Board will work to increase capital to minority-owned startups, create diverse innovation economy

WOODBRIDGE, N.J. (September 21, 2023) – The New Jersey Economic Development Authority (NJEDA) today announced the establishment of the Diversity Finance Advisory Board (DFAB) which will work to increase access to institutional capital for women- and minority-owned startups. The board will provide knowledge, guidance, and insights on ways to best increase capital, access, and investments in New Jersey’s diverse entrepreneurs.

According to a survey from the National Venture Capital Associations (NVCA), venture capital investments have quadrupled across the United States over the past 10 years, but those increases are not true for startups with women or racial minorities as their founders. The State recognizes national studies that correlate with the NVCA study that finds only one percent of venture capital-backed founders are Black and less than two percent are Hispanic.

“Across the nation, women- and minority-owned startups have not benefitted from the increase in venture capital investments that white-owned startups have experienced. The Diversity Finance Advisory Board aims to rewrite that narrative and ensure New Jersey-based diverse entrepreneurs have equitable access to institutional capital,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, New Jersey has prioritized supporting diverse entrepreneurs and growing the state’s innovation community. The creation of this advisory board, comprised of investment, entrepreneurship, and subject-matter experts with a commitment to diversity and inclusion, is another tangible step toward a stronger, fairer, and more diverse New Jersey economy.”

Sullivan announced the creation of DFAB today during a speech at the African American Chamber of Commerce of New Jersey’s Business Leadership Conference in Woodbridge.

“Our state has put forth a strategy that has the potential to have a transformational impact on the competitiveness of New Jersey,” said John E. Harmon, Sr., IOM, Founder, President & CEO, African American Chamber of Commerce of New Jersey. “Moreover, today’s announcement could lead to a more level playing for woman and minority owned businesses whose vision and proposed plans to establish a successful enterprise can now be realized. This is a positive step towards a more equitable future for New Jersey.”

“Black and Latino communities face long-standing barriers including those that limit their access to capital, yet these communities remain incubators of ingenuity and innovation,” said Jayné Johnson, Director of the Governor’s Office of Diversity, Equity, Inclusion, and Belonging. “NJEDA’s Diversity Finance Board advances the Administration’s efforts to increase access and opportunity for historically underrepresented entrepreneurs, and supports our state’s innovation economy by engaging women, Black, and Latino entrepreneurs in the venture capital market. Our state’s competitive edge is strengthened when promising, new business startups are equipped to succeed.”

DFAB, in collaboration with NJEDA staff, will work to develop and implement a holistic product set that will help make New Jersey a national leader in diversity finance. Board members will also work to develop a private-sector engagement framework to identify and engage the state’s private capital sources. Additionally, Board members will help establish partnerships to support the NJEDA’s mission to grow high-quality jobs, catalyze investment, and foster inclusive community development.

“The Diversity Finance Advisory Board will help uplift minority-owned startups, while bolstering and transforming New Jersey’s innovation economy” said Kathleen Coviello, NJEDA’s Chief Economic Transformation Officer. “By creating additional pathways for entrepreneurs to succeed, the Board will ultimately help spur innovation, create jobs, and grow the statewide economy. The NJEDA is appreciative of this inaugural board for their willingness to support the Authority and state in this critical mission.”

“The Murphy Administration’s commitment to supporting diverse entrepreneurs is good for our communities, our state, and our nation,” said Michelle Bodden, NJEDA’s Chief Diversity & Inclusion Officer. “The Diversity Finance Advisory Board is ready to break down barriers and unlock potential to help ensure women- and minority-owned startups have the tools and resources to grow and succeed.”

To serve on the Board, members must have a strong New Jersey nexus and demonstrate institutional development, investment, or policy experiences. Additionally, members must show a commitment to, and have experience in, the development of Diversity, Equity, and Inclusion (DE&I) policies. The NJEDA will continue to add and supplement the initial advisory board members.

The inaugural 2023-2024 Diversity Finance Advisory Board members include:

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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Authority announces plans for Phase 2 for family child care homes in 2024 after approving $14M in Phase 1 funding to date

TRENTON, N.J. (September 19, 2023) – The New Jersey Economic Development Authority (NJEDA) announced today that it will close applications for Phase 1 of its Child Care Facilities Improvement Program on October 20. Following overwhelming interest in, and demand throughout, Phase 1 of the program the NJEDA plans to open applications for Phase 2 in 2024. This second phase will provide grants to Registered Family Child Care Homes (FCCs) to address facilities improvements.

Since launching in November 2022, the NJEDA has received 528 applications from child care centers across New Jersey that serve over 43,000 children and employ nearly 11,000 members of the vital early childhood workforce. To date, the NJEDA has already approved 79 of those applications for a combined $14.1 million in funding and expects to approve more applications in the coming weeks and months. The first 79 centers approved through the program are located in 19 counties, serve almost 7,000 children – including more than 3,300 infants and toddlers – and employ over 1,800 teachers and administrators. More than 200 contractors registered with the New Jersey Department of Labor have expressed interest in providing work for awarded child care centers. Departments of Labor Registered Public Works Contractors can learn more about the program and submit an interest form here.

No action is needed from the remaining applicants before October 20; their applications are continuing to undergo review. Applicants that have not yet started, or submitted, an application are encouraged to complete the application process by that date.

Phase 1 of the Child Care Facilities Improvement Program provides grants of $50,000 to $200,000 for child care centers to make interior and exterior upgrades and purchase furniture, fixtures, and equipment that will benefit both the children and program staff. A complete list of eligible uses and details on the program can be found at https://www.njeda.gov/child-care-improvement-program/.

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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This marks the third project in Newark approved for Aspire awards

TRENTON, N.J. (September 13, 2023) – The New Jersey Economic Development Authority (NJEDA) Board approved tax credits for an additional residential project in Newark under its Aspire Program. The new, mixed-use building was approved for up to $90 million in tax credits, which represents 60 percent of eligible project costs of $150 million. The 14-story building will be located at 81-93 Orange Street in Newark across the street from New Jersey Transit’s Broad Street Station.

To date, the Board has now approved a total of $273.9 million in Aspire awards for residential projects, creating 1,368 housing units – 898, or 60 percent, of which will be affordable. In Newark, three residential projects have been approved for Aspire awards, creating 626 units, of which 206 will be affordable.

“The Aspire Program aims to expand housing options, increase affordability, and create stronger communities,” said NJEDA Chief Executive Officer Tim Sullivan. “Transit-oriented development is an integral part of Governor Murphy’s mission to revitalize neighborhoods and is a key focus of the Aspire Program. The proximity of today’s project to NJ TRANSIT’s Broad Street Station and the city’s downtown makes it ideal for families, commuters, and students and will help create a more prosperous Newark.”

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 must include at least 20 percent affordable housing.

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities and breathing new life into underutilized spaces,” said Senate Majority Leader Teresa Ruiz (D-Essex). “This project will do just that, taking a parking lot and using it to spur economic development. The site will still offer parking, but will also help with housing shortages, providing market rate and affordable units, in addition to retail space, all within walking distance to a major transit station.”

The 14-story high-rise, which will replace a surface parking lot, will be comprised of 350 residential units, 8,500 square feet of retail space, and a commercial parking garage. The units will be a mix of studio, one-, two-, and three-bedroom units. Seventy units will be reserved as affordable units, while the remaining will be market rate.

Residents of 81-93 Orange Street will be able to enjoy a pool, health club, spa, work from home space, and electric vehicle charging stations. The project is strategically located across the street from Newark’s Broad Street Station, giving residents access to NJ TRANSIT train and bus service and the Newark Light Rail.

“This Aspire award helps realize Newark’s Transit Village strategy for building mixed-use developments combining high quality affordable and market housing with retail and commercial space. The Broad Street Station will anchor a vibrant neighborhood and vital transportation hub,” said Newark Mayor Ras J. Baraka. “This is the kind of project that helps realize the dreams of residents to remain in the city they love, and improve their quality of life. The New Jersey Economic Development Authority’s $90 million in tax credits is critical to making this development affordable to Newark residents. All of Newark is grateful for NJEDA’s commitment to our city’s well-being and growth.”

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

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

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

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Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, September 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:                    652 748 223#

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

Agreement will enable the Authority to provide nearly $400K to NJIT’s POWERCERTS Program

TRENTON, N.J. (September 12, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved a memorandum of understanding (MOU) with the New Jersey Institute of Technology (NJIT) to provide $399,000 in funding to the Professional Offshore Wind Energy Certificates (POWERCERTS) Program. The funding approved in the MOU will establish two graduate certificates in Wind Power System Operation and Maintenance and Wind Power Economics and Management, bolstering offshore wind workforce training opportunities for college students.   

“As offshore wind developments advance along the East Coast, we must guarantee that our workforce is equipped to meet the needs of the industry,” said NJEDA Chief Executive Officer Tim Sullivan. “Today’s MOU with NJIT reflects the NJEDA’s commitment to providing high-quality workforce development programs in offshore wind that ensure opportunities for minority and underserved communities. This partnership helps move us closer to Governor Phil Murphy’s goal of creating 11 GW of offshore wind by 2040.”

NJIT’s POWERCERTS Program will address demands for offshore wind training in New Jersey, collaborating closely with the wind industry and the College’s science and engineering departments to offer a robust curriculum. The two graduate certificates established as part of the program will consist of 12 credits, including three core classes and one elective class. Using funding from today’s MOU, POWERCERTS will offer 24 $3,000 scholarships and 24 $4,000 assistantships primarily for students from minority and underrepresented communities to encourage and support their participation in offshore wind workforce training.   

“We are very excited to be working with the NJEDA to establish the NJIT POWERCERTS graduate-certificates program, which will prepare workers to excel in the rapidly growing offshore wind clean energy sector,” said NJIT President Teik C. Lim. “NJIT makes innovations happen, including in the area of environmental sustainability, and this effort will bolster New Jersey’s strength in the clean energy economy.”

To support offshore wind in New Jersey, the NJEDA is developing the Wind Institute for Innovation and Training to accelerate the development of a robust and diverse offshore wind workforce and champion research and innovation to unlock market potential. Today’s MOU is part of a comprehensive strategy to develop several training programs to bolster New Jersey’s offshore wind workforce for thousands of good-paying offshore wind employment opportunities.

“Effective workforce training programs are necessary to prepare future job seekers with the skills they need to thrive in the offshore wind sector,” said NJEDA’s Vice President for Offshore Wind Jen Becker. “NJIT’s POWERCERTS program will prepare graduates for good-paying job opportunities in offshore wind engineering and management, helping keep the state at the forefront of offshore wind energy development.”

The funding provided in today’s MOU is allocated from the NJEDA’s previous MOU with the New Jersey Board of Public Utilities (NJBPU). Approved in October 2022, the $10 million MOU dedicates funds to support the continued development and execution of offshore wind workforce, education, research, and innovation programs.

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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Three Additional Firms Can Now Leverage Up to $12.5M Annually to Invest in NJ-Based Companies

TRENTON, N.J. (September 12, 2023) – The New Jersey Economic Development Authority (NJEDA) today approved three additional venture capital firms as Qualified Venture Firms (QVFs) in the New Jersey Innovation Evergreen Fund (NJIEF). With these latest approvals, a total of 10 QVFs can each access up to $12.5 million annually per investor from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. 

Established under the New Jersey Economic Recovery Act (ERA) of 2020, signed into law by Governor Phil Murphy in 2021, the NJIEF allows the State to become an equity investor in innovative early-stage businesses based in New Jersey, investing up to $300 million in New Jersey companies alongside approved QVFs for a total of $600 million. The capital raised from the sale of tax credits auctioned off to eight corporations in December 2022 will result in the funding of initial investments into high-growth businesses in New Jersey.

“Governor Phil Murphy has always prioritized connecting New Jersey startups with access to the funding they need to succeed,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJIEF offers a unique and responsive solution for getting capital into the hands of the state’s youngest companies while also building on New Jersey’s role as a leader in innovation.”

Sullivan noted that venture capital firms throughout the world can apply to be QVFs to invest in early-stage businesses and potentially receive matching capital to further benefit the startups. The QVFs approved today have a proven track record of investing in the growth of emerging companies throughout the country.

The three QVFs approved today are:

“Venture firms nationwide are taking notice of New Jersey’s leadership in innovation and are eager to invest into our state’s high-growth startups through the NJIEF,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “We are excited to partner with the approved QVFs as we begin to make strategic investments that will benefit emerging companies as they expand and thrive in the Garden State.”

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The ten firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers.   

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total unallocated capital available for new investments stands at over $46 million. 


About the New Jersey Economic Development Authority

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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A meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Friday, September 15, 2023, at 10:00 am.

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

+1 551-220-2262
Conference ID: 115 416 593#

Join Microsoft Teams Meeting

The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Tuesday, September 12, 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. (September 5, 2023) – The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Construction Inflation Fund, which will provide grants for development projects experiencing increased construction costs and funding gaps resulting from inflation caused by the COVID-19 pandemic. The $10 million program offers grants of up to 20 percent of total project costs.

WHAT:            The Construction Inflation Fund, funded at $10 million, is a competitive grant program created to address the impacts of COVID-19. The Fund aims to mitigate the negative economic impacts of the pandemic by providing support to real estate development in the form of grants for real estate substantial rehabilitation, new construction, and development costs associated to each project.

The Fund was created through the federal American Rescue Plan’s Coronavirus State and Local Fiscal Recovery Funds. The Fiscal Year 2023 State Budget appropriated ARP funds for “Real Estate Gap Financing”, which led to the creation of the Construction Inflation Fund.

WHERE:         Applications for the Construction Inflation Fund can be found here. Questions from interested parties can be submitted to realestateinfo@njeda.gov.

WHEN:           Applications must be submitted by October 19, 2023 at 5:00 p.m.    

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

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Tax credit auction will support programs to alleviate food deserts and make nutritious foods more accessible & affordable

TRENTON, N.J. (August 17, 2023) – The New Jersey Economic Development Authority (NJEDA) will auction up to $10 million in corporate and insurance premiums tax credits through the Food Desert Relief Tax Credit Auction beginning on September 18. The proceeds of the auction will fund programs aimed to improve and increase access to healthy and affordable food throughout New Jersey’s 50 Food Desert Communities (FDCs). The tax credit auction was approved by the NJEDA Board in April.

Eligible bidders must be New Jersey Corporation Business Tax or Insurance Premiums Tax filers. Companies can bid for tax credits at a discount of up to 15 percent. The application for the auction will open on September 18 at 10:00 a.m. and close on October 18 at 5:00 p.m. A sample application and details about the auction process can be found here. Questions may be submitted to FDRTCAuction@NJEDA.gov until Tuesday, September 5 at 5:00 pm. Answers will be posted no later than Monday, September 11 at 5:00 pm.

“The NJEDA is committed to fighting food insecurity and this tax credit auction will help raise funds for programs that will help ensure fresh, healthy, and affordable food is accessible and available in every community across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “Every New Jerseyan deserves access to high-quality food options, no matter their zip code. Governor Phil Murphy and the Legislature have long been committed to combatting food insecurity, while uplifting families and neighborhoods.”

In April, the Board approved proposed rules for the $240 million Food Desert Relief Tax Credit Program, as well as the auction of up to $50 million of the $240 million in tax credits in 2023. Proceeds from the auction will be used to fund programs that will advance the priorities established by the Food Desert Relief Act (FDRA). These future grants, loans, and technical assistance initiatives will complement the Food Desert Relief Tax Credit Program, a tax credit program to support development and operation of new supermarkets in FDCs, by supporting small and mid-sized food retailers and other entities involved in strengthening food security.

The FDRA was established under the New Jersey Economic Recovery Act (ERA) of 2020. The programs created under the FDRA are part of the NJEDA’s broader portfolio of work focused on food security, including the Food Security Planning Grant, Sustain & Serve NJ, and the Food Retail Innovation in Delivery Grant (FRIDG). Learn more 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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