$2.7M ESOP Assistance Program aims to reduce economic disparities and create generational wealth

TRENTON, N.J. (April 22, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Employee Stock Ownership Plan (ESOP) Assistance Program, which will connect applicants with an approved contractor to perform feasibility studies and provide technical assistance. The program aims to increase employee ownership models in the state, which can provide employees with opportunities to have a greater stake in a business, generate sustainable and equitable wealth, and ensure greater financial security.

“Under Governor Murphy’s leadership, New Jersey has expanded opportunities for equitable economic growth by providing the resources needed for diverse businesses and entrepreneurs to thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “By expanding ESOPs, the NJEDA aims to create life-changing economic opportunities for workers and their families while supporting sustainable business transition plans, strengthening communities and businesses across the state.”

In 2021, Governor Phil Murphy issued Executive Order No. 262, which established the Wealth Disparity Task Force to examine the causes of, and creates remedies for, the longstanding wealth disparities that affect Black and Hispanic New Jerseyans. ESOPs, an employee ownership model in which employees retain interest in shares of a company through holding corporate stock in a trust, can create generational wealth for workers and provide unique succession plans for business owners.

ESOPs are successful nationwide and around the state, creating and sustaining wealth for employee owners. New Jersey is home to close to 90 ESOPs, nearly $65 billion in plan assets covering over 423,000 current employees and retirees, with an average stock account for eligible current employees of close to $190,000. The ESOP Assistance Program will alleviate risks for the business owner as they explore an employee ownership model. 

“Through the promotion of employee ownership models, the NJEDA aims to close racial wealth gaps, preserve diverse businesses, and increase household incomes for working class families,” said NJEDA Chief Diversity and Inclusion Officer Michelle Bodden. “Reducing economic disparities in New Jersey will contribute to a stronger and fairer economy for every resident and business owner, strengthening the state’s economic competitiveness.”

“We applaud the Murphy Administration and the New Jersey Economic Development Authority’s efforts to provide employees with access to resources that can place them on a pathway to understanding the principles to creating and obtaining wealth,” said African American Chamber of Commerce of New Jersey Founder, President, & Chief Executive Officer John E. Harmon, Sr. “The ability to connect the hard working citizens of NJ, to this level of professional assistance can be transformational. The wealth disparities in our state are significant, and the best way to mitigate them is to first acknowledge the disparity, and then apply proven strategies with intentionality to attain meaningful outcomes. The ESOP Assistance Program can be the catalyst to achieving these goals.”

“The NJEDA’s support for companies exploring employee ownership through ESOPs is a major win for our members and their employees,” said Statewide Hispanic Chamber of Commerce President and Chief Executive Officer Carlos Medina. “It creates a pathway for building generational wealth, deepening employee engagement, and strengthening small business stability. This initiative is a meaningful step toward a more inclusive and equitable economy across New Jersey.”

In July 2024, the NJEDA entered into an agreement with the Rutgers School of Management and Labor Relations to create educational and informational programming to increase the quantity of New Jersey businesses utilizing an ESOP. In March, the NJEDA and Rutgers held an ESOPs panel with business owners employing employee ownership models, which included discussions on the various benefits of ESOPs, methods of creating and implementing ESOPs, and the cultural and financial impacts of ESOPs on the workforce.

Rutgers is proud of the opportunity to partner with NJEDA as it develops this assistance program,” said Rutgers Institute for the Study of Employee Ownership and Profit Sharing Associate Director and Rutgers Center of Employee Ownership Executive Director William Castellano. “Together we are continuing our work to promote the many benefits of employee ownership throughout the State; from the business owner who is looking for a sustainable succession plan option, to the worker who stands to gain an added benefit through these opportunities, and to the communities these businesses serve.”

An informational webinar on the ESOP Assistance Program will be held on Wednesday, May 28, at 1:00 P.M. To register, click here.

In February, Onyx Partners Group and Lazear Capital Partners were approved by the NJEDA Board as contractors for the ESOP Assistance Program. Both firms are experienced in ESOP transitions, including the design and development of feasibility studies and valuations. Applications for the ESOP Assistance Program are expected to open in early May.

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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Investor meetings, entrepreneur ecosystem resource fair, and pitch competition showcase New Jersey’s leadership in innovation

TRENTON, N.J. (April 16, 2025) – Last month, the New Jersey Economic Development Authority (NJEDA) held a New Jersey Founders and Funders’ All-Stars Alumni Pitch Competition and Resource Fair, bringing startups, investors, and other innovation economy stakeholders together for a day of pitches, an ecosystem resource fair, and many informal networking opportunities. The semi- annual Founders and Funders event connects early-stage businesses with investors to discuss strategy, business models, and funding opportunities, strengthening the state’s vibrant innovation ecosystem. The second alumni pitch competition featured qualified companies that previously presented at Founders & Funders events, competing for the opportunity to apply for a $100,000 grant award.

“Under Governor Murphy’s leadership, New Jersey has cemented its role as a national leader in the innovation economy, providing entrepreneurs and startups with the capital and support they need to grow and thrive in the Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA’s Founders and Funders initiative continues to spark vital connections between investors and entrepreneurs, and this year’s All-Stars event showcased the incredible depth of talent driving our state’s thriving startup ecosystem. Through ecosystem development initiatives like Founders and Funders, we are building on New Jersey’s rich legacy of innovation to power the technologies and companies of tomorrow.”

Since 2014, the NJEDA has organized 16 Founders and Funders events to facilitate warm introductions between innovative emerging New Jersey companies and sophisticated angel investors and venture capital firms. Since its inception, more than 400 companies and 250 investors have participated in Founders and Funders events. At last week’s event, 10 “All-Star companies” had the opportunity to pitch and meet with 11 venture capital firms. Over 20 investors were present throughout the day, and more than 50 entrepreneurs engaged in meaningful discussions with resource fair ecosystem participants.

“Since our inaugural event in 2014, the NJEDA’s Founders and Funders initiative has matched hundreds of startup companies with investors, bolstering economic opportunity and access to capital for entrepreneurs and promoting growth in the state’s innovation ecosystem,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This year’s all-stars event exemplifies the breadth of talent in New Jersey’s startup community and the transformative impact of investment in innovation.”

This year’s All-Stars event included an ecosystem resource fair as well as a presentation on the NJEDA’s Strategic Innovation Center initiative, showcasing the range of programs available to bolster the creation of startups in the state.

The prize winner of the alumni pitch competition, which was selected by audience vote, was Cranford-based Boxcar, an innovative, integrated commuting company focused on simplifying long and stressful commutes through luxury busing and other services. Founded in 2016, Boxcar previously received funding from the NJEDA through the Angel Match Program and obtained further investment from Newark Venture Partners with NJEDA support.

“This was another terrific NJEDA event,” said Boxcar Founder and Chief Executive Officer Joe Colangelo. “Boxcar was able to meet new investors as well as reconnect with investors that we initially pitched at a 2018 Founders and Funders event – 7 years ago! Similarly, we were able to catch up in person with all the dedicated people at the NJEDA who have helped us over the last 8 years. They have become real partners when it comes to building and scaling in New Jersey, and I would encourage every entrepreneur in this state to reach out to the NJEDA regardless of their size. The NJEDA has programs for every stage company and their employees are so dedicated to finding a way to help.”

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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TRENTON, N.J. (April 15, 2025) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Route 80 Business Assistance Grant Program on Tuesday, April 22, at 10:00 a.m. The grant program will support small businesses in Morris County that have experienced a decline in revenue due to the lane closures on Route 80 caused by the ongoing sinkhole repairs.

WHAT:            The Route 80 Business Assistance Grant Program will provide grants ranging from $1,000 to $15,000 to businesses and non-profits located in close proximity to Route 80’s Exit 34, the epicenter of the sinkholes causing traffic disruptions.

WHO:              Eligible applicants include small businesses and non-profits that have up to 50 full-time employees. Businesses must be located in Morris County and within a five-mile radius of Route 80’s Exit 34. Applicants must also certify a negative financial impact of at least $1,000 for the first quarter of 2025.

WHEN:           Applications for the program will open Tuesday, April 22, 2025, at 10:00 a.m. and will be accepted on a first-come, first-served basis until funds are exhausted. For more information about the program and to apply, click here.

                        The NJEDA is hosting several information sessions for small business owners interested in learning more about the program, its eligibility requirements, and application process. The next information session is a webinar and will be held tomorrow, Wednesday, April 16, 2025 at 6:00 p.m. Click here to join.

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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TRENTON, N.J. (April 11, 2025) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on proposed amendment to the Garden State Film and Digital Media Tax Credit Program Rules. The goal of the program is to incentivize production companies to film and create digital media content in New Jersey.  The proposal includes readoption of the February 2024 specially adopted rules with substantial changes, which further clarify the rules and reflecting changes made by P.L. 2024, c. 33, signed into law in July 2024.

WHAT:            The document posted on the NJEDA webpage is a draft, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval. If approved, the amendments will be published in the New Jersey Register for formal public comment as required by the Administrative Procedure Act before adoption.

The document can be found here.

WHEN:           Feedback must be submitted through the NJEDA’s website by 5:00 p.m., EST, Tuesday, April 15, 2025.

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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TRENTON, N.J. (April 11, 2025) – Last month, the New Jersey Economic Development Authority (NJEDA) Board approved a tax credit award of over $10 million to rehabilitate a five-story building in Atlantic City under the Historic Property Reinvestment Program (HPRP). The Ridley Lofts Rehabilitation Project, developed by Ridley Lofts Urban Renewal Entity, LLC and Odin Forward, will bring 35 new residential units to the Orange Loop district in Atlantic City.

“Restoring vacant or underutilized vacant properties serves as a core component of Governor Phil Murphy’s commitment to revitalizing communities, creating jobs, and driving economic growth in commercial hubs,” said Tim Sullivan, Chief Executive Officer of the NJEDA. “Through the HPRP, the Ridley Lofts Rehabilitation Project will safeguard the historic Atlantic City YMCA building for future generations, deliver new housing, and serve as a catalyst for the continued revitalization of the Orange Loop district.”

The project consists of the complete rehabilitation of a five-story building located at 1307 Pacific Avenue into a modern residential housing development. In addition to the 35 new residential units, the development will include a fitness center, on-site management, a secure package and mail room, and a resident lounge. The early 20^th century building originally operated as the Atlantic City YMCA. The building has a total of approximately 45,516 square feet of interior space and has been vacant for over three years.  

The HPRP’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value. The revitalization of historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program and is subject to an annual program cap of $50 million, with annual unused amounts included in the amounts available for approval in the subsequent year.

Full details on the program are available 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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NJEDA Board approved the new program today

TRENTON, N.J. (April 9, 2025) – The New Jersey Economic Development Authority’s (NJEDA) will host several information sessions for small business owners interested in the Route 80 Business Assistance Grant Program. The grant program will support small businesses in Morris County that have experienced a decline in revenue due to the lane closures on Route 80 caused by the ongoing sinkhole repairs. The NJEDA Board approved the program today during its monthly meeting and the Authority expects to open applications later this month.

WHAT:            The Route 80 Business Assistance Grant Program will provide grants ranging from $1,000 to $15,000 to businesses and non-profits located in close proximity to Route 80’s Exit 34, the epicenter of the sinkholes causing traffic disruptions. The Authority will host in-person and virtual information sessions for businesses owners to learn more about the program’s eligibility requirements and application process.

WHO:              Eligible applicants include small businesses and non-profits that have up to 50 full-time employees. Businesses must be located in Morris County and within a five-mile radius of Route 80’s Exit 34. Applicants must also certify a negative financial impact of at least $1,000 for the first quarter of 2025.

WHEN:           In-person Session:
Monday, April 14, 2025 – 5:00 p.m.
Wharton Municipal Building
10 Robert Street
Wharton, N.J.
*Business owners are encouraged, but not required, to bring a laptop or tablet to the in-person session to ensure proper access to the application portal.

The SBA’s Business Recovery Center is also located at the Wharton Municipal Building, where business owners can receive information about federal Economic Injury Disaster Loans. Hours are Monday-Friday 8:30 a.m.-5:00 p.m. and Saturday 10:00 a.m.-2:00 p.m.

Virtual Sessions:
Tuesday, April 15, 2025 – 10:00 a.m.
Click here to join.

Wednesday, April 16, 2025 – 6:00 p.m.
Click here to join.

For more information about the Route 80 Business Assistance Grant Program click 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 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, April 15, 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:                    575 254 802#

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

TRENTON, N.J. (April 7, 2025) – Applications for the New Jersey Economic Development Authority’s (NJEDA) Cultural and Arts Facilities Expansion (CAFE) Program are now open. The CAFE Program will help bolster New Jersey’s arts sector by supporting the development and rehabilitation of cultural arts facilities, such as performing arts centers and museums.

WHAT:          The CAFE Program will provide tax credits through a competitive process to cultural arts institutions to build or renovate facilities, including aquariums, historical societies, libraries, galleries, museums, performing arts centers, or other eligible cultural or arts facilities.  Eligible awardees will receive tax credits covering 100 percent of eligible project costs, up to $75 million.

WHO:             Eligible applicants include government entities and not-for-profits whose primary mission is arts and culture, or a for-profit business receiving a federal or state historic preservation rehabilitation tax credit. Applicants are required to contribute 10 percent or 20 percent equity to the project, depending on the project location. The minimum project size is $5 million.

WHEN:          Applications for the CAFE Program are now open. Applications must be submitted by June 6, 2025, at 5:00 p.m. To apply and for more information, click 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 Facebook, Twitter, Instagram, and LinkedIn.

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New Jersey to Also Receive Economic Injury Disaster Loan Assistance from the U.S. Small Business Administration

TRENTON, N.J. (April 4, 2025) – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (NJEDA) plans to create a $5 million grant program aimed at supporting small businesses in Morris County that have experienced a decline in revenue due to the lane closures on Route 80 caused by the ongoing sinkhole repairs. The Route 80 Business Assistance Grant Program will provide grants to for businesses and non-profits located in close proximity to Route 80’s Exit 34. The grant program will go to the NJEDA Board next week for approval.

Additionally, the Governor announced that the U.S. Small Business Administration this week approved Economic Injury Disaster Loans (EIDL), capped at $2 million, for Morris County and the contiguous counties of Hunterdon, Passaic, Somerset, Sussex, Union, and Warren. The EIDLs are a working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

“It’s been a grueling several weeks for Morris County business owners located off the Route 80 corridor. From Wharton to Roxbury, small businesses have had fewer customers, resulting in a decline in sales and revenue. I’m happy to announce today that help is on the way,” said Governor Murphy. “The NJEDA’s planned grant program, paired with the U.S. Small Business Administration’s Economic Injury Disaster Loans, will inject much-needed capital into small businesses. We are committed to doing this as swiftly as possible to ease the burden on local businesses.”

“From natural disasters like Hurricane Sandy and tropical storms Henri and Ida, to a once-in-a-lifetime pandemic like COVID-19, the NJEDA is committed to supporting small business owners during dire times,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA shares Governor Murphy’s sense of urgency as we work to get critical funds to businesses most impacted by the Route 80 detours. We look forward to launching the program, which will help relieve the financial burden on small businesses, allowing them to stay open and continue serving communities in Morris County.”

The Route 80 Business Assistance Grant Program will provide grants to small businesses and non-profits that have up to 50 full-time employees. Applicants must certify a negative financial impact of at least $1,000 for the first quarter of 2025. Pending the NJEDA Board’s approval, the Authority is expected to open applications for the grant program by the end of the month. Additional program details and eligibility requirements will be available once the Board approves. Interested parties can check the NJEDA’s website and social media pages for updates.

“Small businesses along the Route 80 corridor are suffering the economic aftereffects of the sinkholes and traffic diversions caused by repair work,” said Senate President Nick Scutari. “They need help and they need it as quickly as possible. These EDA grants will be a financial lifeline that will help small businesses and service organizations keep their doors open and continue to serve the residents of their communities.”

“The ongoing lane closures on Route 80 have severely impacted small businesses in Morris County, causing a sharp decline in revenue for many that depend on steady customer traffic,” said Senate Republican Leader Anthony M. Bucco.“These businesses are not just the backbone of our local economy—they are owned and staffed by our families, friends, and neighbors. Now, through no fault of their own, they are struggling to stay afloat. Thank you Governor Murphy and the New Jersey Economic Development Authority for working with us, recognizing this hardship, and taking swift action by implementing the Route 80 Business Assistance Grant Program. This $5 million initiative will provide much-needed relief to affected businesses, helping them weather the financial challenges caused by these prolonged repairs. I look forward to the NJEDA Board’s approval next week and will continue fighting to ensure our small businesses receive the support they deserve.”

“For many business owners, a sudden lapse in revenue can mean the difference between keeping their doors open and closing for good, and the Route 80 closures have placed an undue burden on these surrounding communities,” said Speaker Craig J. Coughlin. “Supporting our local businesses is how we keep our communities strong and our economy moving. I commend the Governor and the NJEDA for acting on this matter quickly and decisively.”

“Small businesses are the heart of our Morris County communities, and they have borne the brunt of the Route 80 shutdown. I am grateful to the NJEDA and Governor Murphy for responding to our calls for help and launching this grant program,” said Assemblywoman Aura Dunn. “This critical support will provide real relief to business owners and working families as they fight to stay afloat. I look forward to continuing our bipartisan work to get these dollars out the door swiftly.”

“We want to thank the Governor’s Office, Senator Bucco, Assemblywoman Dunn, Assemblyman Barranco, the County Commissioners, and the NJEDA for their responsiveness to the needs of our business owners,” said Wharton Mayor William Chegwidden. “These businesses have been severely impacted by the decline of revenues resulting from the closure of Rt. 80 and we appreciate their swift action in creating this program that offers them real relief. This is government at its best- State, County, and Local all working as a team.”

” I’m thrilled and grateful for our business community that grants are becoming available to support their loss of revenue during this unpredicted transportation emergency,” said Mine Hill Mayor Sam Morris. “Thank you to everyone who made this possible.”

“This is a welcome and timely relief for our local businesses, who have been facing significant challenges since the closure of Route 80. The loss of customer traffic has taken a toll on our community’s small businesses, and this grant program will provide crucial support for businesses in the area,” said Mount Arlington Mayor Michael Stanzilis.“I want to thank Governor Murphy and the Economic Development Authority for taking this action and their continued commitment to helping our small businesses stay afloat during these difficult times. I’m confident this initiative will make a real difference for our local economy and help businesses in Mount Arlington and beyond recover and thrive.”

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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