The New Jersey Economic Development Authority’s next public Board Meeting will take place at 10:00 a.m. on Thursday, March 15, 2011 at 36 West State St., Trenton, NJ 08625. 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.
By Ken Tarbous/NJBIZ
March 5, 2012
For established small businesses having trouble getting financing because of credit deficiencies or collateral issues, the New Jersey Economic Development Authority has designed its Premier Lender Program that provides guarantees and funding for loans on fixed assets, working capital or to refinance existing bank debt, according to the head of the agency’s finance programs.
“Our goal in this arena is really to get the bank more comfortable with extending the credit,” said Timothy J. Lizura, senior vice president of finance and development at the EDA. “This is designed to trigger all of the deals on the margins. The most efficient way to do that is to work with our banking partners.”
Read More
By Ed Beeson/Star-Ledger
March 5, 2012
The financial crisis put a plug in lending across the country.
Not in New Jersey. The latest federal data shows the credit spigot remained just as open during the three years after the financial crisis struck as it was in the years leading up to the collapse.
From end of 2008 through the end of 2011, banks headquartered in the New Jersey grew their loan portfolios from $95.7 billion to $111.5 billion, a 16.5 percent increase, according to data from the Federal Deposit Insurance Corp. That is a slightly faster clip than between 2005 and 2008, when loan growth surged 16.4 percent.
By Katie Eder/NJBIZ
February 24, 2012
Choose New Jersey, the marketing arm of Gov. Chris Christie’s three-part economic development group, took on its first independent space in Princeton after increasing its staff and expanding its strategic plan to bring more businesses to the state.
The nonprofit moved out of its temporary space offered by Biggins Lacy Shapiro & Co., in Princeton, after Choose New Jersey grew its full-time staff from one to six people last year, its president and CEO Tracye McDaniel said. Choose New Jersey hosted an open house Wednesday at its new office.
By Sarah Watson/Atlantic City Press
February 24, 2012
Finding ways to help business and economic development while decreasing regulatory road blocks was a key topic Friday at the Southern New Jersey Development Council’s annual Sound Off for South Jersey event.
Atlantic County legislators also discussed how Atlantic City’s future will need to rely more on nongaming activities and the frequent addition of new attractions in the resort.
About 200 business leaders from throughout southern New Jersey attended the forum to hear legislators from Atlantic, Cumberland, Camden, Burlington, Ocean and Monmouth counties speak about how they are working to further business growth and development in the region, particularly with infrastructure.
By Kevin McArdle/NJ 101.5
February 23, 2012
Governor Chris Christie’s plan to cut income taxes by 10% across-the-board over three years is meeting with mixed reviews to say the least.
It would require legislative approval and Democrats who control both houses hate the proposal. The New Jersey Business and Industry Association (NJBIA) predicts it would be a job creator especially when it comes to smaller companies.
NJBIA vice president David Brogan says, “We think it’s a very positive thing. If you’re an LLC, LLP, sole proprietorship, you’re not filing under the corporate business tax. You’re filing under your gross income tax so this is a direct benefit to those businesses, those smaller businesses.”
By Ken Tarbous/NJBIZ
February 22, 2012
The New Jersey Bankers Association’s second annual Women in Banking Conference will feature sessions on leadership, mentoring and other topics of interest to professional women, according to one of the program’s organizers.
“The topics are around how to thrive in a changing economic environment and regulatory environment,” said Margaret Lanning, senior regional credit officer at Wells Fargo Bank N.A. and a member of the New Jersey Bankers Association’s board of directors.
Lanning said women in leadership and management roles at the state’s banks and professional services firms, as well as from academia and professional groups, will lead panel discussions. This year’s event has been built on the success of the association’s inaugural women’s leadership conference, in 2011.
By Jared Kaltwasser/NJBIZ
February 20, 2012
Caren Franzini had just completed her MBA when she found herself being interviewed for a job by a hot-shot investment banker — and she was getting annoyed.
The young banker kept peppering the Wharton School grad with the same question: Why did she want to work for the firm?
“I finally said, you know what, you’re asking me a question, and obviously I’m not giving you the answer you want,” she said.
So the banker answered it himself: “For the money,” he said. “That’s why you want to work here.”
Franzini, the longtime head of the New Jersey Economic Development Authority, recalled that incident, during an interview last month at her parents’ home in Atlantic City, where she grew up. The banker’s comment offended her, she said, but it also reinforced something that had become clear: She wasn’t just interested in making deals: She was interested in turning those deals into tangible development.
By Katie Eder/NJBIZ
February 20, 2012
Small-business job retention rates in New Jersey match national reports showing no drastic reduction in work force numbers, but on the flip side, job creation remains low.
According to the National Federation of Independent Business’ Small-Business Optimism Index for January, job growth improved from the previous month, but only to net no new workers, as 78 percent of the 2,155 small-business owners polled nationally indicated they made no net change in employment. However, reports of reduced employment were at their lowest level since October 2007.
“Everyone seems to be in a holding pattern,” said Laurie Ehlbeck, NFIB’s New Jersey state director, in prepared remarks. “Our members still say they’re just getting by. There’s nothing in the economy or the news that can create any momentum for small businesses.”
By Christopher S. Rugaber/Associated Press
February 20, 2012
WASHINGTON — American factories are humming — and driving the economy forward.
Manufacturers have been hiring more consistently than other employers, for jobs with better-than-average pay. They just had their best month of growth in five years. And more factory output has raised demand in some other industries, such as shipping, leading to further hiring.
“The manufacturing sector is on a tear,” said Paul Ashworth, an economist at Capital Economics.
It’s an optimistic theme that serves President Obama’s political needs. Last Wednesday, Obama traveled to Milwaukee to salute a company that brought jobs back to the United States. The president has promoted the nation’s manufacturing base as an engine of growth and as evidence of a recovering economy.