Provides $10 Million in Grant Funding for Real Estate Development and Public Space Activation Projects

TRENTON, N.J. (October 14, 2022) – The New Jersey Economic Development Authority (NJEDA) Board this week approved the creation of the Activation, Revitalization, and Transformation (ART) Program, which establishes a one-time grant opportunity to support economic recovery in urban areas with mass transit that have faced economic harms from the reduction of commuters due to the COVID-19 pandemic. Funded at $10 million, the ART pilot program will address these harms through the creation of two programs, one for Real Estate Rehabilitation and Development projects and one for Public Space Activation initiatives.

“Supporting New Jersey’s iconic cities is an essential component of our state’s successful economic recovery,” said Governor Phil Murphy. “Through catalytic investment in real estate development and public space activation projects, the ART Program will help municipalities most impacted by the COVID-19 pandemic thrive long into the future.”

Approved by the New Jersey Joint Budget Oversight Committee last November, the ART program utilizes American Rescue Plan (ARP) State and Local Fiscal Recovery Funds (SLFRF) to reactivate and revitalize Atlantic City and Newark’s commercial corridors in the wake of COVID-19. Commercial corridors play a vital role in both urban and rural geographies, serving as economic engines for communities by providing jobs that keep money circulating in the local economy, offer goods and services for residents, and power entrepreneurship as well as wealth building. They also serve to foster arts and cultural activities, which drive dynamic, thriving communities. To mitigate the economic impacts of COVID-19 and support the development and recovery of New Jersey’s commercial corridors, the ART Program will invest in the infrastructure, capacity building, and resources necessary to help Atlantic City and Newark recover from the pandemic and thrive for years to come. 

To establish this program, the NJEDA will enter into two Memoranda of Understanding, one with the New Jersey Department of Community Affairs and one with the New Jersey Casino Reinvestment Development Authority, each for five million dollars of SLFRF funds.

The ART program establishes a competitive grant program that will provide $9.75 million in total funding for Real Estate Rehabilitation and Development and Public Space Activation programming that will be split evenly among Newark and Atlantic City. ART’s Real Estate Rehabilitation and Development program will account for up to 70 percent of the total program funding ($3.4125 million per city) to support project-specific hard and soft costs that revitalize commercial corridors and incentivize catalytic development. ARTs Public Space Activation program will account for up to 30 percent of the total program funding ($1.4625 million per city) to support public space activation initiatives such as placemaking, events, public art installations, signage, streetscape improvements, and small business support.

“The ART Program serves as a critical investment in New Jersey’s economically vital commercial corridors, which due to the COVID-19 pandemic, have experienced decreased capacity, foot traffic and revenue during the transition to remote work,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Murphy’s leadership is advancing the robust recovery of New Jersey’s commercial corridors that will ensure strong, resilient, and equitable economic futures for both Newark and Atlantic City.”

NJEDA Chief Community Development Officer Tai Cooper noted that the arts industry contributes $23 billion to New Jersey’s economy, representing nearly four percent of the state’s gross domestic product.

“The ART program will drive meaningful community engagement by convening local developers and artists with the business community,” said Cooper.  “The arts are an essential thread in the fabric of creative placemaking and the ART program will illuminate New Jersey’s rich and storied legacy in both the performing and visual arts.”

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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Loew’s Theatre in Jersey City Will Leverage Tax Credits to Rehabilitate Historic Theater

TRENTON, N.J (October 12, 2022) – The New Jersey Economic Development Authority (NJEDA) Board today approved the award of Historic Property Reinvestment Program (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.  

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. 

“By supporting projects like the revitalization of Loew’s Theatre into vibrant community assets, we are ensuring the long-term growth of local economies while preserving the history of iconic properties within New Jersey’s neighborhoods,” said Governor Phil Murphy. “New Jersey’s rich entertainment history is one of our greatest assets and it is imperative that we continue to invest in our communities and enable them to maintain their historic structures.”

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.

“The long-awaited revitalization of Loew’s Theatre will be a tremendous economic driver that will lead to upholding the historic integrity of the property while offering new generations of New Jerseyans access to the performing arts,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Murphy has prioritized equitable and inclusive economic development and the HPRP is an important tool in achieving that goal as we work to improve the quality-of-life for residents statewide.”

As planned, the proposed Loew’s Theatre Rehabilitation Project will be a state‐of‐the‐art, 21st-century event space that will enhance the cultural, artistic, and community vibrancy of the Journal Square district, fostering economic prosperity in the neighborhood. Upon completion, the theatre is anticipated to host around 150 events a year, in addition to several community programming events.

“The NJEDA’s announcement today is a testament not only to the growing value of historic redevelopment, but also to the importance of preserving arts and culture in our communities,” said Jersey City Mayor Steven Fulop. “The Loew’s Theatre has stood for nearly 100 years as a major focal point here in Hudson County, and its transformation into an entertainment hub is a pivotal point to the continuing renaissance underway in Jersey City and our efforts to revive Journal Square. We are very grateful to Governor Murphy and the NJEDA for their commitment to seeing historic properties turned into thriving cultural centers and for recognizing our efforts to restore this critical community asset.”

Mayor Fulop noted that the rehabilitation work to Loew’s Theatre includes the building’s exterior, all public spaces, stage and support spaces, and modifications and upgrades to the mechanical, electrical, and plumbing systems. In addition, a new three-bay loading dock will be added at the rear of the theater, and a café is to be added along the south alley. Significant finishes at the interior and exterior will be rehabilitated or replicated where it was damaged beyond repair. All work is being reviewed by the Jersey City Historic Preservation Commission, the New Jersey Historic Preservation Office, and the National Park Service, and will follow the Secretary of the Interior’s Standards for Rehabilitation of Historic Properties.

“The HPRP marks the first time that New Jersey has offered support specifically designed to rehabilitate historic buildings for 21st century use while ensuring that their historic integrity remains in place, so this is a very exciting day for Historic Preservation in the state,” said NJEDA Director of Historic Preservation Aidita Milsted. “We have seen a great response to this program and look forward to bringing additional projects from Community Development before the NJEDA Board in the coming months.”

Milsted noted that the 2023 application round for the Historic Property Reinvestment Program is expected to begin accepting applications for Regular and Transformative Projects on Wednesday, February 1, 2023 at 10:00 a.m. The application round will close at 2 p.m. on Monday, April 3, 2023.

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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Program Connects Property Owners with Funding Needed to Implement Energy Efficiency Measures

TRENTON, N.J. (October 12, 2022) – The New Jersey Economic Development Authority (NJEDA) announced today that it will hold a virtual information session on Thursday, October 20 to provide an overview of the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program and to gather community feedback about specific elements of the program. The Garden State C-PACE Program, which is currently under development, will further the Murphy Administration’s commitment to battling climate change by helping businesses, non-profits, and multi-family residential developers and property owners overcome the financial hurdles of implementing energy efficiency, renewable energy, and climate resiliency measures.

The information session will take place on October 20 at 1:00 p.m. Registration is open now at https://tinyurl.com/NJ-C-PACE. In addition to providing details about the program, the NJEDA will also seek public input on topics related to the creation of the Garden State C-PACE Program during the information session. These topics include:

  • How to incorporate the financing of new construction projects into the program; and
  • How to effectively engage municipalities to participate in the program.

A recording of the webinar will be available at https://www.youtube.com/c/NewJerseyEDA/videos.

Authorized by legislation signed by Governor Phil Murphy last year, the Garden State C-PACE Program will provide a new form of financing to property owners for renewable energy, energy efficiency, water conservation, and certain types of resiliency-related improvements for New Jersey. The program works by enabling eligible commercial, industrial, agricultural and certain multi-family residential real property owners to access financing to undertake these kinds of improvements on their properties and repay the financing through the payment of an additional assessment to their municipality, similar to their real property tax, sewer, or water bill.

C-PACE assessments are a tool which municipalities levy on real estate parcels to serve valuable public purposes. C-PACE builds on a long history of using such assessments and serves a public purpose through reducing energy costs, stimulating the economy, potentially improving property valuation, reducing greenhouse gas emissions, and creating jobs. Over the past decade, C-PACE programs in more than two dozen states around the country have proven an effective tool to attract private capital into the renewable energy, energy efficiency, and resiliency markets.

Interested stakeholders who are unable to attend the information session but would like to provide feedback are encouraged to email GardenStateCPACE@njeda.com with their input.

About the NJEDA

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

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


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Program Offers Non-Dilutive Funding for Working Capital or Research

TRENTON, N.J. (October 11, 2022) – Twenty-four technology and biotechnology companies that are in the building and investing stages of their business have been approved to participate in the state’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss (NOL) Program, the New Jersey Economic Development Authority (NJEDA) announced today. Combined, these companies were approved to receive a total of approximately $75 million through the program to fund working capital or research and development (R&D), the maximum amount available through the program. 

Now in its 23rd year, the NOL Program enables participants to sell their New Jersey net operating losses and unused R&D tax credits to unrelated profitable corporations for cash. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the NOL Program, which has routinely been hailed as a “lifeline” by entrepreneurs seeking capital for their companies.

The average award for companies approved to sell their net operating losses through the program in 2022 was over $3.1 million. Thirty-six percent of program applicants are private businesses, while the remaining 64 percent are publicly traded companies. Two applicants are located in an Opportunity Zone, and three are located in an Innovation Zone. Three of the 24 approved companies are participating in the NOL Program for the first time this year. To date, more than $1.17 billion in funding has been distributed to over 570 technology and life sciences companies since the program’s inception in the late 1990s. The complete list of approved participants can be found following this news release.

“One of the many advantages of the NOL Program is that it enables growing companies to obtain cash without sacrificing equity,” said NJEDA Chief Executive Officer Tim Sullivan “Bolstering the amount of extra capital that these businesses can use to create jobs, buy new equipment, or further R&D is a key way that we are working to fulfill Governor Phil Murphy’s goal of cementing New Jersey’s role as a national leader in innovation.”

In January 2021, Governor Murphy signed the New Jersey Economic Recovery Act of 2020 (ERA) which, in part, 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. This marks the second year that technology and life sciences companies have been able to benefit from the expanded NOL Program.

“Legislation created under the ERA has been extremely beneficial to New Jersey’s innovation community and to NOL Program participants in particular,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Companies that had previously maxed out of the program are able to participate once again due to the increased cap the Act provides to individual businesses. That extra capital has been instrumental in helping young companies commercialize their products and bring them to market.”

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 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.

Citius Pharmaceuticals is participating in the NOL Program for the first time this year. The Cranford-based biopharmaceutical company is focused on developing and commercializing critical care products with its diversified pipeline consisting of two late-stage assets. In May, Citius Pharmaceuticals announced it would expand the ongoing Phase 3 trial of its proprietary Mino-Lok therapy internationally. Mino-Lok is used to treat patients with catheter-related bloodstream infections. The Phase 3 trial of its oncology asset was completed at the end of 2021. Citius Pharmaceuticals expects to submit a biologics license application for this asset for the treatment of cutaneous T-cell lymphoma (CTCL) by the end of this year.

“Participating in a program that will connect us with cash in a non-dilutive manner will have a positive impact on our company,” said Citius Pharmaceuticals Co-Founder, CEO and Chairman Leonard Mazur. “As a serial entrepreneur, I know that the most successful businesses use every available resource to grow and scale. We are grateful to the NJEDA, and the State of New Jersey as a whole, for their commitment to emerging companies like ours.”

CytoSorbents Corporation (Nasdaq: CTSO), a Princeton medical device company focused on treating life-threatening conditions in the intensive care unit (ICU) and cardiac surgery with blood purification, has repeatedly benefited from the NOL Program. The company’s flagship product, CytoSorb®, is approved in the European Union and distributed in 75 countries around the world to treat deadly inflammation common to many lethal conditions in the ICU, such as sepsis and infection, COVID-19, trauma, liver failure, and complications of open-heart surgery, by removing inflammatory toxins from the bloodstream. Just recently, CytoSorbents announced final ISO 13485 certification of its new state-of-the-art manufacturing facility at its headquarters in Princeton that has the capacity to support up to $400 million in sales.

“It’s an exciting time for CytoSorbents as we work to positively impact critical care for patients worldwide,” said CytoSorbents Chief Financial Officer Kathleen Bloch. “The funding that we have received from the NOL Program over the years has been instrumental in our global expansion and was vital to our decision, as a vertically integrated manufacturer, to stay in New Jersey. We greatly appreciate the NJEDA’s ongoing support.”

IoTecha Corp. is a Cranbury-based clean technology company that has developed an integrated smart charging platform, including hardware, software, and cloud-based services, for the electric vehicle charging infrastructure. The company, which was recently listed on venture-capital firm Tracxn’s list of Top Electric Vehicle Startups, has benefited from the NOL Program twice in the past.

“New Jersey’s transformation to a green economy, combined with our ability to access state resources like the NOL Program, has been extremely beneficial to our company,” commented IoTecha Corp. CEO Oleg Logvinov. “We thank the NJEDA for its continued support and look forward to leveraging the funding announced today to further expand our activities in the state in the years ahead.”

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 http://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Companies that are new to the program are indicated with an asterisk (*) in the table below.

Approved Company

NJ HQ/Base of Operations

County

1

Acuitive Technologies, Inc

Allendale

Bergen

2

Advaxis, Inc.

Monmouth Junction

Middlesex

3

AIM ImmunoTech, Inc

New Brunswick

Middlesex

4

Angel Medical Systems, Inc.

Eatontown

Monmouth

5

Bellerophon Therapeutics, Inc

Warren

Somerset

6

Brilliant Light Power, Inc.

Cranbury

Middlesex

7

Caladrius Biosciences, Inc.

Basking Ridge

Somerset

8

Celsion Corporation

Lawrenceville

Mercer

9

Citius Pharmeceuticals, Inc.*

Cranford

Union

10

Cytosorbents Corp. (DBA Cytosorbents Medical, Inc.)

Princeton

Mercer

11

ElectroCore, Inc.

Rockaway

Morris

12

Hepion Pharmeceuticals, Inc.

Edison

Middlesex

13

IoTecha Corp

Cranbury

Middlesex

14

IVERIC Bio, Inc.*

Parsippany

Morris

15

Matinas BioPharma Holdings Inc

Bedminster

Somerset

16

Ocean Power Technologies, Inc

Monroe Township

Middlesex

17

OncoSec Medical Inc

Pennington

Mercer

18

Palatin Technologies, Inc.

Cranbury

Middlesex

19

PDS Biotechnology Corporation

Florham Park

Morris

20

Provention Bio, Inc.

Red Bank

Monmouth

21

Rafael Holdings, Inc.*

Newark

Essex

22

Rafael Pharmaceuticals, Inc. (FKA Cornerstone)

Newark

Essex

23

Soligenix, Inc

Princeton

Mercer

24

Truefort, Inc.

Weehawken

Hudson

$1 Million Will Be Available to Support Companies Engaged with Federal SBIR/STTR Programs

TRENTON, N.J. (September 30, 2022) – New Jersey startups that are currently involved with, or applying to, the federal Small Business Innovation Research (SBIR) and/or Small Business Technology Transfer (STTR) programs will soon have access to an additional funding source, the New Jersey Commission on Science, Innovation and Technology (CSIT) announced today. CSIT will open applications for the fourth round of its SBIR/STTR Direct Financial Assistance Program on Monday, October 3 at 9:00 a.m. EDT. The program provides a $25,000 to $50,000 funding match to New Jersey-based companies that have received federal SBIR/STTR grants. 

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 areas that propose innovative ideas that meet specific federal research and development (R&D) needs. The SBIR program enables small businesses to explore their technological potential and provides the means for participating companies to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.

Through three prior rounds of its SBIR/STTR Direct Financial Assistance Program, CSIT has awarded a total of $1.9 million to 66 New Jersey companies.

“Each New Jersey startup faces unique hurdles as it works toward commercialization, and helping these young companies succeed is a core part of our mission,” said CSIT Chair Debbie Hart. “Our SBIR/STTR Direct Financial Assistance Program has a proven track-record of supporting startups that are vying for these federal programs by providing funding to support their operations throughout the application process and beyond.”

This fourth round of the program will offer $1 million in grants to New Jersey small businesses in two program components. The first component (Direct funding) will provide $25,000 grants to up to 20 small businesses that have received a federal SBIR/STTR Phase I, Fast-Track, or Direct to Phase II award/contract. The grant is aimed at helping awardees increase intensity of research, strengthen commercialization plans, cover operational expenses, and become more competitive for Phase II funding. The second component (Bridge funding) will provide $50,000 grants to up to ten New Jersey small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. The grant will enable the awardees to maintain operations while waiting on Phase II awards and cover general operational expenses directly related to the project/product for which a Federal Phase II award is being sought.

“Each dollar awarded through the SBIR/STTR Direct Financial Assistance Program is a dollar invested directly into New Jersey’s innovation ecosystem,” said CSIT Executive Director Judith Sheft. “We continue to see incredibly high levels of interest in CSIT programs such as this one and are appreciative of Governor Phil Murphy’s and the Legislature’s ongoing commitment to helping us support innovation-focused companies from their earliest stages.”

Sheft encouraged entrepreneurs that are interested in applying to the New Jersey SBIR/STTR Direct Financial Assistance Program to attend an informational webinar on October 11 at 1:00 p.m. to learn about the application process. A link to the webinar will be available at https://tinyurl.com/NJCSIT-Phase-4. A recording of the webinar will also be available on CSIT’s website.

The application, which can be accessed directly at https://application.njeda.com/CSIT, will be open starting October 3, 2022 at 9:00 a.m. until November 14 at 5:00 p.m. EST.

In keeping with the Governor’s vision for inclusive economic growth, applications from businesses located in an Opportunity Zone-eligible census tract or Government Restricted Municipality, minority- or woman-owned businesses or businesses with technology coming out of New Jersey universities are all eligible for points with respect to the scoring criteria. Additionally, applicants who are applying to the Direct Financial Assistance Program for the first time will also receive points. Points will also be awarded to first time federal SBIR/STTR awardees (direct funding) and first-time federal Phase II submitters (bridge funding).

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

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

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ICGF Focuses on Investing in Minority- and Women-Owned Businesses

TRENTON, N.J. (September 23, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that its Board has approved investing up to $1 million into Innovate Capital Growth Fund (ICGF) through a limited partnership investment. ICGF marks the NJEDA’s 21st venture fund investment approval to date.

ICGF, a Delaware limited partnership, was created last year to provide growth capital, primarily in the form of equity, to minority- and women-owned businesses located substantially in the Mid-Atlantic region. ICGF is expected to invest an additional $2 in New Jersey-based companies for every $1 the NJEDA commits. This would result in a target of $3 million of capital invested into New Jersey companies.

“ICGF’s investment strategy aligns perfectly with Governor Phil Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation,” said NJEDA Chief Executive Officer Tim Sullivan. “Through investments such as this one, we are providing much-needed capital for young companies to leverage as they grow, commercialize, and create good-paying jobs in New Jersey.”

Sullivan noted that, among its myriad resources for New Jersey’s innovation sector, the NJEDA helps increase available capital for emerging innovation-focused companies by investing as a limited partner in venture capital funds that invest in New Jersey-based enterprises. Gains resulting from these investments are then used to offer new funding opportunities to support New Jersey businesses. To date, the NJEDA has committed over $64.5 million to 20 venture capital funds since 1999, not including this latest approval.

The Fund will be managed by Innovate Capital Growth GP, LLC, which is owned in part by  The Enterprise Center (TEC). TEC is a nationally recognized community economic development center in Philadelphia that focuses solely on advancing economic growth by connecting minority and women-owned companies with business, capital, and community. TEC operates three federally contracted business centers, including the Camden Cares Business Center. The Camden Cares Business Center employs nearly 10 percent of TEC’s investment and operations professionals. TEC also operates a certified Community Development Financial Institution (CDFI). Across all of these instruments, TEC has helped small businesses earn more than $1 billion in contracts and financing, secure more than $7 million in start-up loans, and created more than 3,000 jobs for the local community.

ICGF managers recently participated in the NJEDA’s New Jersey Founder & Funders event, where they met one-on-one with emerging innovation-focused companies. ICGF Co-Managing Partner and TEC President Della Clark indicated that, as part of ICGF’s growing commitment to New Jersey’s innovation ecosystem, she and her co-managers intend to participate in additional New Jersey Founders & Funders events in the future.

“In recent years, New Jersey has shown a strong commitment to bolstering opportunities for minority- and women-led businesses and we are excited to have the NJEDA as one of ICGF’s investors,” said Clark. “We have been continually impressed with the high-caliber startups we have found in New Jersey and are proud to bolster our ability to support these emerging companies through this fund.”

ICGF was awarded a Small Business Investment Company (SBIC) license from the United States Small Business Administration. Having this designation will enable the firm to access a wider pool of capital from private lenders and banks that may support companies in their portfolio.

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. NJEDA is developing the Wind port on behalf of the State.

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

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NEW BRUNSWICK, N.J. (September 21, 2022) – Twelve researchers at Rutgers, The State University of New Jersey and Tel Aviv University (TAU) in Israel are poised to receive a combined $200,000 in seed grants to further joint projects across a broad spectrum of academic areas. The grants, which were awarded to six partnerships through the TAU – Rutgers University Research Collaboration Fund (the Fund), will support projects in such areas as genomics, agriculture, neurology, quantum computing, and computer science. The Fund was established last year to foster international collaborative partnerships between faculty at TAU and Rutgers.

“Israel has always been a formidable partner in our efforts to reclaim New Jersey’s role as a leader in innovation and harnessing the synergy between the Garden State and the Startup Nation brings us closer to that goal,” Governor Phil Murphy said. “The funding announced today will help us support academic researchers in high-wage, high-growth sectors as they bring their projects from infancy through commercialization.”

In August 2021, the New Jersey Economic Development Authority (NJEDA) and Rutgers University signed an agreement to facilitate research by Rutgers University faculty and staff in conjunction with a leading Israeli university. Rutgers University and the NJEDA each agreed to contribute $50,000 to what would ultimately become the Fund. Rutgers University subsequently signed an agreement with TAU to establish the Fund, which included a $100,000 contribution from TAU.

Grants awarded through the fund can be used for research activities, travel expenses, per diem allowances for faculty or full-time enrolled students, and for scholarships for students.

The awardees include:

  • Gophna – Severinov: Assessing the True Ecological Roles of CRISPR-Cas Systems to Advance Gene Editing
  • Friedman- van der Wel: Understanding Slow and Smooth Movements in Parkinson’s Disease
  • Fridman-Burlion: Development of Time Delay Software Technology to Power Systems
  • Goldstein-Andrei: Kondo Systems and Quantum Computing
  • Ohad-Lawton: Study of innate immunity of plant pathogens: implications for agriculture
  • Zimmerman-Kovacs: Metaphysics of Personhood

According to data released by the NJEDA earlier this year, annual New Jersey-Israel trade was valued at $1.55 billion in 2021 and Foreign Domestic Investments from Israel to New Jersey multiplied four times between 2018 and 2021, worth an estimated $347.1 million. This led to the creation of 1,120 jobs, including those resulting from Israeli companies new to the state.

New Jersey and Israeli officials welcomed the news announced today.

“Increasing access to seed grant funding for researchers statewide is paramount to growing our innovation economy and has been a priority for Governor Murphy since his very first days in office,” said NJEDA Chief Executive Officer Tim Sullivan. “New Jersey and Israel share a long history of collaboration and the awards announced today will spur new partnership opportunities between researchers at two of the world’s top universities. This, in turn, will lead to long-term economic growth.”

“We’re thrilled to bring Israel’s innovation prowess to this partnership with such a storied New Jersey institution,” said Ambassador Asaf Zamir, Consul General of Israel in New York. “Tel Aviv University and Rutgers University are exactly the kinds of places that will deliver tomorrow’s advancements in biotech, neurology, computing, and more. We look forward to seeing the scientific, technological and economic benefits of this wonderful collaboration.”

“New Jersey and Israel share many common values and goals, such as developing ways for university researchers to spur innovation and ultimately drive economic growth,” said New Jersey-Israel Commission Executive Director Andrew Gross. “Innovation and education are among the Commission’s top priorities, and we are thrilled to know that these grants will also serve to strengthen the strong economic and academic ties that exist between Israel and New Jersey.”

“We congratulate both Rutgers University and Tel Aviv University on these historic grants as they fulfill the mission set out by Governor Murphy to connect these global academic ecosystems,” said New Jersey-Israel Commission Co-Chairs Mark S. Levenson and Karin Elkis. “Our commitment to strengthening the partnership between these incredible universities will continue as they leverage game changing technologies to make scientific discoveries that will better our world.”

“From Selman Waksman’s development of streptomycin, that supercharged the global effort to combat tuberculosis in the 1940s, to the invention just two and a half years ago of the saliva-based COVID-19 test that helped to guide the world through the pandemic, Rutgers has long been leveraging collaboration to spur technological progress with academic partners around the globe.  These new projects follow in that academic research tradition,” said Rutgers University Senior Vice President for Research Michael E. Zwick.

“Fostering collaboration between our researchers and their American counterparts is key to furthering innovation and is a tremendous mechanism for driving economic activity,” said TAU President Ariel Porat. “These joint grants are another example of how Governor Murphy and New Jersey continue to be steadfast allies as we seek to grow our presence in the United States.”

The awards announced today are the latest in a series of collaborations between TAU and Rutgers University. Last year, the universities signed an agreement to further collaboration and to have TAU establish a presence at the New Jersey Innovation and Technology Hub, a 550,000-square-foot, $665 million project in New Brunswick that will be home to the new Rutgers Translational Research facility and the Rutgers Robert Wood Johnson Medical School, among other public and private entities. The two universities also previously held a monthly series of joint-scientific symposia.

About the NJEDA

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

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

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TRENTON, N.J. (September 16, 2022) – Governor Phil Murphy has appointed BioNJ President and Chief Executive Officer (CEO) Debbie Hart as the next Chair of the Commission on Science, Innovation and Technology (CSIT), the Commission announced today. CSIT is tasked with leading the way in promoting the State as a home for academic and technological research, development, and commercialization.

The Governor signed legislation in 2018 re-establishing the former New Jersey Commission on Science and Technology as the CSIT and appointed Hart as the Commission’s Vice-Chair at that time. CSIT is comprised of representatives from the public and private sectors, as well as academia. To date, CSIT has provided nearly 150 startups with a total of over $6 million in funding.

“As we continue to invest in our state’s science, technology, engineering, and math sectors, CSIT’s role is becoming more important than ever,” Governor Murphy said. “Debbie has a long history of advocating for young, innovative companies in the Garden State and her decades of involvement has helped shape New Jersey’s innovation ecosystem and make it the ideal place for startups to grow and flourish.” 

Hart, who sits on numerous economic and academic boards statewide, has led BioNJ since its inception in 1994, after she worked with pharmaceutical industry leaders to establish the life sciences trade organization. BioNJ currently represents nearly 400 research-based life sciences organizations and stakeholders across the healthcare ecosystem from the largest biopharmaceutical companies to early-stage startups.

“The passion Debbie has for helping emerging companies succeed shines through in everything she does, making her the perfect choice to be the next CSIT Chair,” said CSIT Executive Director Judith Sheft. “Debbie brings a unique perspective and set of skills to CSIT and is a tremendous asset to the Board as we work with our partners in the industry and academia to support startups growing in the Garden State.”

Sheft noted that CSIT offers a suite of resources to help New Jersey startups thrive. Examples of these tools include seed grant funding, voucher programs to help offset the cost of accessing facilities and equipment at New Jersey’s world-class universities, a Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Direct Financial Assistance Program that helps bridge financing gaps for startups applying to Phase I or Phase II of the federal SBIR/STTR programs, and a Maternal and Infant Health R&D Grant Program that supports startups developing technology, therapeutics, and other solutions to address maternal and infant health challenges in New Jersey.  CSIT also manages the ReseachWithNewJersey.com portal that provides information on faculty, facilities, intellectual property and publications from five participating NJ universities (Montclair, NJIT, Princeton, Rowan and Rutgers).

“I thank Governor Murphy for his unwavering commitment to New Jersey’s startup community and for entrusting me with the vital task of heading the Board of such an important commission,” Hart said. “Under the Governor’s leadership, we have made significant strides in our efforts to recapture our role as a leader in innovation. I look forward to working with my fellow Board members, and the staff of CSIT, to put forth new programs and initiatives that will benefit businesses and researchers throughout the industry and New Jersey’s innovation economy as a whole.”

Hart succeeds Gunjan Doshi as CSIT Chair. Doshi stepped down from the position earlier this year.

To learn more about resources for startups within New Jersey’s innovation ecosystem, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov/csit and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Attendees will learn how their licensed child care centers can apply for grants of up to $200,000 to make facility upgrades

TRENTON, N.J. (September 12, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it will host virtual information sessions on September 15 and September 19 for applicants interested in applying to NJEDA’s Child Care Facilities Improvement Program. Funded at $54.5 million, this program builds upon Governor Phil Murphy’s comprehensive strategy to support New Jersey’s child care sector, which plays a vital role in our state’s long-term economic recovery.

Through Phase 1 of the Child Care Facilities Improvement Program, the NJEDA will provide nearly $15 million in grants between $50,000 – $200,000 to licensed child care centers in New Jersey to cover the costs of facility improvements that will contribute to high-quality early childhood learning environments. These interior and exterior improvements could include, but are not limited to, installing energy efficient windows, creating additional classroom space, purchasing new playground equipment, replacing flooring, remediating environmental hazards such as lead or mold, or putting in child-height sinks or toilets. A complete list of eligible uses can be found here.

During the sessions, attendees will receive a program overview, a walk-through of the application, and information on how to best prepare to apply.

The information sessions will take place at the following times:

Eligible applicants are child care center providers licensed by the Department of Children & Families as of June 4, 2021 that have enrolled in the last 12 months prior to the date of application at least one child receiving assistance through NJ Department of Human Services’ (NJDHS’s) Child Care Assistance Program. A complete list of eligibility requirements can be found at https://www.njeda.gov/child-care-improvement-program/.

To help ensure that child care providers serving low-income children through the NJDHS’s Child Care Assistance Program receive the funding they need to survive and thrive, 40 percent of the Phase 1 funding will be set aside for child care providers in Opportunity Zone-eligible census tracts.


The application for the Child Care Facilities Improvement Program is expected to launch in October.

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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