The landmark pilot program will provide the largest grants of their kind in the nation and aims to ensure those negatively impacted by the war on drugs have equitable access to the industry

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

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

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

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

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

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

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

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

About NJEDA

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

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

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

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

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

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

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

About the NJEDA

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

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

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

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

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

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

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

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

The firms include:

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

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

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

About the NJEDA

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

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

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Total includes over $500K recently awarded to 17 startups

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

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

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

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

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

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

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

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

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


About CSIT

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

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

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

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

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

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

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

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

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

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

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


About the NJEDA

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

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

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

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

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

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

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

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

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

About the NJEDA

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

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

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Award Will Provide Gap Financing for Future World-Class Hub of Innovation

TRENTON, N.J. (February 9, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved the first award under the Aspire program to support the development of the New Jersey Health + Life Sciences Exchange (HELIX) in downtown New Brunswick. The HELIX will bring together New Jersey’s public, private, and academic sectors to create a world-class hub of innovation and a strong base of support and talent pipeline for innovative companies. The award was provided to NJ Innovation Associates Urban Renewal, LLC, a special purpose entity, of which New Brunswick Development Corporation (Devco) – the developer of the HELIX – is the sole member.

Created under the New Jersey Economic Recovery Act of 2020, Aspire is New Jersey’s new gap financing program designed to support commercial, industrial, mixed-use, and residential real estate development projects, with an emphasis on underserved communities.

“Yesterday’s Board approval represents an important step in our efforts to create jobs and revenue-generating assets in the innovation economy, with a particular focus on high-growth, high-wage strategic sectors,” said Governor Phil Murphy. “The HELIX will bring the state’s corporate, innovation, and higher education communities together and will provide the dual benefit of spurring the growth of startups and attracting global companies looking to benefit from a New Jersey location.”

The award approved yesterday is specific to the first phase of the HELIX, known as H-1. H-1, with estimated capital investments of $750 million, entails the construction and development of a 12-story, 573,400-square-foot building in downtown New Brunswick, consisting of three major components: the New Jersey Innovation HUB, which will offer space for innovation and startups, new research laboratories for Rutgers – the State University of New Jersey’s translational research effort, and a new medical education facility for the Rutgers Robert Wood Johnson Medical School. In addition, the following entities will be anchor tenants at the HUB: Rutgers – the State University of New Jersey, Hackensack Meridian Health, RWJ Barnabas Health, and Middlesex County. Princeton University and DEVCO also plan to have a presence onsite. The project also includes public space connecting the Rutgers campus, the Robert Wood Johnson University Hospital District, the New Brunswick Train Station, and the Government and Arts District in the City’s downtown. Governor Murphy first announced plans for an innovation hub in New Brunswick in 2018.

“The Aspire Program was specifically created to support projects that revitalize our downtowns into premier destinations, enabling communities to better serve residents and help attract successful companies and top-notch talent,” said NJEDA Chief Executive Officer (CEO) Tim Sullivan. “The HELIX, a signature part of Governor Murphy’s economic plan to recapture New Jersey’s role as a leader in innovation, will foster the growth of startups and new technologies in a range of industries and will benefit entrepreneurs for decades to come.”

Sullivan noted that the project leverages the state’s leadership position by targeting the high growth life sciences industry and builds on the competitive advantages that the State’s mass transit, world-class universities, and other economic development assets offer. 

The project represents the largest capital investment in translational research in the state’s history and Rutgers has committed to investing $270 million to recruit and retain clinical researchers to further advance these translational research efforts. Additionally, the significant expansion of the state’s leading medical school will greatly increase clinical opportunities for students.

“The HELIX will be transformative for Rutgers, for New Brunswick and for the entire state,” said Rutgers President Jonathan Holloway. “This visionary project brings together academics, researchers and innovators under a single banner, it will create thousands of good-paying union jobs and will supercharge the innovation economy.  Simply put, the HELIX will put New Jersey on the cutting edge of global innovation.”

The NJEDA Board approved NJ Innovation Associates Urban Renewal, LLC for an award of up to 40 percent of total eligible project costs, not to exceed $271.19 million in Aspire tax credits over 10 years. According to the NJEDA’s calculations, the present value of the economic benefit of this project to the State is $340.4 million, which is 187 percent of the present value of the tax credit award.

Devco was established in 1976 as a nonprofit development company to initiate redevelopment projects and to serve as the vehicle for public and private investment in the City of New Brunswick. Since that time, Devco has overseen and managed over $3.5 billion of redevelopment activity including the development of residential, commercial, office, and other projects in order to aid in the city’s economic revitalization.

“The creation of H-1 at the HELIX represents a singular opportunity to create a first in class ecosystem to fuel New Jersey’s innovation economy, allowing the state to reclaim its leadership of the American innovation economy,” said Devco President Christopher Paladino. “This ecosystem will allow academic translational research to expand its connection to the innovation economy, state of the art medical education to lay the groundwork for a healthier New Jersey, the attraction of more National Institute of Health (NIH) research funding, and the NJ Innovation HUB’s establishment of a collaborative platform where companies will accelerate innovation and commercialization.”

“This is another step forward in the transformation of New Brunswick as a world-class center for innovation in the modern economy,” said Senator Bob Smith. “The HELIX initiative will help create jobs and spur economic activity as New Brunswick becomes a prime center for health and life sciences. Combining the resources of higher education, research and medical care will allow us to capitalize on the talent and abilities of our most valuable assets as we continue to move forward.”

“We continue to see the fruits of the Economic Recovery Act of 2020 as we cement New Jersey’s leadership on innovation and economic opportunity,” said Assembly Speaker Craig J. Coughlin. “The first transformative project under the law to be approved in Central Jersey, this is a historic day. It’s this type of vision for collaboration and strategic cross-sector partnership, all converging under one roof, that serves as the foundation for getting big things done. I thank all those, at every level, involved in taking this momentous step forward into our state’s bright future.”

“Today’s exciting investment into the HELIX will bring the public, private, and academic sectors together in New Brunswick to create opportunity and grow our innovation economy,” said Assemblymen Joseph Egan and Joe Danielsen. “This project will bring our state forward by establishing New Jersey as a leader in innovation and attracting business to our state.”

“The HELIX is directly aligned with the County’s strategic plan for economic growth, Destination 2040,” said Middlesex County Commissioner Director Ronald G. Rios. “Our future-forward vision is aimed at fostering emergent opportunities and established industries from Autonomous Technology, Food Innovation, and Life Sciences. We’re poised to become an economic powerhouse in Central Jersey – attracting industry giants to new entrepreneurs as well as top talent to our region. The County’s key investment in the HELIX development and our long-standing partnerships will have a reverberating, positive impact to our business eco-system and the residents for decades to come.”

“New Brunswick has long been on the cutting edge of new initiatives introduced by our State leadership,” said New Brunswick Mayor Jim Cahill. “The HELIX project, catapulted by the backing of the Aspire tax credit program, propels this exciting endeavor rapidly forward and sets a new standard for successful economic redevelopment.”

“RWJBarnabas Health is incredibly proud to be associated with the HELIX project, not only as a founding tenant of the New Jersey Innovation HUB, but also as an anchor institution for Middlesex County and the City of New Brunswick,” said Mark E. Manigan, President & CEO, RWJBarnabas Health. “We view the projects within this phase of the HELIX to be truly transformational for all of the collaborating organizations – particularly our academic partner Rutgers University – and the many constituents we serve across the region.”

“Our mission at Hackensack Meridian Health is to transform healthcare and be the leader of positive change and our participation in the HELIX and future projects is a great example of living this mission,’’ said Robert C. Garrett, CEO of Hackensack Meridian Health. “This new venture also supports New Jersey’s great legacy of innovation and we look forward to continued collaboration to continue this rich tradition.’’

“Today’s announcement represents an important step forward in establishing the HELIX, a new model for multi-institutional and multi-disciplinary partnerships that will help attract and retain the best talent and establish Central New Jersey as a global example for innovation and entrepreneurship,” said Craig B. Arnold, Vice Dean of Innovation at Princeton University. “Princeton University remains committed to fostering a diverse and inclusive innovation ecosystem throughout our region and we are eager to work with our academic, government and industrial collaborators.”

“Today’s announcement is incredibly important,” said BioNJ President and CEO Debbie Hart. “The HELIX will be a game-changer for New Jersey – bringing together public and private sectors, along with academia and investors, allowing for ‘new businesses to be born’ and ‘new jobs to be created.’ This is a significant milestone for New Jersey’s innovation ecosystem.”

About the NJEDA

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

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

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Expanded program will prepare NJ students for career opportunities in offshore wind

TRENTON, N.J. (February 8, 2023) – The Board of the New Jersey Economic Development Authority (NJEDA) today approved expanding a program that will offer students at select New Jersey public and private universities paid research fellowships to prepare them for careers in the offshore wind industry. Opportunities will be available for undergraduate and graduate students.

In its first year, which began in October 2022, the Wind Institute Fellowship Program is supporting 26 student researchers across Montclair State University, New Jersey Institute of Technology (NJIT), Rowan University, and Rutgers, the State University of New Jersey. The expanded program will enable students that attend these four schools plus Stockton University and selected NJ private, research universities to apply to their home institution for the Wind Institute Fellowship and receive up to $30,000 in academic years 2023-24 and 2024-25 for offshore wind research.

“As the offshore wind industry builds momentum in New Jersey, it’s essential that we foster the growth of our pipeline of qualified, talented individuals equipped with relevant skills. This will not only prepare students for exciting career opportunities, but will help our workforce keep pace with the needs of the industry,” said NJEDA Chief Executive Officer Tim Sullivan. “An investment in today’s students is an investment in tomorrow’s economy and this fellowship program will ultimately help to position New Jersey as a global leader in offshore wind, while creating jobs and bringing us closer to achieving Governor Phil Murphy’s clean energy goals.”

The fellowships will take place through the fall, spring, and summer semesters and run between 25 and 40 weeks depending on each school’s calendar. Juniors and seniors are eligible for $15,000 undergraduate awards, while graduate and doctoral students can apply for $30,000 awards. All accepted fellows will also receive $1,000 for related expenses, such as travel to conferences and materials. Each participating school can receive up to four fellowships, with at least one undergraduate and graduate representative. Rutgers can earn 12 fellowships, including at least three undergraduate and three graduate fellows.

“Wind energy is a major component of the Murphy administration’s plan for a 100 percent clean energy economy and is expected to drive billions in economic benefits,” said Jane Cohen, Executive Director, Governor’s Office of Climate Action and the Green Economy.  “By investing in those students who come to or stay in New Jersey for higher education, we can create accessible pathways for thousands of local jobs to be filled by hard-working New Jerseyans and shape a sustainable tomorrow.”

The NJEDA will provide participating schools with funding for administration and other related expenses, while faculty advisors will receive $1,000 honorarium for their involvement. Fellows will be able to attend a series of cohort meetings hosted by the NJEDA during the academic year to support peer learning and to gain a comprehensive understanding of the offshore wind industry.

“New Jersey’s renowned higher education institutions are ideal for cultivating a workforce poised to support the state’s rapidly advancing offshore wind sector,” said NJEDA Vice President of Offshore Wind Jen Becker. “This fellowship program will create opportunities for students while helping us develop a robust, diverse, and local workforce for the offshore wind industry.”

Participating universities will run their application processes in the spring. Accepted fellows will begin in the summer or fall semesters.

About the NJEDA

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

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

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Competitive Program Helps Attract Long-Term Investment While Preserving NJ’s Historic Structures

TRENTON, N.J (February 1, 2023) – Applications for the 2023 round of funding for the New Jersey Historic Property Reinvestment Program (HPRP) are now open, the New Jersey Economic Development Authority (NJEDA) has announced. Applications for Regular and Transformative Projects will be accepted until 2:00 p.m. on Monday, April 3, 2023. For eligibility requirements and to access the application, please visit https://www.njeda.gov/historic-property-reinvestment-program/.

Created under the New Jersey Economic Recovery Act of 2020, the HPRP’s main focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving historic properties throughout the state. 

“The HPRP is strategically designed to support efforts to preserve local historic assets while meeting the needs of a 21st century economy,” said NJEDA Chief Executive Officer Tim Sullivan. “Investing in the rehabilitation of dormant properties enables us to bolster local communities by furthering Governor Phil Murphy’s efforts to prioritize equitable and inclusive development, all while respecting the significance of iconic structures throughout New Jersey.”

The HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program to encourage and bolster long-term private investments focused on the rehabilitation of existing identified historic structures throughout New Jersey. The program incentivizes work that can significantly contribute to the revitalization of cities and downtowns into more vibrant magnets for people and investment, while preserving often underutilized historic properties and returning them to productive use.

In October, the NJEDA’s Board approved HPRP tax credits to support the rehabilitation of Loew’s Theatre in Jersey City. This project, which marks the first award under the HPRP, is expected to result in the complete rehabilitation of the historic theater for use as a live performance, movie, and entertainment venue. The Board authorized the award of $42.27 million in tax credits, representing 45 percent of the eligible cost under the project, which has an estimated total cost of $110 million. 

“Our investment into the revitalization of historic properties through the HPRP will have a lasting positive impact on neighborhoods and cities statewide,” said NJEDA Director of Historic Preservation Aidita Milsted. “We saw a robust response when we launched the HPRP last year and are excited to see what projects come our way through the 2023 application period.”

About the NJEDA

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

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

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