The NJII Venture Studio will be the State’s seventh Strategic Innovation Center 

TRENTON – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (NJEDA) and the New Jersey Innovation Institute (NJII), a corporation of the New Jersey Institute of Technology (NJIT), have launched the NJII Venture Studio, the state’s latest Strategic Innovation Center (SIC). The NJII Venture Studio will focus on accelerating and commercializing intellectual property with a focus on high technology and information technology developed by NJIT, NJII and NJIT’s corporate partners, as well as other academic institutions who contribute to the advancement of the industry. This will be the seventh SIC in New Jersey announced under the Murphy Administration.

“Since I took office, my administration has been laser focused on positioning New Jersey as a national leader in innovation and technology development,” said Governor Phil Murphy. “The NJII Venture Studio, our seventh Strategic Innovation Center, will provide aspiring entrepreneurs with access to cutting-edge technology and the chance to collaborate with industry experts. This exciting initiative reinforces New Jersey’s reputation as a hub for innovation and research and the tremendous expertise within our state’s research universities.”

NJII, a non-profit subsidiary corporation established by NJIT in 2014, will operate and manage the Studio. The NJEDA and NJII have entered into a non-binding term sheet to establish the creation, funding, and management of the Venture Studio with an opportunity to make equity investments into participating companies. The Studio, which will be located in the Paul Profeta Center for Innovation and Entrepreneurship in Newark, will seek to launch two to three start-ups a year over a four-year period.

The Venture Studio will provide emerging companies with necessary business training, operating services, physical space, and management guidance to transform their research into commercially viable products and services. Pending approval by its Board, the NJEDA intends to invest $5.8 million into the project on a 1:1 basis with NJII, with program funding for the Venture Studio totaling $11.6 million.

“Governor Murphy is dedicated to expanding New Jersey’s innovation economy by investing in various industries and equipping entrepreneurs with the necessary resources to grow and scale their businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “Powered by the NJEDA’s Strategic Innovation Center program, the NJII Venture Studio will foster the development of new technologies, good-paying jobs, and long-term, sustainable economic growth throughout the state.”

NJII intends to partner with NJIT, other New Jersey higher education institutions, and NJII and NJIT’s corporate partners to offer university students hands-on experience and training.

Since its founding, NJII has spun out two for-profit companies, Healthcare Innovative Solutions (HCIS) and BioCentriq, with hopes to replicate and expand its capacity to spin out startups.

“We are excited to embark on this partnership with the NJEDA to further build the state’s Innovation Economy,” said Michael Johnson, Ph.D., President of NJII. “We see the NJII Venture Studio as a powerful tool that will bridge the gap between translational research and commercialization, resulting in innovative companies and world-changing technologies.”

Serving as the SIC’s anchor academic partner, NJIT will provide access to university resources and intellectual property to assist with the launch and development of participating companies.

“The creation of the NJII Venture Studio aligns perfectly with NJIT’s 2030 strategic plan, which calls for the university to expand on its role as a nexus of innovation—a physical and intellectual focal point for ideas, actions and people that brings together researchers, learners, entrepreneurs and partners from government, industry and the community to pursue innovation,” said Dr. Teik C. Lim, President of NJIT.

“With this next Strategic Innovation Center, New Jersey continues to unlock unparalleled opportunities to grow cutting-edge industries and cultivate emerging talent right here in the Garden State,” said New Jersey Secretary of Higher Education Brian K. Bridges. “Combined with the expertise and resources of the state’s world-class institutions, like NJIT, we are well-positioned to lead innovation and meet the workforce demands of tomorrow’s economy.” 

“I commend Governor Murphy and the New Jersey Economic Development Authority for their continued focus on innovation and economic growth with the launch of the Venture Studio in Newark. This new Strategic Innovation Center is a vital step in positioning New Jersey as a national leader in emerging technologies and entrepreneurship,” said Senator Paul Sarlo, Chair of the Senate Budget Committee. “As an alumnus of the New Jersey Institute of Technology, I know firsthand the innovative spirit possessed by the university’s students and faculty. I am thrilled that this center will not only help jumpstart the careers of young entrepreneurs, but also give NJIT students the opportunity to gain hands-on experience in the process of starting a company.”

“The NJII Venture Studio will offer fresh and exciting opportunities for students and entrepreneurs in Newark and beyond,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The Studio’s prime location and proximity to the state’s key players in the innovation sector will open doors for entrepreneurs to advance their research, testing, and development of diverse technologies.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, incubators, or research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.

About the NJEDA

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

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

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Governor Announces Additional $17 Million in American Rescue Plan Funding to Upgrade and Expand Child Care Facilities

Murphy Administration Will Invest More Than $140 Million Upgrading Child Care Infrastructure Statewide – Representing One of the Largest Investments of Any State in the Country

WEST ORANGE – Governor Phil Murphy today highlighted that his Administration has invested more than $1 billion in expanding access to high-quality, affordable child care across New Jersey. The Governor also announced an additional $17 million in funding for the New Jersey Economic Development Authority (NJEDA) Child Care Facilities Improvement Program. With these new resources, New Jersey is dedicating more than $140 million to improve child care infrastructure, representing one of the largest investments of any state in the country. The announcement was made at a child care center in West Orange that is expanding access to services thanks to funding from the NJEDA. 

Building on the Murphy Administration’s comprehensive strategy to support the state’s vital child care sector, the NJEDA’s Child Care Facilities Improvement Program provides grants to eligible child care providers for improvements that contribute to high quality early childhood learning environments. Through the program, which awards grants of up to $200,000, the NJEDA has approved $85 million in grants to over 400 child care centers that collectively enroll over 34,000 children and employ over 8,500 staff. With the inclusion of new funding announced today, the NJEDA now anticipates another 200 centers will receive awards, bringing the total to more than 600 child care centers across all 21 New Jersey counties. Nearly a third of all awards are to centers located in Opportunity Zones.

“Affordable, exceptional child care is a vital part of a stronger and fairer New Jersey economy, and the increased funding announced today will strengthen our state’s economic security and provide equitable opportunities to working parents,” said Governor Phil Murphy. “Increased access to high-quality child care allows more parents to return to the workforce, bolstering New Jersey’s economic growth and competitiveness. Thank you to the Biden-Harris Administration, who have provided record-high federal funding to expand access to child care, health care, and other critical resources for families in the Garden State.” 

“Access to high-quality child care is a critical piece of our Nurture NJ initiative, and the NJEDA’s Child Care Facilities Improvement Program supports the equitable expansion of early childhood environments that will have lifelong impacts on future generations,” said First Lady Tammy Murphy. “Improvements to facilities in our crucially important child care sector move us closer to our goal of becoming the best state in the nation to raise a family and unlock economic opportunities for working parents.”

With the additional $17 million in Federal American Rescue Plan State Fiscal Recovery Fund funding announced today, the NJEDA anticipates being able to approve all eligible child care centers that applied to Phase One of the program, which is no longer accepting new applications. A significant focus of the program is expanding or unlocking capacity within child care centers, especially for infants and toddlers. All construction work is delivered by New Jersey Department of Labor Registered Public Works Contractors and subject to prevailing wage and affirmative action monitoring.

The Child Care Facilities Improvement Program is already making an impact on child care centers across the state. The center visited today, The Kids Palace II in West Orange, was approved for a grant award of $189,300 to install sprinkler and alarm systems, allowing it to expand its state licensure to be able to accept infants. In addition, the Kids Palace II has received the NJEDA’s Phase 4 Small Business Emergency grant, the NJEDA’s Henri/Ida Business Assistance grant, and New Jersey Department of Human Services’ Retention and Stabilization grants.

“Reliable and high-quality child care services are critical to the growth and success of New Jersey’s economy; however, too often financially stretched child care providers forgo making necessary investments in facility upgrades,” said NJEDA Chief Executive Officer Tim Sullivan. “The Child Care Facilities Improvement Program is an essential part of Governor Murphy’s goal to support working families and to build a more inclusive economy.”

“Governor Murphy’s historic investment in childcare is smart economic policy. By making high-quality childcare more accessible, we empower more parents, particularly moms, to fully engage in the workforce, advance their careers, and pursue further education. At the same time, we provide our youngest children with essential early learning experiences that set them up for school and academic success. This all leads to a stronger, more resilient economy where every family has the opportunity to thrive,” said Congresswoman LaMonica McIver.

“Governor Murphy’s visit highlights the significance of the support we have received through this grant, which has been so important in helping us create a dedicated infant-toddler space in our center. We are deeply grateful for this opportunity to expand our services and positively impact more families in our community,” said Jorroys Reyes-Moton, Director and Owner of the Kids Palace II.

“This investment continues the Murphy Administration’s commitment to support quality child care providers that are vital to New Jersey’s working families and the state economy. Today’s announcement complements $3.6 million in Fiscal Year 2025 child care provider wage increases and Human Services’ Child Care Assistance Program subsidies for tens of thousands of New Jersey families,” said Human Services Commissioner Sarah Adelman. “With a focus on improving learning environments, these NJEDA grants will empower child care providers to make necessary enhancements to their facilities, expand access to high-quality child care services, and strengthen our early childhood education system.”

“A thriving, modern and robust child care industry is a key component in supporting working families in New Jersey,” said Department of Children and Families Commissioner Christine Norbut Beyer. “It gives young learners a foundation for academic success later in life, and gives parents options for world class child care and the peace of mind in knowing their child is being cared for in an updated and safe center. I applaud the Governor and my colleagues in NJ government for their ongoing investment in the stability and success of families throughout New Jersey — particularly those with young children.”

“We thank the State of New Jersey for its substantial investment in child care facilities, recognizing that these environments are more than buildings—they are the ‘third teacher,’ fostering curiosity, social connection, and lifelong learning,” said Mary E. Coogan, President & CEO, Advocates for Children of New Jersey. “As we continue to shape spaces that empower children, educators, and families, we look forward to future investments in the child care workforce—another critical component of the child care infrastructure that is essential to the health of our economy and the well-being of our communities.”

“SPAN appreciates the opportunity to celebrate New Jersey’s investments for and progress towards ensuring access to high-quality child care for families, allowing our children to thrive in enriching early learning environments,” said Peg Kinsell, Policy Director, SPAN Parent Advocacy Network.

“NJPTA salutes Governor Murphy for his commitment to improve New Jersey’s child care sector. Our organization, the nation’s oldest child advocacy association, prioritizes quality child care which leads to an optimal educational experience. It is essential to provide affordable childcare services in all of our communities. This effort underscores Governor Murphy’s dedication to ensuring the educational success of our NJ children, and we’re thrilled that the grant will have a progressive impact in the child care sector,” said Sharon Roseboro, President, NJPTA.

“New Jersey applauds Gov. Murphy’s administration for its investment in early childhood education. The $140 million will reap a 400 percent return, or $560 million, according to the Advocates for Children of New Jersey’s research. AFTNJ members know that such a substantial financial investment in preschool has long-lasting effects on academic achievement for the students enrolled in quality programs,” said AFT New Jersey President Jennifer S. Higgins.

About the NJEDA

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

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

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Please be advised that the Capital City Redevelopment Corporation Board Meeting previously scheduled for October 22, 2024, is hereby cancelled.

The next regularly scheduled meeting is Tuesday, November 26, 2024 @ 11am. The Members will meet in person and via Microsoft Teams.

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

TRENTON, N.J. (October 17, 2024) – The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Real Estate Gap Financing Grant Program, which will provide grants for real estate development projects located in distressed, eligible municipalities that require gap financing.

WHAT:          The Real Estate Gap Financing Grant Program is a $10 million pilot program established to support development projects and help address the negative economic impacts of the COVID-19 pandemic. Grant funding will be provided up to 50 percent of total eligible project costs with a minimum grant funding of $500,000, up to maximum $5,000,000 per project.

WHO:             Eligible real estate projects include commercial/office, supermarkets/grocery stores, manufacturing, non-profit/community use projects (not government owned) cultural arts, performing arts, and mixed-use projects located in 25 distressed municipalities.

For a complete list of eligible municipalities and other eligibility requirements, click here.

WHEN:          Applications are now being accepted and will close Wednesday, January 8, 2025, at 5:00 p.m.

An informational webinar was recently hosted by the NJEDA. Interested parties can view the webinar 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 Facebook, Twitter, Instagram, 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, October 22, 2024, 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:                    719 714 707#

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

Program enables commercial property owners to make energy efficiency, clean energy, and resiliency upgrades

TRENTON, N.J. (October 10, 2024) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program. The program will allow commercial property owners to access a new form of financing to undertake energy efficiency, water conservation, renewable energy, and resiliency upgrades, supporting Governor Phil Murphy’s efforts to transition to 100 percent clean electricity in the state by 2035.

“After seeing the success of C-PACE programs across the country, I was proud to sign legislation into law to establish the program in the Garden State,” said Governor Murphy. “The time for bold, innovative actions that will help thwart the effects of climate change is now. The Garden State C-PACE Program will lead to a greater embrace of clean energy measures that will help improve our communities, while saving money for New Jerseyans.”

“Under Governor Murphy’s leadership, New Jersey has set ambitious clean energy goals, unlocking opportunities in emerging industries to create economic growth and high-quality jobs while protecting the environment for future generations,” said NJEDA Chief Executive Officer Tim Sullivan. “The Garden State C-PACE program will serve as a catalyst for private investment into building decarbonization, renewable energy, and resiliency projects, helping to reduce energy costs and stimulate the economy.”

The Garden State C-PACE Program allows property owners to repay investments from Qualified Capital Providers into eligible projects through a special assessment to a Participating Municipality, similar to the owner’s real property tax, sewer, or water bill. The Participating Municipality then remits the payment to the initial capital provider. This unique form of financing results in lower-cost, longer-term financing, making it easier for projects to be cashflow-positive from the outset. Municipalities are required to opt-in prior to any project application.

In 2021, Governor Murphy signed legislation authorizing the establishment of the C-PACE Program. Over the past decade, C-PACE programs in more than three dozen states have proven an effective tool to attract private capital into the renewable energy, energy efficiency, and resiliency markets. To date, according to the non-profit entity PACENation, there have been 3,340 C-PACE projects throughout the United States, which have drawn a collective investment of $7.2 billion and have created more than 88,700 job-years.

“The Garden State C-PACE program is a game changer for New Jersey, making it easier for property owners to embrace energy efficiency and sustainability without the burden of upfront costs. This will fuel our state’s green transformation, help companies further embrace new technologies, and create jobs,” said Senator Raj Mukherji. “I applaud Governor Murphy for his continuing steadfast commitment to clean energy and for implementing this law. The program will catalyze significant energy cost savings and strengthen our state’s environmental resilience.”

“Across New Jersey, property owners want to transition their buildings to clean energy and to be more energy efficient, but are too often held back by upfront costs,” said Senator Bob Smith, Chair of the Senate Environment and Energy Committee. “Thanks to the NJEDA’s approval of this program, New Jersey will join the dozens of other states that utilize C-PACE to assist their citizens to more rapidly transition their properties, enjoy the benefits of clean energy, and combat the effects of climate change.”

“New Jersey’s new C-PACE program builds upon the Murphy Administration’s commitment to create more opportunities for innovative clean energy projects across the state,” said Eric Miller, Executive Director of the Office of Climate Action and Green Economy. “With this program, we can continue to grow our green economy, while at the same time achieving our ambitious climate goal of lowering emissions 50% by 2030.”

“The Garden State C-PACE Program facilitates an innovative approach to making clean energy choices more financially accessible to commercial property owners and supporting continued job growth in the clean energy sector, which supports the long-term goals identified in the Global Warming Response Act 80×50 Report that aims to reduce greenhouse gas emissions by 80 percent by 2050,” said New Jersey Environmental Protection Assistant Commissioner for Community Investment and Economic Revitalization Elizabeth Dragon. “My DEP colleagues and I encourage eligible property owners to explore the opportunities through C-PACE that will foster a more sustainable future and enhance the quality of life for New Jersey residents.” 

The Garden State C-PACE Program’s Participating Municipality, Qualified Capital Provider, and Qualified Technical Reviewer Intake forms are expected to launch soon, with the project application following shortly thereafter. For more information, including eligibility requirements and program guidelines, visit https://www.njeda.gov/c-pace/ or email Gardenstatecpace@njeda.gov.

About the NJEDA

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

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

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$15M pilot program aims to reduce greenhouse gas emissions

TRENTON, N.J. (October 9, 2024) – The New Jersey Economic Development Authority (NJEDA) Board has expanded eligibility requirements for the NJ Cool Program, which provides grants to building owners and tenants undertaking retrofit construction projects that reduce greenhouse gas emissions from existing buildings. While the original program eligibility only included commercial buildings, the Authority has expanded the type of buildings eligible to apply to include industrial and institutional buildings, such as schools, non-profits, and local government buildings. Under the current pilot program, only projects in Atlantic City, Edison, and Newark are eligible for grant funding.

WHAT:            Under the NJ Cool program, the NJEDA will provide grants of up to $1 million to applicants for eligible hard construction costs for emissions-reducing projects, such as updating a building’s heating and cooling system. In addition to reducing emissions, the program will accelerate the adoption of more environmentally friendly building systems, technologies, and construction practices within New Jersey.

WHO:              The NJ Cool program is limited to existing commercial, industrial, and institutional buildings within Atlantic City, Edison, and Newark, which are designated Overburdened Communities per the State’s Environmental Justice Law. Buildings within these communities must meet select building occupancy classes or property classes to be eligible to apply. Eligible applicants may own or lease the building space that will be improved using the grant funding.

WHEN:           Applications are currently open and are first-come, first-served. An updated Notice of Funding Availability will be posted when the expanded program eligibility comes into effect. Please see https://www.njeda.gov/public_information/#NOFA for updates. For more information on the program, including full application requirements and eligible projects, please monitor https://www.njeda.gov/njcool/ or email njcool@njeda.gov.

About the NJEDA

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

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

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Applications for the tuition-free program are now open

TRENTON, N.J. (October 7, 2024) – The New Jersey Economic Development Authority (NJEDA) and Kean University are partnering with the Initiative for a Competitive Inner City (ICIC) to bring Building for Growth (BFG) to the State of New Jersey. BFG is a tuition-free program that provides construction companies education and tools to help them increase capacity and develop sustainable growth strategies for their businesses. BFG was developed by ICIC, a national nonprofit advocacy group committed to spurring economic growth in under-resourced communities by supporting small businesses, creating jobs, and building wealth for residents. 

“This partnership between the NJEDA, Kean University, and the Initiative for a Competitive Inner City underscores New Jersey’s commitment to giving our diverse small businesses the opportunity to grow,” said Gov. Phil Murphy. “I’m proud to make this investment in uplifting our underrepresented communities and ensuring that New Jersey’s women- and minority-owned businesses have the resources they need to succeed.”

BFG aims to help businesses build their backlog, access capital, increase their bonding capacity, and position themselves to secure larger-scale contracts. Since its inception, BFG has demonstrated success in improving outcomes for construction companies owned primarily by people of color, women, and veterans. This hybrid 18-week program combines weekly classroom training, dedicated technical assistance, and one-on-one mentorship. Applications for the program are now open. Click here to apply.

“Under Governor Murphy’s leadership, New Jersey continues to implement unique programs to ensure minority- and women-owned small businesses have the resources, support, and access to capital needed to grow and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is proud to partner with Kean University and ICIC on this initiative, which will provide quality, tuition-free education for diverse small business owners on the path to success. The effort to bring BFG to the State builds off of our successful investment in the Small Business Bonding Readiness Program, and we plan to continue the partnerships we have developed with the diverse chambers across the state to offer this pivotal program to their members and New Jersey’s diverse business community.”

The program will offer four in-person sessions during the 18-week curriculum, including a kickoff and graduation hosted at Kean University, with panelists who will speak directly to the needs of growing construction businesses in New Jersey. During the course, participants will learn finance fundamentals, how to compete for contracts, construction law, contract negotiation, how to navigate certifications, and how to build a long-term business plan.

“As New Jersey’s urban research university, Kean is committed to creating pathways for economic opportunity and growth in our communities,” said Lamont O. Repollet, Ed.D., president of Kean University. “Our collaboration with NJEDA and ICIC on the Building for Growth program will equip diverse construction businesses with the knowledge and resources they need to thrive. By fostering these types of strategic partnerships, we are advancing Kean’s goal to be a catalyst for positive change and sustainable economic development across the state.”

“Expanding the Building for Growth program to New Jersey marks a significant step in empowering diverse contractors to overcome barriers and achieve lasting success,” said Steve Grossman, CEO of ICIC. “By equipping these talented entrepreneurs with the skills, connections, and support they need, we are not only strengthening their businesses but also fostering economic growth and resilience in under-resourced communities across the state.”

To be eligible for the BFG program, a company must:

• Be an independent corporation in the construction industry
• Be at least 51 percent minority, woman- or veteran-owned and/or located in an Overburdened Community;
• Have annual revenues of $1-10 million and/or be on course to exceed $2 million within the next 3 years; and
• Headquartered in New Jersey, or perform a significant percentage of contracts in New Jersey.

For a full list of eligibility and to learn more, click 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.

About Kean University

Kean University, New Jersey’s urban research university, is a national institution of higher education recognized for its diversity, innovation, and the social mobility of its graduates. Founded in 1855 as a teachers college, Kean has evolved into a thriving research university that supports students as they persist to graduation, give back to their communities, and launch successful careers. Kean’s six colleges offer more than 50 undergraduate programs, six doctoral degree programs, and more than 70 options leading to master’s degrees, professional diplomas, or certifications across a full range of academic subjects. With campuses in Union, Toms River, and Manahawkin, New Jersey, and Wenzhou, China, as well as Kean Online, the University provides students of all backgrounds an affordable and accessible world-class education. Learn more at www.kean.edu.

About ICIC

Initiative for a Competitive Inner City (ICIC) is the widely-recognized authority on accelerating small business growth in under-resourced communities. Founded by renowned Harvard Business School professor Michael Porter 30 years ago as a research and strategy organization, today ICIC drives inclusive economic prosperity in underserved communities through innovative research and programs to create jobs, income, and wealth for local residents.