A new, independently prepared report details businesses that participated in NOL employ over 31,000 New Jerseyans

TRENTON, N.J. (May 20, 2025) – The New Jersey Economic Development Authority (NJEDA) today released findings from an economic impact assessment of the Technology Business Tax Credit Certificate Transfer Program, known as the Net Operating Loss (NOL) Program. The results found that the NOL Program is crucial to driving economic activity and enhancing business sustainability in the state, contributing to the growth of emerging companies in New Jersey’s technology and biotech sectors.

“Under Governor Phil Murphy’s leadership, New Jersey has significantly expanded its support for entrepreneurs, creating a robust environment where startups can thrive and scale,” said NJEDA Chief Executive Officer Tim Sullivan. “Since its launch in 1999, the NJEDA’s NOL Program has provided nearly 600 emerging technology companies with critical growth capital—driving substantial economic returns, reinforcing the state’s leadership in innovation, and supporting thousands of high-quality jobs.

The report found that more than half of the 589 program recipients since inception continue to operate in New Jersey, employing an estimated 31,200 workers in the state and generating $28.1 billion in direct and indirect economic impact in 2024. Since 1999, participating companies have generated an estimated tax impact of $2.84 billion compared to a program cost of $1.35 billion, contributing $2 in state tax revenue for every dollar in tax credits. The actual survival rate of program recipients is 72 percent, more than doubling the technology industry benchmark of 36 percent.

“BioNJ is honored to have played a pivotal role alongside our legislative partners and the New Jersey Economic Development Authority in the creation and ongoing success of the groundbreaking Net Operating Loss (NOL) Program,” said BioNJ President and CEO, Debbie Hart. “Widely hailed as a financial lifeline for early-stage businesses not yet generating profits, the NOL Program has empowered innovation, fueled job creation, and reinforced New Jersey’s enduring reputation as a national leader in biotechnology and life sciences.”

“The NOL Program is an integral part of the NJEDA’s innovation toolkit, contributing to a thriving startup ecosystem in the state that includes support from academia, government, and the private sector,” said NJEDA’s Chief Economic Transformation Officer Kathleen Coviello. “This economic impact report proves that robust investment in emerging companies results in economic benefits for all New Jerseyans, supporting state tax revenues, family-sustaining jobs, and inventive new ideas and products.”

The independent report was conducted by Econsult Solutions Inc. The study was conducted through data gathering, analysis, and industry benchmarking to assess the program’s outcomes, ensuring an impartial and data-driven assessment of the program’s impact. The full report can be found here.

Up to $75 million in funding is available annually under the NOL program, with $15 million set aside for businesses located in the state’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, businesses within Opportunity Zones, or certified minority or woman-owned businesses. Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with operating their businesses such as salaries, R&D, and other working capital expenditures.

Applications for the 2025 NOL program are open and will close at 11:59 p.m. Eastern Daylight Time on Monday, June 30th. For more information on program eligibility and application requirements, visit http://www.njeda.gov/nol.

Apprentice, a fast-growing life sciences technology company based in Jersey City, develops AI-powered manufacturing execution software to modernize and optimize pharmaceutical production. Founded in 2014 to address inefficiencies in drug manufacturing, the company has rapidly expanded, becoming a trusted partner for some of the most advanced therapies on the market. Today, Apprentice’s platform supports the production of critical treatments, including all of Moderna’s manufacturing, GLP-1 weight loss drugs, and cutting-edge CRISPR-based gene therapies.

New Jersey’s strong biotech ecosystem and resources such as the NOL Program played a crucial role in Apprentice’s decision to establish and grow its business in the state. With a dense concentration of pharmaceutical firms, talent, and a business climate supportive of life sciences, New Jersey provided the ideal foundation for Apprentice’s expansion.

“For a startup like us, there was no better place to start the company because so many of the large pharma companies and specifically their manufacturing sites are here in the state,” said Apprentice Co-Founder and Chief Executive Officer Angelo Stracquatanio.

BioAegis Therapeutics, a clinical-stage biopharmaceutical company based in North Brunswick advancing a new approach to immunotherapy by developing innovative therapies, established operations in New Jersey because of its innovation-friendly business climate. In addition to the NOL Program, the company utilized the NJEDA’s Angel Investor Tax Credit Program.

“We looked at Connecticut, New York, and New Jersey, and ultimately chose New Jersey because of its very attractive incentives,” said BioAegis Therapeutics Co-Founder and Chief Operating Officer Valerie Ceva. “Developing a biologic is incredibly capital-intensive…so anything that can monetize those operating losses now is a great benefit.”

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 FacebookTwitterInstagram, and LinkedIn.

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The Annual Board meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Wednesday, May 21, 2025, at 10:00 am.

A copy of the proposed agenda can be found at https://www.njeda.gov/csit.

IN PERSON:

Princeton Innovation Center BioLabs

303A College Rd E, Princeton, NJ 08540

PARTICIPANT DIAL-IN NUMBER:              551-220-2262

PARTICIPANT ACCESS CODE:                    708 937 058#

Small businesses within 5 miles of Exit 34, regardless of county, will now be eligible to apply

TRENTON, N.J. (May 14, 2025) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved an additional $500,000 to expand the Route 80 Business Assistance Grant Program, which supports small businesses that have experienced a decline in revenue due to the Route 80 detours caused by the ongoing sinkhole repairs. Originally created to support small businesses most impacted in Morris County, today’s approval expands eligibly requirements to include small businesses that are within five miles of Route 80’s Exit 34, regardless of county.

This next phase of the Route 80 Business Assistance Grant Program will provide grants ranging from $1,000 to $15,000 to small businesses located within a five-mile radius of Route 80’s Exit 34, the epicenter of the sinkhole repairs, regardless of county. Businesses located in Hopatcong, Sussex County, are within the five-mile radius, but were ineligible for the program when it first launched. Today’s board approval will now allow these small businesses in Hopatcong, which have also experienced a decline in sales due to the sinkholes, to apply.

“Small businesses along Route 80 have faced tremendous challenges due to its closure over the past couple of months for ongoing sinkhole repairs,” said Governor Phil Murphy. “The additional $500,000 approved by the NJEDA Board for the Route 80 Business Assistance Grant Program will provide urgently needed support for these businesses. We’re working quickly to get these resources out the door and into the hands of our local small business community.”

“The ongoing Route 80 detours have put a financial strain on small businesses in the area and the NJEDA remains committed to supporting the businesses that have been most impacted,” said NJEDA Chief Executive Officer Tim Sullivan. “Since the program launched last month, the NJEDA has already delivered $1 million to small businesses in Morris County and we continue to make approvals daily. Under the leadership of Governor Murphy and the Legislature, we will continue to support our small business community and ensure these additional funds reach the business owners who need it most.”

Eligible applicants include small businesses and non-profits that have up to 50 full-time employees. Applicants must also certify a negative financial impact of at least $1,000 for the first quarter of 2025. Businesses that have already received funding through the program are not eligible to apply. Applications for this next phase are expected to open by the end of the month.

“With funding now available for impacted businesses in Hopatcong, the Business Assistance Grant Program is expanding its support to include more small businesses that have endured months of lost revenue due to lane closures and disruptive road work along Route I-80,” said Senator Parker Space (LD-24). “I remain fully committed to working with the NJEDA, the Governor, and the Legislature to ensure we continue delivering meaningful relief to small businesses impacted by this ongoing crisis.”

“Sinkholes don’t respect county or municipal boundaries, and neither should relief for small businesses. In speaking directly with CEO Tim Sullivan, he understood our concerns and was willing to work collaboratively with us on a helpful solution,” said Assemblyman Michael Inganamort (LD-24). “I appreciate the NJEDA’s teamwork on this important request of ours because our small businesses are still hurting as a result of the heavy traffic caused by the sinkhole. We have a lot of work ahead of us, but this is a meaningful step in the right direction.”

“I appreciate that businesses in Hopatcong within the five-mile radius are now eligible for the NJEDA grant program,” said Assemblywoman Dawn Fantasia (LD-24). “I’ll continue working with NJEDA and my colleagues in the Legislature to ensure that these impacted businesses are fully considered until this crisis is behind us.”

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 FacebookTwitterInstagram, and LinkedIn.

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New equity-focused grant program will offer $75,000 reimbursements to eligible cannabis businesses in New Jersey

TRENTON, N.J. (May 13, 2025) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the Cannabis Business Development (CBD) Grant Program, a new $5 million initiative designed to provide targeted financial support to eligible recreational cannabis entrepreneurs in New Jersey. The program will grant one-time reimbursements of $75,000 to help alleviate and manage the cost of ongoing State and local compliance, as well as operating expenses, for early-stage companies.

Funded through cannabis sales tax revenue allocated by the FY25 State Appropriations Act, this grant marks the third cannabis equity initiative launched by the NJEDA and reinforces the State’s commitment to building an inclusive, sustainable cannabis industry.

“Under Governor Murphy’s leadership, New Jersey is setting the national standard for building an equitable, innovation-driven cannabis industry,” said NJEDA Chief Executive Officer Tim Sullivan. “This grant is a strategic investment in small business growth, job creation, and long-term industry success—driving capital to operators already rooted in our economy and committed to growing here.”

The CBD Grant Program follows the success of the Seed Equity and Joint Ventures Grant Programs, which have delivered nearly $14 million and supported the openings of 40 cannabis businesses across New Jersey to date. Reinforcing the state’s commitment to equity, the CBD Grant shifts focus to reimbursing costs for operating businesses — delivering critical funding after a capital-intensive startup phase.

To be eligible for the CBD Grant Program, a business must be open and operating, or close to launching, as evidenced by a valid and current NJ Cannabis Regulatory Commission (NJCRC) annual license and digital card in one of the following categories: Class 1 (Cultivator), Class 2 (Manufacturer), Class 5 (Retailer), or Testing Laboratory. To qualify for the CBD Grant Program, applicants must hold a valid and current NJCRC annual license digital card in one of the four eligible categories.

To ensure that resources flow to small businesses that have historically lacked access to capital, Multi-State Operators (MSOs) and transitional Alternative Treatment Centers (ATCs) are not eligible to apply. Additionally, applicants must not have previously received funding through the NJEDA’s Joint Ventures or Seed Equity Grant programs.

“Centering equity in cannabis economic development means ensuring that capital flows to the local entrepreneurs who need it most,” said NJEDA Chief Community Development Officer Tai Cooper. “By excluding MSOs and ATCs, this program prioritizes small, independent operators who are investing in New Jersey’s future — creating jobs, generating local wealth, and laying the groundwork for a more inclusive and competitive industry statewide.”

Five percent of funding will be made available for businesses operating in New Jersey Cannabis Regulatory Commission (NJCRC) designated Impact Zones, which stimulate economic development in historically underserved areas. These zones are designated by the NJCRC on factors such as past cannabis arrests, law enforcement activity, unemployment, and population.

“This grant program is another tool to expand opportunity for diverse cannabis entrepreneurs and to further the vision of an equitable marketplace,” said Commissioner Dianna Houenou, Chair of the NJCRC. “We are encouraged by NJEDA’s continued collaboration and commitment to investing in cannabis businesses rooted in New Jersey’s communities.”

More information about the CBD Grant Program will be released in the coming weeks and months. Interested parties can check the NJEDA’s website and social media pages for updates.

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 FacebookTwitterInstagram, and LinkedIn.

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Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, May 20, 2025, at 11:00 am. 

Members of the public who wish to speak during the public comment segment of the meeting, pertaining to agenda items, may attend in person or call into the meeting by using the conference number, and are encouraged to call in prior to the meeting start time to avoid any delays.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton, NJ 08625

TELECONFERENCE:

CONFERENCE NAME:                                CCRC BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              551-220-2262

PARTICIPANT ACCESS CODE:                   150 254 708#

The agenda can be found 48 hours prior to the meeting on the website: www.njeda.gov/ccrc.

Over $8.6 million in working capital loans have been approved to date

TRENTON, N.J. (May 9, 2025) – As National Small Business Week comes to a close, the New Jersey Economic Development Authority (NJEDA) announced that 100 small businesses and nonprofits have been approved for more than $8.6 million in working capital loans under the NJ Capital Access Fund. Supported by the State Small Business Credit Initiative (SSBCI) and a private capital match, the $100 million fund, administered by fund manager Calvert Impact, leverages Community Development Financial Institutions (CDFIs) and Minority Deposit Institutions (MDIs) to offer an affordable and flexible working capital loan product and technical assistance to assist small businesses and nonprofits.  

“Under Governor Murphy’s leadership, New Jersey has prioritized expanding access to capital for small businesses, fueling business growth and revitalizing downtowns and commercial districts across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJ Capital Access Fund plays a key role in NJEDA’s comprehensive range of small business support programs, offering a streamlined pathway for entrepreneurs to secure the funding necessary for growth in the Garden State.”

Since the program launched in November 2023, 77 percent of funding from the NJ Capital Access Fund supported business owners identified as socially and economically disadvantaged individuals (SEDI), including women and people of color, reflecting the NJEDA’s commitment to supporting diverse entrepreneurs.

Through the NJ Capital Access Fund, small businesses and nonprofits can receive working capital loans of up to $250,000 to assist with rent, utilities, payroll, marketing, and other operational business expenses. The working capital loans offer flexible features, including terms from 36 to 60 months, low fees for borrowers, fixed competitive interest rates, and no specific collateral requirements. SSBCI funds are used to purchase up to 80 percent of every eligible working capital loan administered by participating community lenders, which increases lending capacity and provides more loans to underserved communities.

Calvert Impact was approved in May 2023 as the designated fund manager to administer the NJ Capital Access Fund by matching and leveraging the Authority’s $50 million investment funded by SSBCI, is a nonprofit investment firm that has supported community and economic development organizations for nearly 30 years, with a focus on financing sectors overlooked by mainstream capital markets. The organization is a proven leader in the creation of financial products that meet the specific needs of underserved and underbanked communities. 

“The Capital Access Fund provides critical, flexible financing that small businesses need to thrive,” said Joe Meginnes, Director of Calvert Impact’s Access Small Business Program. “We’re proud to partner with New Jersey to demonstrate that increasing the capacity of community lenders can be a powerful catalyst for broader economic growth and community development.”

Among the recipients of a loan supported by the NJ Capital Access Fund is Naturalvert is a food manufacturer that specializes in organic, vegan, no-allergen granola. Their products are made with wholesome ingredients that are sourced from local suppliers in order to maintain the quality and taste. Naturalvert products are manufactured, packaged, and distributed all in their facility in Hawthorne and sold nationwide through many retailers such as Whole Foods, Shop Rite, Mom’s Organic Market and many more. Naturalvert is also a recipient of the Main Street Micro Business Loan, Small Business Improvement Grant, and Small Business Lease Grant.

“Accessing the NJ Capital Access Fund was a turning point for Naturalvert. The working capital loan provided the crucial funding we needed to expand production, improve our packaging processes, and meet growing demand from national retailers such as Walmart, Whole Foods, and more,” said Vetchay Vilvert, Founder of Naturalvert. “More importantly, the flexibility and support offered through the program empowered us as a minority-owned business to scale sustainably without compromising our values. Thanks to the NJ Capital Access Fund, Naturalvert has not only grown but has also created jobs and contributed to a healthier, more inclusive local economy.”

NJ Capital Access Fund is one of the many resourceful financing tools that the NJEDA has to offer small businesses and nonprofits. For decades, NJEDA has deployed a range of loan products, including participations, guarantees, and direct loans, to help New Jersey-based businesses grow and thrive.

The Small Business Fund provides flexible, low-cost financial assistance of up to $500,000 to small businesses and nonprofits. To date, the program has supported over 60 loans totaling more than $17 million.

The Direct Loan Program is designed to expand access to capital and fuel business growth through direct NJEDA financing. The program has provided over 680 loans, delivering more than $273 million in support to small businesses across the state.

Through its Premier Lender Program, NJEDA partners with financial institutions to offer loan participations and guarantees of up to $2 million, enabling businesses and nonprofits to overcome barriers to expansion. This program has facilitated more than 1,200 participations and guarantees, totaling over $306 million

In April 2025, the NJEDA approved a new loan program known as the New Jersey Loan Expansion and Network Development (NJ LEND) program, designed to support the evolving needs of New Jersey businesses. NJ LEND is modeled after the NJEDA’s Premier Lender and Direct Loan programs but offers higher lending limits for financing to small businesses with no more than 750 employees.

The new program will offer fixed asset loans of up to $5 million for the purchase or refinance of owner occupied commercial real estate or new equipment. The program will also offer working capital loans of up to $1 million. Additionally, NJ LEND will offer flexible lending options in the form of loan participations and line of credit guarantees in partnership with NJEDA Premier Lender financial institutions.

For more information on eligibility requirements for the NJ Capital Access Fund, and to pre-apply, visit here. More information and eligibility requirements for the Small Business Fund, Direct Loan, Premier Lender, and NJ LEND programs can be found here.

About the NJEDA

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

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

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TRENTON, N.J. (May 7, 2025) – The New Jersey Economic Development Authority (NJEDA) will host a virtual listening session to present key legislative changes and rules updates for the Aspire Program. The Aspire Program is a gap financing tool to support commercial, mixed use, and residential real estate development projects.

WHAT:          The listening session will provide an overview of changes and updates for the Aspire Program. Following the listening session, feedback will be able to be submitted online.

WHEN:          The listening session will be held on Thursday, May 8, 2025, at 10:00 a.m. Click here for more information.

Following the listening session, the public can submit feedback until Tuesday, May 13, 2025. Feedback can be submitted here.

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 FacebookTwitterInstagram, and LinkedIn.

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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person, via conference call, and via Microsoft Teams on Tuesday, May 13, 2025, at 11:30 am.

Members of the public may participate in the meeting attending in person, by calling in on the conference line, or joining via Microsoft Teams link. Members of the public will have an opportunity to speak during the public comment segment of the meeting. The following conference number and Microsoft Teams link are being provided:  

MEETING NAME: NJEDA BOARD MEETING (MAY 13, 2025)

IN PERSON:

Fort Monmouth Economic Revitalization Authority – FMERA

502 Brewer Avenue
Oceanport, NJ 07757

PARTICIPANT DIAL-IN NUMBER:       1-888-790-3708

PARTICIPANT ACCESS CODE:             7825427

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.gov. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

More than $185M invested into nearly 8,000 businesses through Main Street Recovery Program

TRENTON, N.J. (May 5, 2025) – In celebration of National Small Business Week, the New Jersey Economic Development Authority (NJEDA) is highlighting its various grant, loan, and technical assistance programs aimed to support small businesses across the state. Since the Main Street Recovery Program launched in 2021, the NJEDA has awarded more than $185 million in grants, loans, and technical assistance to nearly 8,000 small businesses across the state. More than 2,000 approvals under the program have been awarded to women-, minority, veteran-, LGBTQ-, and/or disabled-owned small businesses.

The Main Street Recovery Program, a comprehensive suite of programs, was originally designed to support small businesses impacted by the pandemic but has since grown to support the growth and expansion of small businesses. Including the $700 million in pandemic relief that the NJEDA provided to small businesses before the Main Street Recovery Program launched, the Authority has distributed a total of nearly $1 billion to bolster small businesses throughout New Jersey.

“From North Jersey to South Jersey, and everywhere in between, small businesses are fueling local economies and revitalizing key commercial corridors,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey has invested millions of dollars to ensure small business owners have the resources and tools to grow their business and continue serving their communities. Through our robust loan and grant programs, the NJEDA is helping expand opportunities and increate vitality along main streets throughout New Jersey.”

The following programs are part of the Main Street Recovery suite:  

  • Small Business Lease Grant: supports the growth and success of small businesses and non-profits by providing grant funding to cover a portion of lease payments for businesses and non-profits leasing new or additional space.
  • Small Business Improvement Grant: offers reimbursement for costs associated with making building improvements or purchasing new furniture, fixtures, and equipment.
  • Main Street Lenders Grant: provides grants to eligible micro business lenders, which the lenders can use to create new micro business loan products or supplement existing micro business loan products. Lenders can also qualify for additional grant funding to provide technical assistance to micro businesses, to better prepare these businesses to qualify for loan products.
  • Main Street Acquisition Support Grant: offers a grant of up to $50,000 to reimburse an eligible New Jersey small business for closing costs related to a New Jersey commercial property that the business purchased to operate from.
  • Small Business E-Commerce Support Program: provides free e-commerce and digital marketing consulting services to New Jersey small businesses in the restaurant, retail, and personal care industries that operate from a commercial location. The NJEDA has partnered with consultants to assist eligible small businesses with e-commerce services.
  • Main Street Micro Business Loan: provided financing of up to $50,000 to eligible micro businesses in New Jersey with 10 or fewer full-time employees and no greater than $1.5 million in annual revenues.  

“As a small business owner, there are often inherent risks associated with opening a new business. To get support from the NJEDA to mitigate those risks is an enormous help and the only words that come to mind is simply ‘thank you.’ The funds from the NJEDA go directly back into the business in hopes to stimulate the local economy,” said James Park, owner of SuperSudz Laundry in Ewing, which received a Small Business Lease Grant. “I cannot express enough thanks to those within the NJEDA supporting us as a small business. We are hiring locally and the grant gives us a chance to continue to service the community we very much love.”

“As a new business owner every dollar counts,” said Angelo Masino, owner of FastSigns in Secaucus, which received a Main Street Acquisition Grant. “Being awarded this grant helped to put my mind at ease while I continue to build my business and allowed me to focus on other aspects which were equally important.”

“I have paid a lot of money in the past for services similar to the Small Business E-Commerce Program, and have received much less without the additional training,” said Trina Stroman, owner of Cammie’s Spectacular Salon in Wrightstown, which received technical assistance through the E-Commerce Support Program. “Everyone was very patient and efficient, and provided me the assistance to move on independently, and still offer support up to 12 months. I really appreciate this.”

Throughout National Small Business Week, the NJEDA is hosting several resource fairs to highlight programs offered by the Authority. An in-person “Show Me the Resources” fair will take place on Tuesday, May 6, 2025 at 9:00 a.m. at The College of New Jersey. A virtual “Show Me the Resources” fair will be hosted on Thursday, May 8, 2025 at 5:00 p.m.

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 FacebookTwitterInstagram, and LinkedIn.

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TRENTON, N.J. (May 5, 2025) – The New Jersey Economic Development Authority (NJEDA) will open applications for the NJ Film Works Grant Program on Monday, May 12, 2025 at 10:00 a.m. The grant program will help prepare New Jersey residents to enter the state’s booming film industry, strengthening and diversifying the statewide economy.

WHAT:          The NJ Film Works Grant Program is a competitive funding opportunity that will award grants to entities that provide residents with access to workforce development and skills training programs focused on strengthening and diversifying New Jersey’s film and digital media talent pipeline. A total of $3 million will be available through this program, with individual awards ranging from a minimum of $250,000 to a maximum of $750,000.

Among other factors, the scoring criteria will evaluate applications that propose initiatives supporting training and job access for residents of New Jersey’s Overburdened Communities, as well as providing near-term paid position placement for trainees within the industry.

WHO:            The Grant Program will be open to entities who can deliver workforce development training, internship, apprenticeship, and learning opportunities in film and digital media. Eligible applicants can include, but are not limited to, non-profit organizations, private workforce training organizations, labor unions, community-based organizations, educational institutions, for-profit film and digital media companies or consortium/associations of private film and digital media companies.

WHEN:         Applications for the NJ Film Works Grant Program will open on Monday, May 12,

2025 at 10:00 a.m. A webinar to learn more about the Grant Program will be held on Thursday, May 15, 2025 at 11:00 a.m. To register for the webinar, please click here. Applications must be submitted by Friday, July 11, 2025, at 5:00 p.m.

Questions regarding the Grant Program may be submitted via email to njfilmworks@njeda.gov by Thursday, June 12, 2025, at 5:00 p.m. with the subject line “Questions – NJ Film Works”. Answers will be posted on a rolling basis on the NJ Film Works website by Thursday, June 26, 2025, at 5:00 p.m.

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 FacebookTwitterInstagram, and LinkedIn.

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