inc

Cranbury

Middlesex

48

United Silicon Carbide Inc. 

Monmouth Junction

Middlesex

49

WellSheet, Inc.

Newark

Essex

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TRENTON, N.J. (March 12, 2020) – There is just one month remaining to apply for the New Jersey Economic Development Authority (NJEDA) Brownfields Loan Program. The program offers low-interest financing of $100,000 to $5 million for all aspects of brownfields revitalization projects, including assessment, investigation, and demolition. It is one of the only funding sources available to cover pre-construction planning, demolition, asbestos, PCB removal, and lead-based paint remediation.

Applications for the Brownfields Loan Program are due Tuesday, April 13th 2021. More information and the application are available at https://www.njeda.gov/bfloans/.

To help potential applicants prepare to apply, the NJEDA is hosting an informational webinar on March 17th 2021. NJEDA Senior Brownfields Advisor Elizabeth Limbrick will provide an overview of the Loan Program and walk through the application. Register for the webinar at https://bfloaninfo.eventbrite.com.   

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About the Brownfields Loan Program

Historically, remediation has been a major barrier to successful brownfield redevelopment projects because of the lack of funding sources available to support site assessment, planning, and cleanup. The Brownfields Loan Program is a unique investment tool that addresses this challenge by filling in these funding gaps to make the remediation phase of revitalization projects financially viable. 

Loans made through the program will be awarded through a competitive application process. Projects will be scored based on details of the brownfield site and the proposed redevelopment project. Projects that promote environmental resiliency, public health, and community well-being will receive higher scores and may also qualify for interest rate reductions if approved for financing.

Projects that receive financing through the Brownfields Loan Program will be eligible for the Brownfields Impact Fund and Brownfields Revitalization Tax Credit programs when they become available.

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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. (11 de marzo de 2021) – La Junta directiva de la Autoridad para el desarrollo económico de New Jersey (NJEDA) anunció ayer que ha aprobado la creación de un Programa de subsidios de apoyo a microprestamistas. Este programa piloto de $2 millones pondrá fondos de subsidio a disposición de organizaciones que prestan dinero a las micro y pequeñas empresas de New Jersey. Estos fondos ayudarán a las entidades elegibles al apoyar los costos asociados con ampliar sus operaciones y ofrecer asistencia directa a empresas con sede en New Jersey. Esto es esencial ahora que la pandemia del COVID-19 ha creado una necesidad abrumadora entre las microempresas. 

A lo largo de la pandemia del COVID-19, la NJEDA ha proporcionado más de $250 millones en apoyo para pequeñas empresas y comunidades que han enfrentado dificultades económicas. La Autoridad ha proporcionado un total de $11.25 millones en apoyo a instituciones financieras para el desarrollo comunitario (CDFI) de New Jersey que específicamente apuntan a financiar mercados y poblaciones desatendidos. Esto incluye una asignación de $10 millones para el Fondo de reserva para pérdidas de préstamos de CDFI y $1.25 millones en fondos de subsidio a través del Programa de subsidios de asistencia de emergencia de CDFI. A la fecha, estos programas han permitido que las CDFI de New Jersey proporcionen más de $8 millones en fondos a 349 micro y pequeñas empresas en todo el estado. El programa piloto aprobado ayer construye sobre este éxito al proporcionar fondos adicionales y ampliar el grupo de posibles colaboradores con los que la NJEDA puede aliarse de cara al futuro.

“Las pequeñas empresas son los pilares de las comunidades, y el Gobernador Murphy ha priorizado el apoyo a estas empresas que han sido las más golpeadas por la pandemia del COVID-19. Las CDFI y otros prestamistas que específicamente apoyan a las microempresas han sido han sido esenciales para ayudar a que estas empresas se mantengan en operación, pero los desafíos continuos de la pandemia han generado presión sobre estas organizaciones”, dijo el director ejecutivo de NJEDA, Tim Sullivan. “El programa de subsidios de apoyo a microprestamistas proporcionará los recursos tan necesarios para ayudar a las CDFI y otros prestamistas a seguir apoyando a las pequeñas empresas que necesitan ayuda mientras aumentan su capacidad para atender aún a más empresas en necesidad.”

Las CDFI han proporcionado apoyo crítico a empresas que enfrentan dificultades con el impacto económico de la pandemia del COVID-19. Sin embargo, la persistente necesidad sin precedentes de apoyo en el último año ha provocado que muchas de estas organizaciones enfrenten desafíos operativos y limitaciones de capacidad.

El Programa de subsidios de apoyo a microprestamistas pondrá $2 millones adicionales a disposición para proporcionar subsidios de hasta $200,000 a CDFI, sociedades depositarias de minorías (MDI) y otros prestamistas elegibles según lo identificado en la Ley de recuperación económica (Economic Recovery Act). Este programa piloto está previsto para identificar y asistir aliados elegibles. Los fondos del subsidio recibidos a través del programa se pueden usar para financiar gastos operativos asociados con atender a microempresas y la reducción de tasas de intereses de los préstamos que se ofrecen a las microempresas. Las CDFI y MDI con sede fuera de New Jersey, que atienden a empresas de New Jersey, serán elegibles para recibir fondos, lo que reducirá la carga financiera sobre las CDFI de New Jersey y creará nuevas oportunidades de financiamiento para las empresas de New Jersey.  

La NJEDA anticipa el lanzamiento de una aplicación para el Programa de subsidios de apoyo a microprestamistas el 19 de abril de 2021. Las organizaciones interesadas en obtener más información acerca del programa deben comunicarse con smallbusinessservices@njeda.com. 

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, Instagram y LinkedIn.

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TRENTON, N.J. (March 10, 2021) – The New Jersey Economic Development Authority (NJEDA) Board of Directors today approved the creation of the Micro Lender Support Grant Program. This $2 million pilot program will make grant funding available to organizations that lend to New Jersey small and micro businesses. These funds will help eligible entities by supporting the costs associated with scaling up their operations and offering direct assistance to New Jersey-based businesses. This is critical now as the COVID-19 pandemic has created overwhelming need among micro businesses.  

Throughout the COVID-19 pandemic, the NJEDA has provided more than $250 million in support for small businesses and communities that have faced economic hardship. The Authority has provided a total of $11.25 million in support to New Jersey-based Community Development Financial Institutions (CDFIs) that specifically target financing to underserved markets and populations. This includes a $10 million allocation for the CDFI Loan Loss Reserve Fund and $1.25 million in grant funding through the CDFI Emergency Assistance Grant Program. To date, these programs have enabled New Jersey-based CDFIs to provide more than $8 million in financing to 349 small and micro businesses throughout the state. The pilot program approved today builds on this success by providing additional funding and expanding the pool of potential partners the NJEDA can partner with going forward.

“Small businesses are the bedrock of communities, and Governor Murphy has prioritized supporting those businesses that have been hit the hardest by the COVID-19 pandemic. CDFIs and other lenders that specifically support micro businesses have been crucial to helping these businesses keep the lights on, but the ongoing challenges of the pandemic have strained these organizations,” said NJEDA Chief Executive Officer Tim Sullivan. “The Micro Lender Support Grant Program will provide much needed resources to help CDFIs and other lenders continue supporting small businesses that need help while increasing their capacity to serve even more businesses in need.”

CDFIs have provided critical support for businesses struggling with the economic impact of the COVID-19 pandemic. However, the unprecedented and persistent need for support over the past year has caused many of these organizations to face operational challenges and capacity limitations.

The Micro Lender Support Grant Program will make an additional $2 million available to provide grants of up to $200,000 to CDFIs, Minority Depository Institutions (MDIs), and other eligible lenders as identified in the Economic Recovery Act. This pilot program is meant to identify and assist eligible partners. Grant funds received through the program can be used to fund operating expenses associated with servicing micro businesses and the buying down of interest rates of loans offered to micro businesses. CDFIs and MDIs based outside New Jersey that service New Jersey businesses will be eligible to receive funds, which will reduce the financial burden on New Jersey-based CDFIs and create new financing opportunities for New Jersey businesses.   

The NJEDA anticipates launching the application for the Micro Lender Support Grant Program on April 19, 2021. Organizations interested in learning more about the program are encouraged to contact smallbusinessservices@njeda.com.  

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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. (March 5, 2021) – The Commission on Science, Innovation and Technology (CSIT) today announced it will begin accepting applications next month for its Clean Tech Research and Development (R&D) Voucher Program. The $435,000 program is designed to help early-stage New Jersey clean technology companies more easily access resources such as specialized equipment within the Garden State. CSIT developed the program in coordination with the New Jersey Board of Public Utilities (NJBPU) and the New Jersey Economic Development Authority (NJEDA). The application opens April 5, 2021 and will be available at https://application.njeda.com/csit.

Through the Clean Tech R&D Voucher Program, eligible applicants will receive vouchers to subsidize the costs associated with one or more of the following services or activities in a participating New Jersey university or federal laboratory facility: use of facility equipment for testing and development, and training in preparation for independent use of the facility. Each eligible applicant can apply for multiple vouchers up to a cap of $15,000 within any 12-month period. An approved voucher will be valid for a period of three months. Specifically, the program will fund work on projects that are developing or testing clean technologies intended to recapture or avoid emissions of greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture. The following technology areas are eligible under the program: chemicals/advance materials, energy distribution/storage, energy efficiency, energy generation, green buildings, transportation, waste processing, and water and agriculture. A NJ clean tech asset map listing university and federal laboratory resources in NJ will also be available on the CSIT website.

“New Jersey is known the world over for its high-caliber research universities, and it is incumbent upon us to provide Garden State companies at their earliest stages with access to these invaluable resources,” said CSIT Chairman Gunjan Doshi. “CSIT is proud to work with its partners at the NJEDA and the NJBPU to bring this important and impactful program to fruition.”

CSIT announced the program this week to give applicants adequate time to prepare their applications. The Commission will host an informational webinar on the Clean Tech R&D Voucher Program on March 16 at 10:00 a.m. to offer tips and advice to potential applicants. Registration information can be found here. A recorded version of the webinar and copy of materials presented will be made available on the CSIT webpage following the event. Applications will be accepted beginning April 5 on a rolling basis until the funding is expended.

To be eligible for the Clean Tech R&D Voucher program, applicants must be registered to conduct business in New Jersey and must have no more than 50 full-time employees at the time of application. Additionally, 100 percent of the project work for which the voucher is being sought must be conducted in New Jersey. Full eligibility requirements can be found at https://www.njeda.gov/csit.

“We developed the Clean Tech R&D Voucher Program first and foremost to support the many innovative clean technology companies working to impact the global marketplace,” NJEDA Chief Executive Officer Tim Sullivan said. “At the same time, it will increase access to, and awareness and utilization of, the State’s physical clean tech innovation-related amenities. This program will be a terrific tool for attracting companies to the Garden State, a top priority as we continue to recapture New Jersey’s role as a leader in innovation.”

In early 2020, Governor Murphy unveiled the state’s Energy Master Plan, which outlines key strategies to reach the Administration’s goal of 100 percent clean energy by 2050. In May 2018, Governor Murphy’s Executive Order No. 28 directed the NJBPU, in partnership with other state agencies, to develop this statewide clean energy plan and shift away from energy production that contributes to climate change.

“Up and coming New Jersey companies bring fresh ideas to the table and fostering opportunities for them is critical as we continue to shape a clean energy future,” said NJBPU President Joseph L. Fiordaliso. “We want to ensure that these businesses have every resource at their disposal as they develop important clean technologies. Programs like the one announced today are an important step toward fulfilling the Governor’s goal of 100 percent clean energy by 2050.”

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.

About 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.

About NJBPU
NJBPU is a state agency and regulatory authority mandated to ensure safe, adequate and proper utility services at reasonable rates for New Jersey customers. Critical services regulated by NJBPU include natural gas, electricity, water, wastewater, telecommunications and cable television. The Board has general oversight and responsibility for monitoring utility service, responding to consumer complaints, and investigating utility accidents. To find out more about NJBPU, visit our website at www.nj.gov/bpu.

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. (March 2, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced plans to reopen the residential component of the Economic Redevelopment and Growth (ERG) Program utilizing $50 million in tax credits designated in the Economic Recovery Act of 2020. NJEDA will start accepting applications no earlier than June 1, 2021 to provide at least 90 days of preparation time for potential applicants. The ERG program, which was originally created to address project financing gaps in development projects, had previously stopped accepting new applications in June 2019.

The Economic Recovery Act was signed by Governor Phil Murphy on January 7, 2021 to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy.

The new phase of the ERG program will be administered based on pre-existing ERG regulations and statutes, as amended by the Economic Recovery Act, which added new prevailing wage and minimum wage requirements. NJEDA anticipates issuing a solicitation (or call for applications) document with further information about this process in early April. For additional information and detailed eligibility requirements, visit https://www.njeda.gov/economicrecoveryact/.

“The extension of the residential portion of the ERG Program will support investment in projects that offer attractive housing options for families while revitalizing surrounding neighborhoods,” said NJEDA Chief Executive Officer Tim Sullivan. “The inclusion of $50 million for the ERG program by Governor Murphy and the Legislature will help advance projects that are ready to move forward now, while the new programs created by the Economic Recovery Act are taking shape.”

Under the Economic Recovery Act, residential ERG projects can receive tax credits of up to 30 percent of total eligible project costs. Projects in five cities — Atlantic City, Camden, Paterson, Passaic, and Trenton – can receive tax credits up to 40 percent of eligible project costs. ERG tax credits are not meant to be a substitute for conventional debt and equity financing, and applicants should generally have their primary debt financing in place before applying.

Under the Economic Recovery Act, the Aspire program will serve as a successor to the ERG program, offering a gap financing tool to support commercial, mixed use, and residential real estate development projects. For more information about Aspire and other programs created by the Economic Recovery Act, please visit https://www.njeda.gov/economicrecoveryact/.

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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