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$10M A.R.T. program aims to bring businesses & workers back to NJ’s commuter hubs after pandemic

Second tranche of funding for real estate projects to be awarded in early 2024

TRENTON, N.J. (December 19, 2023) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved $3 million in Public Space Activation Grants under the Activation, Revitalization and Transformation (A.R.T.) Program, to support the revitalization of Atlantic City and Newark, which both experienced negative economic impacts due to the pandemic. The four entities that were approved for grants today will invest in projects that create an environment necessary to attract and retain residents and talent, enable business creation and attractions, enhance downtown vitality, and help local governments avoid future budget crises.

“As a result of the pandemic, New Jersey’s thriving downtown commuter hubs saw decreased foot traffic and revenue as many residents and workers transitioned to remote work,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Phil Murphy has made a commitment to bring a resurgence to our state’s downtowns by bringing more business, arts, and culture to attract residents and commuters. This first tranche of A.R.T. funding will help return the high rate of foot traffic that Atlantic City and Newark saw pre-pandemic.”

The A.R.T. program utilizes American Rescue Plan (ARP) State and Local Fiscal Recovery Funds (SLFRF) to reactivate and revitalize Atlantic City and Newark’s commercial corridors in the wake of COVID-19. Commercial corridors play a vital role in both urban and rural geographies, serving as economic engines for communities by providing jobs that keep money circulating in the local economy, offer goods and services for residents, and power entrepreneurship as well as wealth building. They also serve to foster arts and cultural activities, which drive dynamic, thriving communities.

“The arts and festivals that celebrate our diversity are two strong magnets for bringing Newarkers together as a unified community and for bringing out-of-towners to our city for an experience they can’t get anywhere else,” said Newark Mayor Ras J. Baraka. “We are grateful to the NJEDA ART program for this profound gift that allows us to showcase world-class talent in our spectacular venues, and share the exuberance of Newark’s creative, artistic vitality.”

“Atlantic City thrives on tourism, and the ART Program will ensure some of our most popular sites will be around for years to come for our millions of visitors annually to enjoy,” said City of Atlantic City Mayor Marty Small, Sr. “As we continue to look to put our pandemic hardships in the rearview, we appreciate everything the New Jersey Economic Development Authority has done for the Great City of Atlantic City, in this case for the many attractions that make this city so special.”

The following entities were approved for grants today:

Newark Alliance, Inc. – $1,500,000
The Newark Alliance will use the grant to create and support the inauguration of Festivals United, a coordinated strategy, fundraising, operations, marketing and public relations campaign that will leverage the ongoing efforts of multiple existing festivals throughout the city. Festivals United is a new coalition of six major arts and cultural festivals based in Newark: AfroBeat Fest, Halsey Festival, Lincoln Park Music Festival, Newark Arts Festival, Newark Pride, and Newark Winter Village, all in partnership with Newark City Parks Foundation. By combining the operational strengths of various festivals into a unified organization, this initiative amplifies their collective social and economic impact, and enhances the city’s overall vibrancy.

Stockton University – $1,001,300
Stockton University will lead a collaborative project with four Atlantic City Community Development Corporations to produce a major public space activation project. The funding will be used to support streetscape improvements, specifically forty wayfinding signs identifying non-casino cultural assets, four neighborhood branding gateways, 100 signs for the public murals, and a public tile installation in the heart of the city. The project also includes a comprehensive and collaborative citywide arts and cultural branding, marketing, and event coordination program that will increase social gatherings, activate vacant and underutilized space, and contribute to the resilience of the community.

Inlet Public Private Association, Inc. – $250,000
Inlet Public Private Association was established to promote the redevelopment of the Inlet section of Atlantic City. The non-profit organization will use the funding to support and maintain the Historic Absecon Lighthouse and hire a grant writer to ensure additional grants for continued community growth. The lighthouse is open year-round for visitors and features a free museum and gift shop. The site also offers a community garden and the city’s only farmer’s market. Additionally, the Absecon Lighthouse provides educational art programs.

Atlantic City Arts Foundation – $248,700
The non-profit organization is a key contributor to Atlantic City’s vitality and is the premier driver of arts and culture initiatives across the city. The Atlantic City Arts Foundation will use the funding to restore and protect eight murals damaged by time and weather. Funding will go towards purchasing supplies and materials to complete the restoration and support artist stipends.

“Newark has always led the way with world-class creative talent,” said Senate Majority Leader Teresa Ruiz (D-Newark). “Today’s funding announcement will go towards the expansion of opportunities to showcase the depth of our cultural expressions and the role art can play in economic development. I applaud the Administration for making this commitment to our great city.”

“The A.R.T. Program will provide a significant boost to support the long-term economic success of Atlantic City, as well as the surrounding Jersey Shore communities, which are the lifeblood of our tourism industry,” said Senator Vince Polistina (R-Atlantic). “Millions of people travel from all over the world to enjoy our renowned boardwalks and beaches. This program will help our shore towns preserve and maintain these popular tourist destinations by enabling them to construct and make necessary repairs to these critical structures and landscapes.”

“Newark is quickly becoming a global epicenter of the arts and culture scene by attracting world-renowned visual and performing artists,” said Assemblywoman Eliana Pintor Marin (D-Essex). “The grant funding announced today will strengthen the city’s ability to bring together key partners in this vital industry and to emerge from the COVID-19 pandemic stronger than ever.”

“The ART Program was created to drive impactful community engagement and the award approved today will do just that,” said Assemblywoman Shanique Speight (D-Essex). “Leveraging this grant funding, Newark will continue attracting people to join our neighborhoods, take advantage of our arts and culture scenes, shop in our businesses, and stimulate our economy.”

“Atlantic City is a beautiful tapestry of arts, culture and history. Experiencing all that Atlantic City has to offer enriches the lives of residents and visitors alike, while also contributing to the city’s economic recovery,” said Assemblyman Don Guardian (R-Atlantic). “This funding will preserve and celebrate the diverse communities that honor Atlantic City’s past, present and future.”

“Fostering an appreciation for Atlantic City’s heritage, its murals and public space requires investment and collaboration. This grant program gives communities an opportunity to shine and share their stories. It also strengthens Atlantic City’s ability to succeed, because it recognizes the importance of all of the city’s unique assets and offerings,” said Assemblywoman Claire Swift (R-Atlantic).

In 2024, the NJEDA will announce Real Estate Rehabilitation and Development grants under the A.R.T. Program. To mitigate the economic impacts of COVID-19 and support the development and recovery of New Jersey’s commercial corridors, the A.R.T. Program will invest in the infrastructure, capacity building, and resources necessary to help Atlantic City and Newark recover from the pandemic and thrive for years to come.

“Arts and culture are critical to a city’s vibrancy and can serve as a powerful tool to move economies forward” said NJEDA Chief Community Development Officer Tai Cooper. “The grants approved today will support meaningful projects that will help uplift Atlantic City and Newark neighborhoods and illuminate New Jersey’s rich and storied legacy in the arts.”

About the NJEDA

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.

Over $19 Million will Support Capital Projects to Improve Local Neighborhoods

TRENTON, N.J. (December 14, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the Atlantic City Revitalization Grant Program. The $19,650,000 pilot program will utilize American Rescue Plan (ARP) State and Local Fiscal Recovery Funds (SLFRF) to fund capital projects in Atlantic City, ensuring that local neighborhoods are directly supported.

Eligible projects must address a negative impact of COVID-19 and contribute to Atlantic City’s revitalization, which includes capital construction projects that renovate or restore a vacant building, or a new construction project. All projects must aim to address at least one local impact consideration, which include addressing downtown vitality efforts, job and office space creation, food insecurity, clean and safe initiatives, and small business support, with the long-term goal to help improve overall economic prosperity in Atlantic City.

“The Atlantic City Revitalization Grant Program advances Governor Phil Murphy’s goal of investing in New Jersey communities by promoting strong and equitable economic recovery, supporting business and job creation and bolstering local economies,” said NJEDA Chief Executive Officer Tim Sullivan. “The program approved today adds to the NJEDA’s robust suite of impactful and strategic programs to strengthen Atlantic City’s economy in the wake of the pandemic.”

The program will be open to for-profit and non-profit entities responsible for overseeing a real estate development project in Atlantic City. Program grants, which will be disbursed to approved applicants on a rolling basis until all funds are exhausted, will cover up to 50 percent of all soft and hard construction costs with a minimum award request of $1 million and a maximum award request of $10 million. Once approved for grant funding, projects will be presented to the NJEDA Board for final approval, and applicants must demonstrate they have secured the remaining portion of funding. For more information on program eligibility and the application process, click here.

“The Atlantic City Revitalization Grant Program is a welcome addition to ongoing efforts to diversify and expand the city’s economic opportunities and improve the quality of life for city residents,” said New Jersey Department of Community Affairs Acting Commissioner Jacquelyn A. Suárez. “Atlantic City is making strides and this new grant program will help keep the positive momentum going. We’re confident the Atlantic City revitalization grants will result in projects that strengthen neighborhoods, support existing businesses, and create well-paying jobs.”

“As the Small administration continues to push for more development in the Great City of Atlantic City, we are grateful this additional funding has become available to hopefully ease some burdens,” said City of Atlantic City Mayor Marty Small, Sr. “The COVID-19 Pandemic halted many development plans in Atlantic City, so I encourage anyone who is eligible to apply for these funds, and thank the New Jersey Economic Development Authority for your continued support.”

“This revitalization program is a monumental investment into Atlantic City and our shore town communities,” said Senator Vince Polistina (R-Atlantic). “Due to the prolonged effects of the pandemic, small businesses throughout the state—especially those at the Jersey Shore—are still struggling to survive. This initiative will help alleviate some of that economic stress by supporting capital projects, bolstering vital coastal infrastructure, and creating additional opportunities to generate revenue.”

“Atlantic City’s recovery from the economic effects of the pandemic is more than just getting gaming revenue back, it requires strategic investments in our neighborhoods,” said Assemblyman Don Guardian. “This city has a strong entrepreneurial spirit that I championed as mayor and that will be funded through this grant program. With this support from the state, and the imagination and dedication of small businesses, nonprofits, developers and local and state leaders, a healthier, safer, and more vibrant Atlantic City is on the horizon.”

“Today’s announcement will uplift Atlantic City’s communities through projects that support jobs, repurpose abandoned buildings and improve the health and security of residents,” said Assemblywoman Claire Swift. “This program marks a significant commitment to the future of Atlantic City and its resiliency.”

Grants awarded from the Atlantic City Revitalization Grant Program will utilize $19,650,000 in ARP Coronavirus State and Local Fiscal Recovery Funds of the $30 million appropriated for “Atlantic City Initiatives” in the New Jersey Fiscal Year 2024 Appropriations Act.

About the NJEDA

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Riverton project will transform long-dormant brownfield property into bustling riverfront community

TRENTON, N.J. (December 14, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved Aspire tax credits for a mixed-used, riverfront development in Sayreville that represents more than two million square feet of newly-constructed residential and commercial space, including 1,300 new residential units, 20 percent of which will be designated as affordable. The project is associated with over $1 billion in private investment.

The development, known as Riverton, is considered a transformative project under the Aspire Program and was approved for an award of up to 50 percent of eligible projects costs, not to exceed $400 million in total. Riverton is the first transformative project, and first project overall, that was approved under the new Aspire rules, which the NJEDA adopted in November. To date, the NJEDA Board has approved a total of $694 million in Aspire awards for residential projects, which will create 1,800 housing units and $271 million for a commercial transformative project under the prior rules.

“With today’s approval, Sayreville is poised to undergo a tremendous renaissance, which will bring new housing, jobs, retail, and recreation that will benefit the entire community,” said Governor Phil Murphy. “The Aspire Program continues to drive critical investments that support economic growth in communities across New Jersey.”

“Aspire’s flexible design had enabled us to support this long-anticipated project, which will transform a vast tract of land that had been rendered unusable many years ago, and once rehabilitated, in ways that will reinvigorate Sayreville, create jobs for the local community, and improve quality of life for Riverton tenants and residents of nearby areas,” said NJEDA Chief Executive Officer Tim Sullivan. “This is exactly the sort of thoughtful, impactful investment the legislature and Governor Murphy hoped to attract when creating the Aspire Program.”

Sayreville Seaport Associates Urban Renewal, L.P. is the applicant of the Riverton project, which is advancing at the culmination of a nearly 20-year efforts to remediate the former industrial site. In addition to the residential units which comprise over 1.2 million square feet, the development will include nearly 800,000 square feet of commercial and retail space. It will also generate additional public amenities, to include a public Waterfront Promenade, to which Sayreville residents and the general public will have access. The walkway will feature Heroes Walk (exhibits and installations honoring Sayreville’s veterans), along with lighting, seating areas, gathering spaces, enhanced landscaping, and an open-air amphitheater; on-site spaces for municipal offices, and two designated open-air performing arts venues.

“Today’s Aspire announcement is yet another example of how thoughtful economic development incentives can advance transformative projects that both improve our environment and lift our communities,” said Commissioner of Environmental Protection Shawn M. LaTourette. “This vast former industrial site will soon become a new hub of economic activity and point of community pride that reconnects the residents of Sayreville and Middlesex County with their Raritan River waterfront. My DEP colleagues and I congratulate the NJEDA on this important milestone and applaud Governor Murphy and our Legislature for the vision and leadership that will ensure the revitalize this brownfield site and others across the Garden State.”

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects containing newly-constructed units must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

“This mixed-use development project will be exactly the sort of economic boost the Sayreville Seaport area needs, and will bring economic renewal and vitality to the entire riverfront,” said Senator Joseph F. Vitale. “I can’t stress enough just how important the NJEDA and the Aspire programs have been to residents and how they continue to allow us to rehabilitate viable land areas to pursue solid, sustainable commercial development and housing for the future.”

“I’m so pleased to see this plan come to life for the residents of Sayreville and our entire region,” said Assembly Speaker Craig J. Coughlin. “This has been a model of local and state government working together to benefit the community with environmental remediation and economic development. After decades of this land sitting vacant and unsafe, this strategically-located project will serve as an economic engine for the area, broadening the tax base and providing high-quality, affordable housing for generations to come.”

“It is rewarding to see good governance at work in Sayreville thanks to the ongoing success of the Aspire program,” said Assemblywoman Yvonne Lopez (D-Middlesex). “The project approved for tax credits today will make use of land that has sat vacant for far too long, turning it into the site of new commercial and living spaces that will spur sustainable economic growth for the local economy. I look forward to the day we break ground on this important, transformative project.”

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.

About the NJEDA

Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, December 19, 2023, 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: 749 605 651#

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

The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Thursday, December 14, 2023, at 10:00 am.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

TELECONFERENCE:

CONFERENCE NAME: NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER: 877-692-8955

PARTICIPANT ACCESS CODE: 4204420

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.

TRENTON, N.J. (December 5, 2023) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on a revised set of rules for the Film and Digital Media Tax Credit Program. The program provides transferable credits against corporation business taxes and gross income taxes for qualified expenses incurred during film and digital media production in New Jersey, incentivizing increased production in the state.

WHAT: The document posted today is a draft of a revised set of rules for the Film and Digital Media Tax Credit Program, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval. If approved, the rules will be effective upon filing with the Office of Administrative Law and the document will be concurrently published for the formal public comment period, as designated by the Administrative Procedure Act.

WHEN: Feedback must be submitted in writing no later than 3:00 p.m. EST on Tuesday, December 19, 2023. Written feedback can be submitted here.

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TRENTON, N.J. (December 1, 2023) –The New Jersey Economic Development Authority (NJEDA) has issued a Request for Expressions of interest (“RFEI”) to identify specific sites, projects, or assets that are interested in financial support from its planned New Jersey Green Fund (“NJGF”). The RFEI can be found here, with responses due by January 12, 2024.

WHAT: The planned NJGF aims to facilitate an equitable clean energy transition in New Jersey by attracting private capital to enable the State to meet its ambitious clean energy goals while also providing measurable benefits to its Overburdened Communities. The NJGF may offer financial products and support to stimulate larger private capital investments for, and deployment at scale of, clean energy technologies within New Jersey. This RFEI will help the NJGF identify parties interested in accessing at least $5 million capital from NJGF for projects primarily located in the State. Projects and assets may fall within the priority categories of clean energy generation and storage, zero-emission transportation, building decarbonization and resiliency, or any other topic related to achieving the State’s clean energy goals.

WHEN: Responses to the RFEI must be submitted via email to NJGFrfei@njeda.gov no later than 5:00 p.m. ET on January 12, 2024. Questions regarding the RFEI process or content may be submitted via email no later than 5:00 p.m. ET on December 15, 2023.

WHO: Potential Respondents to the RFEI may include but are not limited to:

Property owners
Real estate developers
Renewable energy developers & operators
Financial institutions
Corporations
Non-profit organizations
Venture and private equity groups
Community-based organizations, including those representing Environmental Justice Communities
Other private entities

Respondents can submit multiple proposals to the RFEI, or include reference to multiple projects in one comprehensive proposal. Please note, providing a response to this RFEI is not a formal application for funding nor a binding intent to pursue investment opportunities that may be made available through the NJGF in the future. Future opportunities will be made available for Respondents and other members of the public to apply for NJGF funding regardless of whether they respond to the RFEI.

About the NJEDA and the NJGF

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, which include several programs that finance clean energy investments. Building on NJEDA’s track record of supporting the growth of clean energy technologies, Governor Murphy and the State legislature allocated capital in the FYE ‘24 Budget to the New Jersey Green Fund (NJGF), which is currently being organized within NJEDA to invest in clean energy projects in the State.

Working capital loans with competitive interest rates and no collateral requirement will support New Jersey small businesses

TRENTON, N.J. (November 28, 2023) – The New Jersey Economic Development Authority (NJEDA) today announced the opening of the NJ Capital Access Fund. The fund will leverage Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) to offer a working capital loan product that will better serve New Jersey-based small businesses. The NJEDA-designated fund manager, Calvert Impact, will utilize and match NJEDA’s $50 million investment with State Small Business Credit Initiative (SSBCI) funding for a $100 million fund that supports a New Jersey loan participation program. The SSBCI funds, matched with raised private capital, will be used to purchase up to 80 percent of every eligible loan by participating community lenders.

“The NJ Capital Access Fund serves as a testament to Governor Phil Murphy’s unwavering commitment to supporting New Jersey small businesses by increasing access to much-needed capital in the wake of the pandemic and recent inflationary pressures,” said NJEDA Chief Executive Officer Tim Sullivan. “This program, which is being administered by Calvert Impact on behalf of the NJEDA, will bolster community lending infrastructure and provide a streamlined path for small businesses in need of loans, helping revitalize a core component of our state’s diverse economy.”

The NJ Capital Access Fund was designed by the NJEDA to meet the needs of small businesses and nonprofits throughout New Jersey and to help serve a larger amount of New Jersey businesses by leveraging a technology platform through the Community Reinvestment Fund, USA. The Capital Access Fund will work alongside six CDFI partners to offer working capital loans up to $250,000 to businesses that have been operating for at least 12 months, with a revenue of $10 million or less and fewer than 50 employees. The loan program will offer flexible features, including no minimum credit score or collateral requirements, terms from 36 to 60 months, low fees to borrowers, and competitive fixed interest rates. Full details, including eligibility requirements and pre-applications, can be found here.

Calvert Impact is a nonprofit organization primarily focused on financing sectors ignored by mainstream capital markets and has been supporting community and economic development organizations for nearly 30 years. With proven experience in the creation of financial products that meet the specific needs of underserved and underbanked communities, Calvert Impact’s work supported over 231,000 small businesses in 2022, which have created or maintained more than 905,000 jobs.

“Small businesses across New Jersey deserve access to capital to support their continued growth,” said Beth Bafford, Calvert Impact’s Vice President of Strategy. “We are excited to partner with NJEDA and our CDFI partners to bring this innovative public-private partnership to New Jersey’s smallest businesses, which are vital to the character of their communities and the vibrancy of their local economies.”

Financing for the NJ Capital Access Fund is allocated from $255 million in federal SSBCI capital allotted to the State of New Jersey by the United States Department of the Treasury. The NJEDA is utilizing the funding to create six programs that provide financial assistance to small and micro businesses in New Jersey. More information on SSBCI-funded programs can be found here.

About the NJEDA

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Small businesses encouraged to take advantage of the Small Business E-Commerce Support Program to develop website, marketing plan & implement online ordering

TRENTON, N.J. (November 21, 2023) – Earlier this year, the New Jersey Economic Development Authority (NJEDA) launched a new $4 million pilot program that provides free e-commerce and digital marketing consulting services to New Jersey small businesses. Since the Small Business E-Commerce Support Program launched, the NJEDA has connected 152 small businesses to consulting firms, representing over $1.1 million in assistance. To date, 76 percent of the funding has supported minority-owned small businesses. The program aims to help small businesses adapt to the growing e-commerce economy, which has boomed since the pandemic.

“Under Governor Murphy’s leadership, New Jersey has prioritized small businesses by investing in resources to help them succeed,” said NJEDA Chief Executive Officer Tim Sullivan. “The Small Business E-Commerce Support Program has already begun to help businesses with their digital marketing needs and the NJEDA is prepared to help even more ‘mom and pop’ businesses statewide modernize their services, expand their clientele, and stay competitive in the evolving e-commerce economy. I urge small business owners up and down the Garden State to take advantage of this program so that they can expand their e-commerce services at no cost.”

The program offers up to $11,400 in consulting services to eligible restaurants, retailers, and personal care businesses to assist with web page design and development, online ordering implementation, online appointment booking implementation, e-commerce design and development, and online marketing plan development. Restaurants and personal care businesses can receive up to $11,400 in consulting services, while retail stores can receive up to $10,800.

Francis Henri, a baby boutique located in Westfield, was able to launch a brand-new website with the services provided by the Small Business E-Commerce Support Program. The baby boutique sells high quality clothing and accessories from international brands in Europe, the United Kingdom, and Australia. On the businesses new website, customers can browse, shop, place orders, and have it shipped nationwide.

“With the help of the NJEDA’s Small Business E-Commerce Support Program, we have a brand-new, highly professional, user-friendly website that will help us grow our business,” said Francis Henri owner Katherine Oyer. “Our consultants were so patient and diligent and asked the right questions to ensure our needs and priorities were met. I cannot think of anything they could have done differently to make us happier.”

The Small Business E-Commerce Support Program also helped Robin’s Nest Restaurant revamp their website. Although the Mount Holly-based restaurant, bakery, and catering service had a well-constructed website, the consulting firm helped the business add Google search words and social media to their website in order to increase traffic, and the owners learned how to use analytics to track success.

“We were fortunate enough to be included in the NJEDA’s highly beneficial Small Business E-Commerce Support Program,” said Audrey Winzinger, Marketing Manager of Robin’s Nest Restaurant. “We were paired with a consulting firm that was able to help us promote the three distinct aspects of our business – restaurant, catering, and bakery. The services provided were worth thousands and will serve us well for years to come. We are grateful to the NJEDA for the opportunity.”

Through a competitive selection process, the NJEDA has contracted with seven consulting firms to provide e-commerce and digital marketing services to small businesses until the funding is exhausted. Interested businesses should contact the consulting firm of their choice directly.

The firms include:

Beyond Media Global, Paramus
eGrove Systems Corporation, East Brunswick
Masterpiece Advertising, Atlantic City
New Frontier, Millburn
Positive Solutions, Robbinsville
Tara Dowdell Group, Jersey City
360 Marketing and PR, Camden

Small businesses interested in the program can click here to learn more.

This program is funded by the Main Street Recovery Finance Program, which was established under the New Jersey Economic Recovery Act of 2020 (ERA). The ERA created over 15 programs, including the $200 million Main Street Recovery Program. Since the Main Street Recovery Program launched in October 2021, the NJEDA made nearly 4,000 approvals for grants, loans, and technical assistance for small businesses totaling $132 million. 45 percent of Main Street funding has supported minority- and/or women-owned small businesses. The Small Business E-Commerce Support Program is the fifth pilot program the NJEDA approved under the Main Street Recovery Finance Program.

About the NJEDA

TRENTON, N.J. (November 21, 2023) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a new $20 million pilot program to support rising real estate developers. The Emerging Developer Fund will help developers gain access to capital and build additional capacity to expand their existing portfolio.

Access to capital for small-scale developers in the real estate development industry continues to be a challenge. These barriers are due to predatory lending, excessive carrying costs, and predevelopment expenses a developer may encounter. These predevelopment costs are necessary for the developer to incur before they can seek short-term construction financing. These deterrents in the development industry have created financial setbacks and limited portfolios for emerging development entities that do not have the capital to cover soft costs.

“Rising developers must be part of the process as we strengthen and build up underserved New Jersey communities,” said Lieutenant Governor Tahesha Way. “The NJEDA’s Emerging Developers Fund is in line with Governor Phil Murphy’s vision for a more accessible and equitable economy and a stronger Garden State.”

The Emerging Developer Fund will provide grants of up to $200,000 to assist small-scale developers with up to 50 percent of their pre-development soft costs. The program will support small-scale developers that have completed at least two – but no more than five – commercial and/or mixed-use properties of similar scope. The creation of this program will address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios.

“As we work to revitalize communities across the state, we must ensure new, emerging developers have access to the same opportunities and advantages in order to create an inclusive economy,” said NJEDA Chief Executive Officer Tim Sullivan. “The Emerging Developer Fund will better position small-scale developers to grow and succeed, which will ultimately help build stronger communities. The program’s focus on developers in underserved communities underscore’s Governor Murphy and Lieutenant Governor Way’s commitment to creating a stronger, fairer economy and improving the lives of hardworking New Jerseyans.”

“The Emerging Developer Fund aligns with DCA’s mission of strengthening communities through the talent, vision, and energy of all stakeholders, including small-scale developers,” said Jacquelyn A. Suárez, Acting Commissioner of the New Jersey Department of Community Affairs (DCA). “We applaud the NJEDA and its Board for establishing a program to help emerging developers build their business and invest in aspiring communities.”

“Under Governor Murphy’s leadership, New Jersey is taking proactive strides to empower developers from a wider range of backgrounds. The Emerging Developer Fund will further the administration’s efforts to break barriers and foster growth,” said New Jersey Housing and Mortgage Finance Agency Executive Director Melanie Walter. “Together, we’re shaping a brighter future for our communities, one development at a time.”

Projects located in Opportunity Zones or in a Government Restricted Municipality (GRM) will receive an additional $50,000 bonus, increasing its award to $250,000. There are 169 designated Opportunity Zones and three GRM’s, including Atlantic City, Paterson, and Trenton.

“This latest initiative by the New Jersey Economic Development Authority demonstrates how government can execute with intentionality to expand participation in our state’s economy,” said John E. Harmon. Sr., Founder, President & CEO, African America Chamber of Commerce of New Jersey (AACCNJ). “The Emerging Developer Fund is a forward-thinking strategy to improve New Jersey’s competitiveness.”

“The Emerging Developer Fund is a groundbreaking initiative for underrepresented developers in New Jersey. It provides access to vital capital and opens up opportunities to expand their portfolio and contribute to economic growth in our communities,” said Carlos Medina, President/CEO Statewide Hispanic Chamber of Commerce of NJ (SHCCNJ).

Soft costs eligible to be covered by the program include, insurance costs, legal fees, utilities, property taxes, construction drawings, and design fees. Costs associated with purchase of property or construction are not eligible.

About the NJEDA