Press Releases Archives - Page 15 of 150

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 Facebook, Twitter, Instagram, 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

MICROSOFT TEAMS MEETING ACCESS LINK

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.

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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.

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TRENTON, N.J. (May 5, 2025) – The New Jersey Economic Development Authority (NJEDA) today opened applications for the Employee Stock Ownership Plan (ESOP) Assistance Program. The program, which was approved by the NJEDA Board in April, 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, while supporting business owners in transition planning.

WHAT: The ESOP Assistance Program will connect applicants with an approved contractor to perform feasibility study services and provide technical assistance in the creation of an ESOP, an employee ownership model in which employees retain interest in shares of a company through holding corporate stock in a trust. 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.

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.

WHO: Eligible businesses must be located in New Jersey, have at least 20 full-time employees, and be in good standing with the New Jersey Department of Labor and Workforce Development and the New Jersey Department of Environmental Protection. For more information on eligibility, click here.

WHEN: Applications for the ESOP Assistance Program are open and will be accepted on a rolling basis. For any questions regarding the program, please contact ESOPAssistanceSupport@njeda.gov.

An informational webinar on the ESOP Assistance Program will be held Wednesday, May 28, at 1:00 P.M. in collaboration with the Rutgers School of Management and Labor Relations. To register, click here.

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Please be advised that the Board Meeting for the New Jersey Green Bank scheduled for May 8, 2025, is hereby cancelled.

The next regularly scheduled meeting is Thursday, June 5, 2025, virtually, and in person at the NJEDA’s Trenton offices.

A virtual information session will also be held during the first week of May

TRENTON, N.J. (April 29, 2025) – In celebration of National Small Business Week, the New Jersey Economic Development Authority (NJEDA) will host an in-person “Show Me the Resources” fair to highlight key state resources available for small business owners and entrepreneurs. A virtual webinar option is also available for interested parties unable to attend in-person.

WHAT: NJEDA representatives will be available at the in-person “Show Me the Resources” fair to provide information about the Authority’s programs and products aimed to support small businesses, as well as businesses in the clean energy, arts and culture, and film sectors. The in-person event is hosted in conjunction with the New Jersey Business Action Center, the New Jersey Department of Treasury, the New Jersey Small Business Development Centers, and the Small Business Administration.

WHO: Small business owners, entrepreneurs, economic development professionals, local government representatives, non-profit organizations, and community partners are welcome to attend the in-person and virtual events. Both events are free to attend.

WHEN: In-person Session:
Tuesday, May 6, 2025 – 9:00 a.m. – 12:00 p.m.
The College of New Jersey
Brower Student Center
2000 Pennington Rd.
Ewing, N.J.
*Parking available in lots 5, 6, and 7.
Click here to register.

Virtual Session:
Thursday, May 8, 2025 – 5:00 p.m. – 6:00 p.m.
Click here to register.

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NJ Green Workforce Training Grants support Governor Murphy’s clean energy and climate goals

TRENTON, N.J. (April 28, 2025) – In celebration of Earth Month, the New Jersey Economic Development Authority (NJEDA) announced it recently approved four applications under the NJ Green Workforce Training Grant Challenge, totaling over $4.3 million in funding. The awardees will develop training programs to prepare New Jersey residents for green economy careers, with a particular focus on serving overburdened communities.

“These four approvals through the Green Workforce Training Grant Challenge will provide long-lasting solutions that will protect our environment while creating opportunities for New Jersey’s most vulnerable workforce,” said Governor Phil Murphy. “This grant challenge is a unique chance for entities across New Jersey to train residents for jobs in clean energy and other vital green sectors, which will help support a stronger and more diverse economy.”

The Grant Challenge was a competitive funding opportunity and applicants had to submit proposals outlining their plans to develop and implement workforce supports to bolster the green economy, with a focus on New Jersey’s overburdened communities. Grants from $250,000 up to $1.5 million were available. Awardees may use funds to cover design, planning, capital, and implementation costs to offer training programs in green economy industries.

“Guided by the recommendations of the New Jersey Green Economy Task Force, New Jersey is preparing its residents for a cleaner, more environmentally friendly and resilient economy,” said First Lady Tammy Murphy. “The organizations that received funding through the Green Workforce Training Grant Challenge are addressing climate change head on by both building out our talent pipeline and also providing necessary support to ensure equitable access to trainings and certifications.”

“The Murphy Administration remains dedicated to building a clean energy future, and through initiatives like the Green Workforce Training Grant, the NJEDA is leading efforts to expand access to essential workforce training and development opportunities in emerging green sectors,” said NJEDA Chief Executive Officer Tim Sullivan. “The Grant Challenge highlights the State’s continued commitment to ensuring New Jersey residents are at the forefront of the green economy and that those in overburdened communities are prepared to take on the good-paying jobs of the future.”

“These awards will continue to empower our residents to get trained in cutting edge jobs that support the clean economy,” said Eric Miller, Executive Director of Council on the Green Economy. “The clean energy sector is one of the fastest growing sectors of our economy, and preparing our citizens to benefit from that growth is exactly what these awards accomplish.”

The following four applicants will receive grant funding through the NJ Green Workforce Training Grant Challenge:

Elizabeth Development Company of New Jersey ($500,000): The Elizabeth Development Company of New Jersey, in collaboration with Dimension Energy, will provide hands-on solar energy training with graduates earning North American Board of Certified Energy Practitioners (NABCEP) Photovoltaic Associate certification and OSHA 30-hour certification. The course will take place in Elizabeth and Jersey City. Supportive services for participants will include stipends, job readiness training, and support with accessing public benefits.
Ideal Education, A NJ Nonprofit Corporation ($1,500,000): Ideal Education will be training individuals to become certified NJ Clean Energy Program Installers and Weatherization and Energy Auditors in collaboration with Coalition for a Safe Community and Community Strategies and Solutions. The training will take place in-person in Pleasantville and will also utilize a mobile hands-on training unit and a virtual platform. Supportive services for participants will include transportation assistance, childcare services, counseling and mentorship, and job placement support.
New Jersey Environmental Justice Alliance, Inc. (NJEJA) ($1,373,000): NJEJA will provide training in collaboration with Soulful Synergy and Green Tech Leaders on building systems, thermal systems, weatherization, and heating, ventilation, and air conditioning (HVAC), leading to multiple industry-recognized certifications. The training will be hybrid with the in-person portion taking place in Newark. Supportive services for participants will include stipends, mentorship, transportation, childcare, and other health services support.
Hugo Neu Realty Management, LLC ($976,987): Hugo Neu will conduct training modules for graduates to obtain the Green Stormwater Infrastructure (GSI) Certification and the Electric Vehicle Infrastructure Training Program (EVITP) Certification, with the EV program recruiting those who have already received their Electrical Assistant training. The training will be hybrid with the in-person portion taking place in Kearny. Hugo Neu Realty Management will collaborate with the New Jersey Reentry Corporation, and will offer supportive services such as stipends, assistance accessing public benefits programs, health support, housing assistance, job placement support, and access to legal services for record expungement.

About the NJEDA

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Apprenticeship Training Centers Construction Grant Program will support the development of USDOL Apprenticeship facilities in Overburdened Communities

TRENTON, N.J. (April 24, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved the creation of a $9.7 million grant program to support the construction of workforce training facilities in New Jersey’s Overburdened Communities. The Apprenticeship Training Centers Construction Grant Program aims to support the establishment of facilities that will help enable access to low- or no-cost training and eliminate transportation barriers, preparing local residents for high-paying jobs and creating positive economic benefits for communities.

“Under Governor Phil Murphy’s leadership, New Jersey has continued to invest in innovative apprenticeship and workforce development programs, with a particular focus on expanding equity and diversity in a range of career paths,” said NJEDA Chief Executive Officer Tim Sullivan. “This new initiative builds on the NJEDA’s existing efforts to expand workforce development programs across the state, preparing New Jersey residents for good-paying, family-sustaining careers and strengthening efforts to promote equitable economic opportunity.”

The new program will award grants between $500,000 and $6.5 million to sponsors of a Registered Apprenticeship Program as defined by the United States Department of Labor’s Office of Apprenticeship. Applicants will be required to be in and conduct training for the building and construction trades in the funded facility. Grants will cover up to 70 percent of all eligible project costs, and up to 80 percent of eligible project costs in a Government Restricted Municipality. More information on the application process will be available soon on the NJEDA’s website.

An eligible project location must be within an Overburdened Community as defined by the New Jersey Department of Environmental Protection (NJDEP). The NJDEP maintains a list and visualizations of Overburdened Communities throughout the state at https://dep.nj.gov/ej/communities/.

Funding for the Apprenticeship Training Centers Construction Grant Program will be utilized from the New Jersey Department of Labor and Workforce Development’s (NJDOL) Workforce Development Partnership Fund. In February 2024, the NJEDA Board approved an MOU with the NJDOL that permits disbursement from the fund for the NJEDA to create and sustain workforce development programs and projects. Since 2018, New Jersey has invested nearly $100 million in grant funding to support registered apprenticeship programs and has experienced a 138 percent increase in earn-while-you-learn opportunities.

“This grant program amplifies the Murphy Administration’s record-setting commitment to apprenticeship, and we are taking decisive steps to ensure every resident has the opportunity to succeed in high-demand trades, fueling both personal advancement and regional progress,” said Labor Commissioner Robert Asaro-Angelo. “This initiative exemplifies New Jersey’s dedication to building an economy where everyone has the chance to thrive, demonstrating that when we empower workers, we uplift entire communities.”

About the NJEDA

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$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.

About the NJEDA

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