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Entities Statewide Can Receive up to $50,000 to Plan for the Redevelopment of Public Assets
TRENTON, N.J. (August 25, 2022) – TheNew Jersey Economic Development Authority (NJEDA) is currently accepting applications for the New Jersey Asset Activation Planning Grant Program. This program offers grants to New Jersey communities and stakeholder groups to fund early-stage planning work focused on catalytic redevelopment and the adaptive reuse of vacant and underutilized public assets. With an award pool of up to $400,000, the New Jersey Asset Activation Planning Grant Program offers New Jersey public, private, and nonprofit entities grants of up to $50,000 for innovative projects that both revitalize community assets and drive equitable community growth. A link to the application can be found at https://www.njeda.gov/asset-activation-planning-grant/.
“In the wake of the COVID-19 pandemic, we have seen a fundamental shift in how we approach repurposing distressed and vacant assets,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, we continue to focus on supporting the creation of vibrant and inclusive cities and neighborhoods. Grants awarded through this program will strengthen the awardees’ ability to transform local underutilized public assets, which will lead to equitable growth opportunities in several New Jersey communities.”
Projects must target distressed public assets, unutilized or underutilized public property, or unutilized public lands owned by a New Jersey municipality, county, independent authority, bureau, commission, or other public body. Proposed plans may include, but are not limited to, conceptual design, feasibility studies, and economic or market analyses. They should also demonstrate a strong connection to the State’s development objectives by creating or catalyzing a new business sector or target industry, driving economic growth and equity, creating an innovative use for an asset, expanding access to public transportation or public services, attracting employers and a diverse, talented workforce, expanding entrepreneurial opportunities and support local businesses, and/or improving land use efficiency and sustainability.
Applications for the New Jersey Asset Activation Planning Grant Program are being accepted until October 24, 2022, and will be reviewed and scored on a first-come, first served basis. Applications will be scored on asset impact, community engagement, previous experience, and other factors. A complete list of eligibility and scoring criteria can be found at https://www.njeda.gov/asset-activation-planning-grant/.
Funding for the program is being provided through the NJEDA’s Economic Recovery Fund.
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.
“Funding New Jersey startups today through grant programs like the Catalyst Seed R&D Grant and the Clean Tech Seed Grant helps to guarantee a strong economy in the future and furthers Governor Phil Murphy’s vision for the state,” said CSIT Executive Director Judith Sheft. “Cultivating companies within our state during their formative years helps us to promote financial growth, sustainability, and economic mobility for years to come.”
CSIT’s Catalyst Seed R&D Grant Program has awarded 27 early-stage startup companies a total of $2.6 million in funding through grants of up to $150,000 for life sciences startups focusing on drug development and therapeutics and up to $75,000 for R&D. Emerging companies receiving awards for R&D are involved in technological innovation across manufacturing, transportation and logistics, film and digital media, life sciences, non-retail food and beverage, finance and professional services, and technology sectors, all of which are identified as targeted industries in Governor Murphy’s economic development plan. Of those receiving awards from CSIT, 95 percent (25) of awardees have five or fewer employees, 43 percent (12) are certified as minority-owned businesses, and 30 percent (9) are certified women-owned. Additionally, 22 percent (6) awardees have licensed technology from a New Jersey university.
“New Jersey’s startups are amongst the very best in the nation and truly place the State at the forefront of innovation and conservation,” said CSIT Vice Chair and BioNJ Founding President and CEO Debbie Hart. “The Catalyst Seed R&D Grant and Clean Tech Seed Grant Programs reinforce the State’s commitment to its small businesses and nurtures advancements in a range of innovation areas including technology, life sciences, and clean tech sectors.”
A total of $1.3 million in funding will also be awarded to 18 companies chosen in Round 2 of the Clean Tech Seed Grant Program. The Clean Tech Seed Grant Program, which was jointly developed by CSIT and the New Jersey Economic Development Authority (NJEDA), provides grants for R&D activities to very early-stage, New Jersey-based clean technology companies that will help them to advance their development on products and services to a point where they can more readily appeal to outside investors and, in some cases, begin to generate revenue. Seventy-two percent (13) of awardees have five or fewer employees. Additionally, 15 percent (3) of the awardees are certified as minority-owned businesses, and 15 percent (3) are certified women-owned. Eleven percent (two companies) awardees have licensed technology from a NJ university.
“Under Governor Murphy’s leadership, New Jersey has become one of the best places in the nation to grow and scale a company, especially a startup,” said NJEDA Chief Executive Officer Tim Sullivan. “CSIT’s Catalyst Seed R&D Grant and Clean Tech Seed Grant programs allow entrepreneurs to secure funding for vitally important research and new technologies that not only better our society, but also create new high-paying jobs grow our economy and solidify New Jersey’s reputation as a leader in equitable, diverse, and transformative innovation.”
“Grants such as the Clean Tech Seed Program bring us one step closer to achieving Governor Murphy’s goal of 100 percent clean energy by 2050,” said New Jersey Board of Public Utilities (NJBPU) President Joseph L. Fiordaliso. “Our partnership with NJEDA and CSIT, coupled with today’s announcement, exemplifies this Administration’s cross-agency approach to developing and implementing initiatives that will simultaneously help us meet our clean energy goals and grow our green economy with exciting innovation.”
The funding for the Clean Tech Seed Grant Program, which is being provided through the NJBPU’s Clean Energy Program, will advance innovation that will help the state achieve Governor Murphy’s clean energy goals as outlined in New Jersey’s Energy Master Plan. The plan, created in 2019, helps to set New Jersey on a path toward 100 percent clean energy by 2050.
In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the State as a home for academic and technological research, development, and commercialization.
About NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
NJ ZIP will make an additional $45 million available and widen eligibility to include heavy-duty vehicles later this year
From left: NJEDA Chief Executive Officer Tim Sullivan, NJEDA Director of Clean Energy Kevin Lynch, GreenPower Motor Company Regional Sales Manager Larry Sharp, Clean Energy Program Project Officer Olivia Barone, ENAT Transportation & Logistics Co-Founders Luis and Vanessa Abad, NJEDA Clean Energy Manager Victoria Carey, ENAT Transportation & Logistics Logistics Manager Ernesto Abad, Statewide Hispanic Chamber of Commerce of New Jersey Chairman Luis O. De La Hoz, Supreme Green Team Founder Moises Luque
From left: NJEDA Clean Energy Manager Victoria Carey & ENAT Transportation & Logistics Co-Founder Vanessa Abad
In addition to increased funding for the program, the NJEDA Board also approved two major eligibility changes from the earlier phase – expanding eligibility to include heavy-duty vehicle classes, and expanding statewide, beyond the four pilot communities in the first phase.
NJEDA Chief Executive Officer Tim Sullivan was joined by Vanessa and Luis Abad outside the offices of the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ), which was instrumental in promoting the pilot to business owners, to announce the expansion of the program. The Abads’ business, ENAT Transportation & Logistics, located in Ridgefield Park, was one of the first businesses approved for support under the program. The Abads and Sullivan, together with GreenPower Motor CompanyRegional Sales Manager Larry Sharp, placed “Powered by NJ ZIP” bumper stickers on four of the zero-emission medium-duty electric vehicles funded by NJ ZIP. GreenPower Motor Company is an authorized vendor under NJ ZIP from which ENAT Transportation & Logistics procured their vehicles.
As of last month, the NJEDA had approved 144 NJ ZIP applications totaling $32.2 million in vouchers for zero-emission medium-duty vehicles, with more applications still in process. The NJEDA anticipates the expansion of the program will allow 200-400 additional vouchers to be awarded. Over 90 percent of the entities approved to date are small businesses, and approximately 57 percent are minority- and/or woman-owned. The vehicles supported so far through the program are expected to result in the reduction of annual carbon emissions by more than 6,500 short tons within the communities in which they operate.
“Over 40 percent of New Jersey’s carbon emissions are produced by vehicles, so helping small businesses make the transition to zero-emission technology is a key step toward accelerating Governor Phil Murphy’s efforts to improve air quality, and create economic opportunity within the state,” said Sullivan. “Small businesses participating in the program are poised to reap the benefits of electric vehicle ownership by modernizing their fleets with environmentally friendly, state-of-the-art vehicles that not only reduce fuel costs and require less maintenance, but mitigate the harmful environmental impacts of transportation emissions in communities across New Jersey.”
ENAT Transportation & Logistics, one of the first NJ ZIP awardees to receive its vehicles, is on its way to transitioning its entire commercial fleet to electric vehicles within the next five years and is currently working with Bergen Community College to serve as a location to house their zero-emission vehicles as part of the Bergen Community College Business Accelerator.
“NJ ZIP is a fantastic resource for small businesses like mine to afford transitioning to an electric fleet as we strive to reduce our carbon footprint and the additional bonus it provides gives woman-owned minority businesses, like mine, the opportunity for progress,” saidAbad. “The additional $40,000 in bonuses we received for being a minority and women-owned small business has allowed us to compete with other transportation companies in an industry that has traditionally been operated by men.”
Another small business that recently received support from the NJ ZIP is Camden County-based Juan Kelmy Productions, LLC. Located in Sicklerville, this minority-owned small business is an event photography, marketing and web design company that serves the tri-state area.
“Our company is honored to be a recipient of NJ ZIP’s electric vehicle vouchers which will support our day-to-day business operations,” said Juan Kelmy Productions Owner Juan Martinez. “The funding received from this program further advances our commitment to clean energy initiatives that contribute to our zero-emission goals to transition into new electric vehicles.”
“The NJDEP is pleased to partner with the NJEDA to further reduce the greenhouse gas emissions that contribute to global warming and climate change in our state,” said New Jersey Department of Environmental Protection (NJDEP) Commissioner Shawn LaTourette. “As New Jersey’s transportation sector is the largest source of these emissions, the NJ ZIP expansion constitutes a significant step forward. These types of partnerships also demonstrate the power and strength of collaboration among State agencies. NJ ZIP supports small businesses with an eye toward transitioning their current vehicle fleet to zero emission alternatives, helping to protect the environment, improve public health, and advance our environmental justice and clean energy goals.”
In addition to expanding the program’s funding capacity, the NJEDA will also work to identify a New Jersey university partner to provide technical assistance as part of the NJ ZIP program. This assistance will provide critical guidance to small businesses as they are applying for zero-emission vehicle vouchers.
The NJEDA anticipates opening applications, including those for businesses in newly-eligible parts of the state, in the coming months. Vouchers will be available on a first-come, first-served basis. More information on NJ ZIP, including all eligibility requirements for vendors and purchasers, is available at https://www.njeda.gov/njzip.
About New Jersey’s Regional Greenhouse Gas Initiative (RGGI)
In 2020, the NJEDA, along with the NJDEP and NJBPU, released the State’s first Regional Greenhouse Gas Initiative (RGGI) Strategic Funding Plan. The Plan identified the four initiatives the Agencies will invest the RGGI auction proceeds in for the years 2020 through 2022. NJ ZIP is funded by proceeds allocated to the NJEDA by the RGGI for the purposes of reducing harmful emissions, especially in communities disproportionately impacted by transportation emissions, and creating economic opportunity within the state.
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.
TRENTON, N.J. (July 18, 2022) – The New Jersey Economic Development Authority’s Board (NJEDA) has approved the purchase of a 109.4-acre property which will enable the planned expansion of the NJ Wind Port in Lower Alloways Creek, Salem County. The approval took place during last week’s Board meeting.
The New Jersey Wind Port is a first-in-the-nation infrastructure investment that will provide a location for essential staging, assembly, and manufacturing activities related to offshore wind projects on the East Coast. At full build-out, the Wind Port has the potential to create up to 1,500 manufacturing, assembly, and operations jobs and drive billions of dollars in economic growth back into the New Jersey economy.
Phase 1 of the Wind Port broke ground in September 2021 with marshalling activities due to commence in early 2024. The purchase of the 109.4-acre property from NDEV LLC, a subsidiary of PSEG Power, will enable Phase 2 of the project as proposed, expanding the Port’s total footprint to over 220 acres and enabling it to support marshalling of two wind projects concurrently as well as up to three co-located manufacturing facilities.
“Today’s approval is another major step forward for the New Jersey Wind Port and for delivering on Governor Murphy’s goal of making New Jersey the engine room of the U.S offshore wind supply chain,” said NJEDA Chief Executive Officer Tim Sullivan. “The ability to marshal two projects at once, with additional space for component manufacturing, will turbocharge job creation, opportunities for small businesses, and all forms of ancillary economic activity both locally and across the state.”
Sullivan added that expanded marshalling capacity will also help to alleviate the current shortfall in fit-for-purpose port capacity across the region, helping states up and down the U.S east coast to deliver on their wind targets on time and cost-effectively.
The 109.4-acre property is set directly north of property the NJEDA is leasing from PSEG Nuclear to develop Phase 1 of the NJ Wind Port. It is currently permitted as a confined disposal facility (CDF), with the permitting process to enable the Port’s expansion due to commence shortly. The purchase from NDEV LLC was for a negotiated price of $24.25 million.
The State of New Jersey is committed to constructing the New Jersey Wind Port using union labor and requires developers and contractors to pay prevailing wage. The State is also committed to setting a new standard for inclusion of women- and minority-owned businesses during construction of the New Jersey Wind Port. The NJEDA has established a requirement that at least 25 percent of subcontractors for the port construction are small businesses and at least 15 percent are women-, minority-, or veteran- owned. The project also includes worker diversity goals of 18 percent people of color and 6.9 percent women.
NJEDA expects to commence tenant selection for parcels of the property in the coming months.
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.
Parcel to be Purpose-built for Tier 1 wind component manufacturing, Co-located with a Marshaling Port and with Ready Access to East Coast Offshore Wind Sites
Trenton, N.J. (May 20, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it will shortly launch the next phase of its eagerly-anticipated tenant selection process for the New Jersey Wind Port. This phase will involve seeking offers from Tier 1 wind component manufacturers, such as blades, for an approximately 70-acre parcel of property at the Port.
The New Jersey Wind Port, located on the Delaware River in Lower Alloways Creek, Salem County, will be a transformative, hub-style port serving offshore wind projects in New Jersey and up and down the U.S. East Coast. The Port is being developed by the NJEDA on behalf of the State and represents a new approach to economic development that will spur both job creation and opportunities for businesses throughout the offshore wind supply chain. It has the potential to create up to 1,500 manufacturing, assembly, and operations jobs, with wind projects supported by the Port driving billions more dollars in economic growth.
The Port is situated at the geographical center of the United States’ burgeoning offshore wind sector – with approximately 40 gigawatts (GW) of committed and planned offshore wind projects along the East Coast, including 7.5 GW of projects off the coast of New Jersey. The Port will offer offshore wind industry tenants the following key features:
Access to the Atlantic Ocean free of vertical restrictions;
Upland acreage purpose-built for marshalling and component manufacturing;
A wide approach channel from the main Delaware River Channel;
A purpose-built heavy-lift wharf, comprising both delivery and installation berths; and
Heavy-haul Road connections between inland port parcels and the Wharf.
The NJEDA will shortly seek non-binding offers from Tier 1 offshore wind component manufacturers, such as blades manufacturers, for an approximately 70-acre parcel at the Port. The parcel is currently undeveloped but is intended to be purpose-built for manufacturing and would adjoin a deep-water port. The parcel would be connected to two marshalling parcels via a purpose-built heavy-haul road corridor, providing unrivalled cost efficiencies for a manufacturer and their developer clients. The NJEDA anticipates that the parcel will be available for sublease from late-2026. A notice for the sublease of property will be issued in coming weeks and will be available at Bidding Opportunities – NJEDA.
“There is simply no better site to anchor an offshore wind manufacturing facility in the nation than at the New Jersey Wind Port, the nation’s only purpose-built greenfield wind port and epicenter of the nation’s fast emerging wind supply chain hub,” said NJEDA CEO Tim Sullivan. “For a manufacturer, being co-located with two marshalling parcels means significantly lower logistics costs, a win for industry and a win for energy consumers. At the same time, being part of the nation’s supply chain hub means ready access to a growing ecosystem of tier two suppliers across Southern New Jersey and throughout the state.”
Home to a high concentration of skilled labor, a well-established maritime industry and workforce, and a network of highly-regarded colleges and universities, New Jersey is ideally-placed to drive the development of the offshore wind industry in the United States.
“Manufacturing critical components of the offshore wind supply chain here in New Jersey will not only benefit our own offshore wind projects, but the entire industry up and down the East Coast,” said New Jersey Board of Public Utilities (NJBPU) President Joseph L. Fiordaliso. “By diversifying the manufacturing opportunities available, we will bring more jobs and economic development opportunities to the Garden State as we work to achieve Governor Murphy’s goal of 7.5 GW by 2035.”
Last fall, Governor Phil Murphy led the celebration for the New Jersey Wind Port’s groundbreaking, alongside Federal Secretary of Labor, Martin J. Walsh and a host of state and local officials. The event also included the signing of a Project Labor Agreement (PLA), with the State committed to using union labor to construct the Port and to setting a new standard for inclusion of minority and women workers and business owners.
Governor Murphy announced last month that the NJEDA and Orsted North America had executed a letter of intent (LOI) for Orsted to marshal its Ocean Wind 1 project from the Port. As part of its bid to the NJBPU Orsted had proposed to marshal Ocean Wind from an interstate port, with its commitment to instead use the Wind Port creating over 200 pre-assembly, load out and stevedoring jobs in New Jersey that would otherwise have been lost to other states.
Core construction of the Wind Port commenced in January of this year, with the first phase of the Port due to reach completion in early 2024.
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.
Dedicates $750,000 in Grant Funding to New Jersey-Based Early-Stage Innovation Companies to Tackle Maternal & Infant Health Challenges
Trenton, N.J. (May 16, 2022) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) and the New Jersey Economic Development Authority (NJEDA) today announced plans to enter into an agreement that will lead to the establishment of a $750,000 Maternal and Infant Health Research and Development (R&D) Seed Grant Program. Through the program, CSIT will award 10 grants of up to $75,000 each to help New Jersey-based early-stage innovation-based companies accelerate the development of technologies, products, and services that support pregnant women from pre-natal, through birth and post-partum, and into infancy.
With the Maternal and Infant Health R&D Seed Grant Program, CSIT will advance the innovation economy through the development of critically necessary research, products, and services designed to enhance maternal and infant health. This effort supports the goals established by the Nurture NJ Strategic Plan, which aims to make New Jersey the safest place in America to deliver a baby, specifically focusing on ending racial disparities in maternal and infant health outcomes. Launched in 2019 by Governor Phil Murphy and First Lady Tammy Murphy, Nurture NJ is a comprehensive, whole-of-government effort to reduce maternal and infant mortality and morbidity and ensure equitable care among women and children of all races and ethnicities in New Jersey.
“Mothers, those who are pregnant, and families are at the heart of the Nurture NJ Strategic Plan, which aims to make New Jersey the safest and most equitable place in the nation to give birth and raise a baby,” saidNew Jersey First Lady Tammy Murphy. “Investing in research and new technologies strengthens our families by ensuring the health and safety of mothers and their babies. I’m thrilled the Maternal and Infant Health R&D Seed Grant Program will advance our work to end racial disparities by funding New Jersey companies committed to supporting maternal and infant health through innovation.”
As part of the agreement announced today, the NJEDA will dedicate $250,000 from the Economic Recovery Fund towards this program and CSIT will provide the remainder of the funding from its current budget. Both the NJEDA and CSIT Boards approved the agreement during their monthly meetings last week.
The Maternal and Infant Health R&D Seed Grant Program will support investments in R&D and new technologies supporting maternal and infant health in targeted sectors including life sciences, technology, and non-retail food and beverage. CSIT will be hosting an information session about the new grant program in June and details will be available on the CSIT website www.njeda.gov/csit. Applications for the program will open July 1, 2022.
“The Maternal and Infant Health R&D Seed Grant Program joins a suite of CSIT R&D Seed Grant programs designed to advance New Jersey’s innovation economy,” said CSIT Executive Director Judith Sheft. “By supporting early-stage innovationcompanies, the NJEDA and CSIT will help transform new discoveries from the research state into commercially-viable products and services that enhance the quality of care for women and infants.”
“Today’s announcement of $750,000 for CSIT’s Maternal and Infant Health R&D Seed Grant Program serves as a testament to New Jersey’s commitment to ending racial disparities and adverse health outcomes for New Jersey mothers and their children,”said CSIT Vice Chair Debbie Hart. “This funding will support research in an underinvested area of research while aiding in the development and discovery of new technologies designed to support pregnant people to reduce future rates of maternal and infant mortality.”
“Inequity in healthcare access is unacceptable, and under Governor Murphy and First Lady Murphy’s leadership, New Jersey is taking bold steps to invest in technologies, resources, and programs that ensure equitable care for women and children of all races and ethnicities,” said NJEDA Chief Executive Officer Tim Sullivan. “Providing seed funding to early-stage New Jersey-based companies dedicated to advancing maternal and pediatric health outcomes will not only contribute to our state’s growing innovation economy, but will produce long-lasting economic returns through advancements in research and increased health outcomes for mothers and infants. The Maternal and Infant Health R&D Seed Grant Program joins a suite of innovative products that leverages investment to drive real, meaningful, change within one of our state’s most vulnerable populations.”
About the New Jersey CSIT
In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.
About 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.
NJEDA to Launch Additional Financing Tool for Micro Businesses Next Month
Montclair, N.J. (May 5, 2022) – In celebration of National Small Business Week, the New Jersey Economic Development Authority (NJEDA) today announced plans to open applications for its Micro Business Loan next month, which will make additional funding resources available through the Authority’s Main Street Recovery Program. The NJEDA has already issued nearly $5.5 million in grants through the Main Street Recovery Program.
Governor Phil Murphy’s Fiscal Year 2023 budget proposal includes $50 million for the Main Street Recovery Program. The Governor visited East Side Mags, a comic book store in Montclair to highlight a business that has received this funding.
“Small businesses like East Side Mags are essential to New Jersey’s vibrant and thriving Main Streets,” said Governor Murphy. “As we transition from pandemic to endemic, we must continue to support small businesses as they recover from the devastating impact of COVID19. I am proud to support New Jersey’s small businesses and look forward to seeing their continued resiliency and contributions to our economy and communities.”
“During Governor Murphy’s tenure, we have made historic progress to spur economic growth and support small businesses dealing with the ongoing effects of the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “We’re already seeing the impact of the Main Street Recovery Program, as new businesses open their doors, hire new employees and move their local communities forward.”
The Main Street Recovery Program is budgeted to provide $100 million to support the growth and success of small businesses in New Jersey. In just over six months, more than 200 small businesses have been approved for the Small Business Lease Grant and 32 small businesses have been approved for the Small Business Improvement Grant since February. The Small Business Lease Grant provides funding to help businesses who leased or expanded their commercial space in the last twelve months, while the Small Business Improvement Grant reimburses grantees for 50 percent of the cost of capital improvements, furniture, fixtures, and equipment at their facilities.
Realizing the need for access to flexible capital for the early-stage micro businesses the NJEDA will open applications for its Main Street Micro Business Loan in early June. The Main Street Micro Business Loan will offer forgivable working capital loans with a two-percent interest rate and no interest and no payments due for the first year. Eligible micro businesses in New Jersey with 10 or fewer full-time employees and no greater than $1.5 million in annual revenues will be able to apply for financing of up to $50,000. The Micro Business Loan will be available to for-profit, non-profit, and home-based businesses with a business location in New Jersey and that have been in operation for at least six months. Funding will be available on a first-come, first-served basis.
Seeking support for improvements, Kosher eatery Crunch Time was reimbursed through the Small Business Improvement Grant funding for improvements made to its facility prior to opening in mid-2020 to transform the eatery known for burgers, sandwiches, soups and more to the Lakewood community.
“We had a vision to transform an old bakery into a lively and attractive place for families to gather and share a meal,” said Crunch Time Owner Eliezer Kadoch. “We are grateful that funding from the NJEDA’s Small Business Improvement Grant was available to support our dream.”
Another success of support through NJEDA funding is Dreamweaver Equine Center, a non-profit in Ringoes which provides equine-assisted activities and social and emotional learning for individuals of all abilities and ages, starting as young as two years old. With support from the NJEDA’s Small Business Improvement Grant, the minority- and woman-owned nonprofit has increased accessibility throughout the property.
“When we opened our doors in 2020, we knew that people were looking for ways to stay connected while staying safe and having fun,” said Dreamweaver Equine Center Founder and Director Ali Cho. “Our family-friendly learning environment has been extremely well-received by the community, and we are so grateful. Improvements made to our facilities with support from the NJEDA will enable our farm to accommodate more individuals seeking opportunities to connect with our horses and farm critters, furthering our mission to promote mental health and wellness in Hunterdon County and all our surrounding communities.”
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.
NJ Tech & Life Sciences Companies Can Now Apply to Sell Their Net Operating Losses & Unused Research & Development Tax Credits for Cash
TRENTON, N.J. (May 3, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it has opened applications for the 2022 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program. Hailed as a lifeline for companies that have yet to reach profitability, the NOL Program enables early-stage technology and life sciences businesses in the Garden State to sell a percentage of their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The NJEDA is accepting applications online through June 30, 2022 at http://www.njeda.gov/nol.
Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with the operating their business such as salaries, R&D, and other working capital expenditures. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.
Since the program’s inception in the late 1990s, $1.126 billion in funding has been distributed to more than 570 technology and life sciences companies. The average award for companies approved to sell their net operating losses through the program in 2021 was $1.82 million.
The New Jersey Economic Recovery Act of 2020 (ERA), which Governor Phil Murphy signed into law last year, 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.
“Innovative New Jersey companies will be able to benefit from enhancements made to the NOL Program by the ERA as they work toward commercialization,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Connecting early-stage businesses with access to non-dilutive funding and helping them fuel their growth are key to achieving Governor Murphy’s goal of recapturing New Jersey’s role as a leader in innovation. We look forward to supporting even more young companies as a result of expanding this critical program.”
Coviello noted that $15 million of the $75 million program allocation will be reserved for the surrender of transferable tax benefits exclusively by eligible companies operating within the boundaries of the State’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, companies located in Opportunity Zones, and/or women- or minority-owned businesses certified by the State of New Jersey.
Potential applicants interested in learning more should visit the program website which covers the program’s eligibility requirements in detail. Companies are strongly encouraged to review the reference materials and watch the program review and application walk-through videos posted on the program’s website at http://www.njeda.gov/nol.
In addition to being vital to emerging companies, the NOL Program also provides enormous benefits to the profitable companies that are buying the net operating losses and unused R&D tax credits. A profitable company can purchase tax credits at a discount, based on the market price at the time. These tax credits have traditionally traded somewhere between 88 and 94 cents on the dollar. Once purchased, the tax credits can then be applied to reduce the buyer’s state tax obligation. For example: a purchase of $1,000,000 of tax credit at 92 cents on the dollar would enable a buyer to decrease their New Jersey taxes payable by $1,000,000 for the price of $920,000, representing a savings of $80,000. Buyers can be publicly listed are on the NOL Program’s website, if they so choose. Entities interested in becoming a buyer through the NOL Program can visit the website http://www.njeda.gov/nol or reach out via email to nol@njeda.com for more information.
About the New Jersey Economic Development Authority
TRENTON, N.J. (April 26, 2022) – The New Jersey Economic Development Authority (NJEDA) has released for public feedback a draft rule proposal for the Garden State Film and Digital Media Jobs Program.
The program, which was first established in 2018, was expanded under the New Jersey Economic Recovery Act of 2020 (ERA), signed by Governor Phil Murphy in January 2021. The Garden State Film and Digital Media Jobs Act, P.L. 2018, c. 56, (N.J.S.A. 54:10A-5.39b and N.J.S. 54A:4-12b) provides a transferable credit against the corporation business tax and the gross income tax for qualified expenses incurred for the production of certain film and digital media content in New Jersey. The goal of the program is to incentivize production companies to film and create digital media content in New Jersey.
“Like other programs established by the ERA, The Film and Digital Media Tax Credit program is designed to encourage equitable and inclusive development,” said NJEDA Chief Executive Officer Tim Sullivan. “The proposed rules establish criteria for the program that will ensure it is administered in a way that will create the economic impact Governor Murphy and the Legislature intended.”
Proposed rule changes include increasing the benefit for productions that submit a diversity hiring plan from two percent to four percent for hiring minority, local, on-screen talent, which will help to make sure opportunities are accessible to qualified individuals from all backgrounds. Additionally, the changes include the availability of new Studio Partner and Film-lease Partner designations which provide extra benefits to production companies who commit to establishing large production facilities in New Jersey.
Members of the public will also be able to submit feedback on the Garden State Film and Digital Media Jobs Program through the NJEDA’s ERA website (https://www.njeda.gov/economicrecoveryact/) between the following dates:
PUBLIC FEEDBACK OPEN: April 25, 2022
PUBLIC FEEDBACK CLOSES: May 6, 2022
We welcome constructive input on how to ensure new programs created through and amended by the ERA are structured and administered in a manner that drives opportunities for all residents and communities. Members of the public can do that by sending an email to FilmTaxCredit@njeda.com or through the online portal on the NJEDA’s website.
All feedback received through this process will be assessed and considered when preparing the final version of the rule amendments that is proposed by the Authority for Board approval. Following potential Board approval, there will be a 60-day period for formal public comment.
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.
