Executive Cuts Owner Debra Hoy plans to make renovations that will enhance her 600-square-foot salon and greater community with support from the NJEDA's BII Program.
 

TRENTON, N.J. (December 26, 2018) – Solo entrepreneur Debra Hoy opened her hair salon, Executive Cuts, in downtown Trenton in 1998. Twenty years and one expansion to her current location later, Executive Cuts is flourishing on Lafayette Street and is attracting customers from city neighborhoods and surrounding towns.

Now, with support through the New Jersey Economic Development Authority’s (NJEDA's) Business Improvement Incentive (BII) Program, Hoy is poised to make renovations that will enhance the 600-square-foot salon and greater community. These updates include replacing the flooring, painting, light fixtures, and counters, as well as making repairs to the sidewalks in front of the facility.

Together with the Business Lease Incentive (BLI) Program, the BII Program is designed to support the growth of first-floor retail and services businesses operating in eligible commercial areas of Passaic, Paterson, Atlantic City, Camden, and Trenton.

Administered by the NJEDA in collaboration with these local communities, the BII Program offers grants of up to 50 percent of total project costs for small businesses that are planning to make improvements to their property. The grant amount cannot exceed $20,000, with a minimum project cost of $5,000. The program is available to first-floor businesses in targeted commercial corridors.

As a small business owner and a resident of Trenton, Hoy has a vested interest in the Capital City’s renaissance.

“I love being part of the downtown Trenton community and am very excited that the upgrades we’re making will contribute to the overall beautification of the area,” Hoy said. “Support from the BII Program will enable me to preserve precious capital, which I will be able to use for other things, such as hiring a new stylist and assistant.”

Hoy added that she also plans to engage the services of several local contractors for the renovations.

In addition to the BII Program, the BLI Program offers reimbursement of fifteen percent of annual lease payments for two years to for-profit businesses and non-profit organizations in eligible areas that plan to lease between 500 and 5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum five-year term. An applicant leasing over 5,000 square feet can be eligible, but the BLI grant will only incentivize the first 5,000 square feet.

“The economic vibrancy of New Jersey cities is dependent on the sustainability of small businesses like Executive Cuts,” NJEDA Director of Small Business Services Christina Fuentes said. “We encourage entrepreneurs to discover how the BII and BLI Programs can help them prosper and contribute to economic momentum in downtown areas.”

For general program questions and more information about eligible locations in Trenton, contact Trenton Economic Development Specialist Eric Maywar at emaywar@trentonnj.org, or NJEDA Business Development Officer Ken Hart at (609) 858-6661 or khart@njeda.com.

The EDA offers a range of resources to support small business growth, including low-interest loans and bond financing. Visit www.njeda.gov/lending and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn to learn more.

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.

A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Wednesday, December 19, 2018 at 10:00 am in the EDA Board Room, 36 West State Street, Trenton, NJ.

 

A copy of the proposed agenda can be found at http://web.njeda.com/ccrc/page.aspx?id=2461

TRENTON, N.J. (December 17, 2018) – Film and television production companies can now apply for tax credits through the New Jersey Film Tax Credit Program, the New Jersey Economic Development Authority (NJEDA) announced today. As part of the Garden State Film and Digital Jobs Act signed by Governor Phil Murphy earlier this year, the program is designed to spur economic growth and industry development by encouraging production companies to undertake projects in New Jersey.

“From beautiful beaches to bucolic farmland, quaint downtowns, and bustling urban centers, plus proximity to talent, New Jersey has much to offer production companies,” Governor Murphy said. “The state has a long history of arts and culture, and this program will help to bring the film and media industry back to New Jersey, spurring economic activity that will have a ripple effect throughout local communities.”

In July, Governor Murphy signed Senate Bill No. 122, the Garden State Film and Digital Media Jobs Act, which provides tax credits equal to 30 percent of qualified film production expenses, or 35 percent of qualified film production expenses incurred for services performed and tangible personal property purchased through vendors whose primary place of business is located in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer or Salem County. In order to be eligible, 60 percent of the film’s total production expenses (excluding post-production costs) must be incurred for services and goods purchased through vendors authorized to do business in New Jersey, or the qualified film production expense must exceed $1 million per production.

“Film and digital media is one of the growth industries targeted by Governor Murphy’s plan for a stronger and fairer New Jersey economy, and this program will help pave the way for cutting-edge production companies to choose a New Jersey location,” NJEDA Chief Executive Officer Tim Sullivan said. “We welcome projects of all sizes, which will create jobs and other economic opportunities for the State’s diverse communities and businesses.”

Sullivan noted that the program was designed to maximize its impact to New Jersey and local communities. This includes a bonus of two percent for applications accompanied by a diversity plan, which would include goals that prioritize the hiring of women and minorities. In addition, while "reality shows" are generally ineligible, production companies that own, lease, or otherwise occupy a production facility of at least 20,000 square feet in an Urban Enterprise Zone for at least two years—and make a capital investment of at least $3 million in that facility—are eligible.

An application and a complete list of eligibility requirements can be found at www.njeda.gov/njfilmtaxcredit. The Digital Media tax credit is a separate application and is expected to be available in January. 

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 EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

TRENTON, N.J. (December 13, 2018) – Technology and life sciences startups considering a move into incubators, accelerators or coworking spaces are now able to apply for rent support grants at nine collaborative workspaces throughout the state. These nine workspaces are the first to be approved by the New Jersey Economic Development Authority (NJEDA) to participate in NJ Ignite.

In support of Governor Phil Murphy’s strategy to create a thriving innovation ecosystem, NJ Ignite benefits both emerging technology and life science companies and participating collaborative workspaces. The program provides up to nine months of rent support for startup businesses moving to collaborative workspaces. For the collaborative workspaces, NJ Ignite serves as a powerful tenant attraction tool.

“We often hear from the entrepreneurial community about the difficulty that startups have finding affordable lab and office space in New Jersey,” Governor Murphy said. “Through NJ Ignite, we are striving to remove that obstacle, enabling Garden State innovators to preserve precious capital for product development, connecting with investors, and everything else it takes to successfully grow and prosper here.”

The rent support available to startups through NJ Ignite is made possible through a combination of support from the NJEDA and the collaborative workspace, with the NJEDA supporting up to six months’ rent and the collaborative workspace supporting rent for half the length of NJEDA’s commitment. In exchange for the grant, the startup business must commit to paying rent for a term equal to the NJEDA and collaborative workspaces’ combined months of support.

“Fostering an environment where young, innovative businesses are able to thrive is core to Governor Murphy’s vision of making New Jersey into the State of Innovation,” NJEDA Chief Executive Officer Tim Sullivan said. “NJ Ignite is the latest in the NJEDA’s growing list of resources designed to support New Jersey companies throughout their lifecycles.” 

While all participating collaborative workspaces are free to set their own criteria on how they will select eligible startups, all participating locations must adhere to certain rules, which include hosting a minimum of eight innovation ecosystem-building events per year such as networking events and office hours to provide tenants with access to professional services.

The NJEDA is currently reviewing additional applications from collaborative workspaces for participation in NJ Ignite. Workspaces that have not yet applied but are interested in learning more about the program should visit https://www.njeda.gov/njignite or email njignite@njeda.com. The website also has information for entrepreneurs and startups looking to benefit from the program, including steps they can take to apply.

The following collaborative workspaces were approved to participate in NJ Ignite:

• 1776 is the nation’s largest network of entrepreneurial incubators with nine campuses across five states. Its newest campus, opening in January at the Cherry Hill Mall, will be a retail incubator with flexible workspace and a pop-up shop featuring local makers. CEO Jenn Maher notes expanding into New Jersey will further 1776’s commitment to connect the startup community with the programming, mentors, and resources they need to succeed.  
   
• Building 78 at Kearny Point offers creative office and coworking options for a diverse community of pioneering businesses. Located immediately adjacent to Jersey City and Newark, and less than five miles from Hoboken and the Lincoln Tunnel, Kearny Point is a two-million-square-foot flexible office and light industrial business hub on 130 acres undergoing redevelopment. 
   
• Startups wanting to be a part of the technology community emerging at Bell Works in Holmdel can join the nearly five-dozen companies already established at CoLabs. The coworking space offers desk memberships, private offices, and team suites with flexible membership plans. CoLabs Managing Director Sean Donohue describes Bell Works as a “one-of-a-kind destination for business and culture, complete with traditional offices, retail, dining, hospitality, and much more.”
   
• Cowerks provides its entrepreneurs, freelancers and other professionals with coworking space networking opportunities and educational programs from its two locations in Asbury Park. Cowerks also home to the Jersey Shore Tech Meetup. Considered the largest tech meetup in the area, it is ideal for entrepreneurs, startups, software developers, tech enthusiasts, and business leaders looking to network, learn, and grow their businesses.
   
• Owned and operated by the NJEDA, the Commercialization Center for Innovative Technologies (CCIT) offers the most wet labs of any incubator in New Jersey and is strategically located in North Brunswick, between Princeton and Rutgers universities. CCIT provides its 21 tenant companies with educational programs, access to small business development resources, networking opportunities, and administrative support.
   
• The Enterprise Development Center (EDC) at the New Jersey Institute of Technology (NJIT) is New Jersey’s largest technology and life science business incubator. The 108,000-square-foot center currently hosts more than 60 member companies, including NJIT students and alumni.  
   
• The Rutgers EcoComplex is a clean energy innovation center and business incubator in Bordentown designed to serve as a hub of education and outreach for the clean/alternative energy and environmental communities. The center also houses EcoIgnite, a clean technology accelerator. In addition to a multitude of resources, the EcoComplex provides opportunities for startups to connect with investors, developers, and decision makers while also offering access to an array of workshops, events, and training sessions geared toward helping them flourish.
   
• Food-related startups looking to take their businesses from concept to commercialization can participate in the Rutgers Food Innovation Center’s (FIC’s) business incubator and economic development accelerator. Participating companies leverage Rutgers University resources while networking and receiving mentorship from industry investors and experts. Two of Rutgers FIC’s locations, Bridgeton and Piscataway, were approved to participate in NJ Ignite.
   
• The incubator at the South Jersey Technology Park in Mullica Hill offers collaborative workspace and resources ideal for bringing innovative technologies to market. Tenants at the South Jersey Technology Park have access to Rowan University’s engineering, science, and business faculty and students, as well as their research, development, and commercialization expertise.

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 about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

48 Companies Approved to Share $60 Million

TRENTON (December 7, 2018) – The New Jersey Economic Development Authority (EDA) today announced that it has approved more than $1 billion in funding for over 540 technology and life sciences companies through the Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss (NOL) Program, since the program’s inception 20 years ago.

Heralded as a lifeline for companies going through unprofitable times, the NOL Program enables eligible technology and life-sciences companies to sell New Jersey net operating losses and unused research and development tax credits to unrelated profitable corporations for cash. The cash can then be used for working capital or to fund research. The EDA and the New Jersey Department of Treasury’s Division of Taxation administer the program.

This year, 48 companies were approved to share $60 million through the NOL Program, the maximum amount of funding allocated for the program. Of those, 14 companies are new to the program, a 27 percent increase from last year. Sixteen companies previously leveraged additional EDA resources, such as New Jersey Founders & Funders, the Angel Investor Tax Credit Program, and the Edison Innovation Fund. The EDA saw an 18 percent increase in the number of applications this year as compared to 2017, and the highest number since 2014. This year, the average award was $1.25 Million.  

“The vision Governor Phil Murphy has laid out for the innovation economy reiterates the need for tools like the NOL Program to fuel technology and life sciences companies’ growth from their earliest stages through commercialization and beyond,” EDA Chief Executive Officer (CEO) Tim Sullivan. “This year’s roster of participating companies is doing promising work, and it will be fascinating to watch as they further develop their contributions to the state’s vast body of innovation.”

Participating companies hail from across New Jersey’s technology and life sciences industry. However, there was a particularly strong showing this year from the state’s biotechnology and health technology sectors, including the following first-time participants:

Celsion Corporation is a biopharmaceutical company that develops cancer treatments, including targeted chemotherapies and immunotherapies. The company’s clinical stage products focus on combatting liver and ovarian cancer. Celsion, which started in Maryland in 2000, relocated to Lawrenceville in 2011. The company currently employs 25 people.

“Since bringing Celsion here to tap into New Jersey’s tremendous pharmaceutical talent, I have been impressed by the array of resources the State offers life sciences companies like ours,” Celsion Chairman and CEO Michael Tardugno said. “The non-dilutive funding we received through the NOL Program will allow us to continue to bring our groundbreaking products through clinical trials and eventually to the marketplace.”  

Newark-based WellSheet Inc. applies physician-driven design and machine learning to Electronic Medical Records (EMRs) to improve the physician experience and early intervention for at-risk patients. Founded in 2015, the company currently has offices in New Jersey and New York, serving some of the largest hospitals in these states. WellSheet graduated from Newark Venture Partners’ NVP Labs program, a 10-week accelerator program, last year.

“We’re a relatively young company that has reaped the benefits of locating in New Jersey, such as access to the NVP Labs accelerator and the NOL Program,” Wellsheet CEO Craig Limoli said. “Funding from the NOL Program will allow us to build out our system and help even more doctors as they treat their patients.”

Jersey City-based TrialScope provides proven solutions designed to optimize the efficiency of clinical trial disclosure activities, maximize trial data transparency, and foster more informed, engaged patients through open research sharing. TrialScope previously received support from Edison VII, an Edison Partners venture fund in which the EDA invested. 

“We’re proud to offer our products and services to large and small pharmaceutical companies throughout the world and to support them with all their clinical trial transparency and compliance needs,” TrialScope CEO Jeff Kozloff said. “We were attracted to the NOL Program because it will allow us to raise working capital without giving up equity in our company.”

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 about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.
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The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, December 11, 2018 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.

TRENTON, N.J. (December 3, 2018) – The New Jersey Economic Development Authority (NJEDA) today announced that it is now accepting applications for the 21^st Century Redevelopment Program, which will provide grant funding to assist communities with developing solutions for repurposing local vacant or underutilized commercial and retail properties.

The 21st Century Redevelopment Challenge comes as a response to a number of demographic and economic trends that have resulted in an outmigration of jobs and population, leaving many office parks and shopping malls that once thrived now underutilized or vacant. These properties create many planning challenges for the communities that host them, including the loss of tax revenues and lack of resources to maintain infrastructure and roads around these properties.

“Repositioning these sites will help drive the innovation economy via a range of new uses, from modern office space to mixed use development to catalytic open space,” said NJEDA CEO Tim Sullivan. “The 21^st Century Redevelopment Program will facilitate investment in communities, one of the four strategic priorities of Governor Phil Murphy’s plan for a stronger and fairer New Jersey economy.” 

The 21^st Century Redevelopment Program will launch as a pilot program with a total of $250,000 in funding available in the form of grants of up to $50,000 per recipient. New Jersey municipalities, counties, or county redevelopment agencies can apply for grant funding through the 21^st Century Redevelopment Program to support ideas that focus on several elements including, but not limited to:

• Determining cost-benefits of retrofitting, redeveloping, or regreening a property or properties;
• Driving economic growth for the facility and region;
• Creating greater social, economic, and environmental sustainability;
• Expanding affordable and multi-family housing;
• Attracting employers and a diverse, talented workforce;
• Expanding entrepreneurial opportunities and supporting local businesses;
• Promoting walkable neighborhoods and improving accessibility and mobility;
• Connecting to public transportation; and
• Improving livability and healthy outcomes for local population.

 
Applications will be accepted on a first come, first serve basis and will be scored by an evaluation committee based on publicly available scoring criteria. Projects that achieve a minimum score will be recommended for grant funding.

As part of the terms of the grant, grantees will be required to participate in at least two events hosted by the EDA to share lessons learned from the planning process, foster a dynamic discussion about repurposing stranded assets, and provide guidance and assistance to similarly situated communities.  Applications can be found at www.njeda.gov/21stCentury

For Governor Murphy's full economic plan, please visit: /wp-content/uploads/pdfs/StrongerAndFairerNewJerseyEconomyReport.pdf
 
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 EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

Please be advised that the EDA Board Meeting scheduled for Thursday, January 10, 2019 is hereby canceled.

A Special Meeting of the New Jersey Economic Development Authority has been scheduled for Wednesday, November 28, 2018 at 1:30 pm at the Roosevelt & Perkins Room at the Heldrich Hotel & Conference Center, 10 Livingston Avenue, New Brunswick, NJ 08901. The Members will meet in executive session from 1:30pm to 3pm to discuss organizational and personnel needs. The Members will meet in open session from 3pm to 3:30pm for a strategic planning discussion. No formal actions are scheduled. The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov.

TRENTON, N.J. (November 13, 2018) – Governor Phil Murphy laid out his vision for a stronger and fairer New Jersey economy today in a mid-morning address to more than 800 principals, investors, owners, developers, planners, and other stakeholders at the 2018 Jersey City Summit for Real Estate Investment.

“The confluence of all the state’s selling points here in Jersey City is a model of how a shared vision can successfully restore economic vibrancy,” said Governor Murphy. “Optimizing the state’s strategic location and talented workforce, and restoring the state’s position of leadership in innovation will help to build meaningful momentum in both urban and suburban areas all over the state.”

Throughout the day, key administration leaders highlighted initiatives supporting the objectives of the Governor’s economic development strategic plan. This included opening remarks by New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan, who presented an overview of the plan, with a focus on the particular benefits it is expected to have for Jersey City and areas like it around the state.
“The real estate market is both a driver and an indicator of the health of the economy,” said Sullivan. “We are excited to work with industry stakeholders like those participating in today’s conference, along with our partners across state and local government and the legislature to develop initiatives that will result in targeted, thoughtful economic development that will benefit all New Jersey residents and communities.”
 
Sullivan added that a focus on transit-oriented development, which has been successfully leveraged in Jersey City and other urban areas throughout the state, will continue to be an important element of the State’s economic development strategy.

Other NJEDA representatives participated in conference sessions with the goal of raising awareness of new and proposed state initiatives and resources available to support development projects. Brian Sabina, Senior Vice President of NJEDA’s Office of Economic Transformation, joined a panel of commercial real estate experts for a discussion on the office market focused on tools for tenant attraction and retention, the unique strengths and challenges of suburban vs. urban markets, and the role of residential development in the commercial market. Sabina highlighted proposed tax credit programs designed to advance development while supporting Governor Murphy’s goals of inclusivity and equity.

The role of amenities in attracting and supporting both commercial and residential tenants was the focus of an afternoon panel featuring NJEDA Vice President of Technology and Life Sciences Kathleen Coviello, who shared information on the NJEDA’s Commercialization Center for Innovative Technologies and Biotechnology Development Center, both located at the New Jersey Technology Centre campus in North Brunswick. Coviello also discussed the newly-launched NJ Ignite Program, which offers rent support to early-stage companies locating in collaborative workspaces, as well as other NJEDA-resources for innovation sector companies in all stages of growth.

To read Governor Murphy's full economic plan, please visit: nj.gov/economicplan

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.