TRENTON, N.J. (October 25, 2021) – The New Jersey Economic Development Authority (NJEDA) is hosting three virtual information sessions on October 28th for businesses and nonprofits in Trenton, Paterson, and Atlantic City interested in applying for the Main Street Recovery Fund.  The Fund was created under the New Jersey Economic Recovery Act of 2020 (ERA) to support New Jersey small and micro business owners and partnering entities that can serve New Jersey micro businesses, such as Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), and other eligible lenders  that meet specific legislative criteria.

The NJEDA wants to ensure entities in these three cities, which are designated as Government Restricted Municipalities under the ERA, know and understand the newly-developed products associated with the Main Street Recovery Fund, so they are able to benefit from the financial resources provided by this $100 million initiative.

Information will include details on the Small Business Lease Grant, which provides grant funding to offset a portion of lease payments for businesses leasing new or additional space, and the upcoming launch of the Small Business Improvement Grant, which reimburses business owners for costs associated with making interior or exterior building improvements or purchasing/installing furniture, fixtures, or equipment. Additional information will be provided on the ERA, as well as NJEDA’s Emerge and Aspire programs, which focus on job creation and development cost relief, respectively.

The informational sessions will take place at the following times:

Trenton | October 28th at 9:00 a.m. to 10:00 a.m.

Paterson | October 28th at 11:30 a.m. to 12:30 p.m.

Atlantic City | October 28th at 2:00 p.m. to 3:00 p.m.

Additional information about these virtual information sessions can be found at njeda.com/events.

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitter, Instagram and LinkedIn.

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TRENTON, N.J. (20 de octubre 2021) – El proceso de aplicaciones para el subsidio de alquileres para pequeñas empresas de la Autoridad para el Desarrollo Económico de New Jersey (NJEDA, por sus siglas en inglés) abrió hoy 20 de octubre a las 9:00 a.m.

El subsidio de alquileres para pequeñas empresas otorga subsidios de hasta el 20 por ciento de los pagos de alquiler anual a pequeñas empresas y organizaciones sin fines de lucro que tengan contratos de alquiler nuevos o modificados a la tasa de mercado por al menos 250 pies cuadrados de espacio a nivel de la calle. Las aplicaciones se aceptarán de forma continua hasta que se otorguen todos los fondos.

Más información y la aplicación están disponibles en https://www.njeda.gov/small-business-lease-grant/.

Tenga en cuenta: Este anuncio es solo para el subsidio de alquileres para pequeñas empresas, que es un programa independiente del subsidio para la mejora de pequeñas empresas. Las solicitudes para el subsidio para la mejora de pequeñas empresas se lanzarán en una fecha próxima, la cual la NJEDA comunicará al público en su sitio web y a través de sus cuentas de redes sociales antes del lanzamiento del proceso de aplicaciones.

Detalles del Programa

El subsidio de alquileres para pequeñas empresas es un programa de $10 millones diseñado para revitalizar los centros urbanos y las calles principales al compensar una parte del costo asociado con las empresas y organizaciones sin fines de lucro que alquilan espacios a nivel de calle.

A través del programa, las empresas y organizaciones sin fines de lucro elegibles que tengan contratos de alquiler nuevos o modificados a la tasa de mercado pueden recibir dos subsidios por un total de hasta el 20 por ciento de los pagos de alquiler anual. El primer subsidio se pagará a las entidades inmediatamente después de que sean aprobadas para el programa y ejecuten el acuerdo del subsidio, y el segundo subsidio se pagará después del primer año de alquiler.

Para ser elegibles, las empresas y organizaciones sin fines de lucro deben tener un nuevo contrato de alquiler, una enmienda del alquiler o una extensión del alquiler que incluya al menos 250 pies cuadrados de espacio de oficinas, comercial o minorista a nivel de la calle. El solicitante también debe comprometerse a permanecer en el espacio alquilado durante al menos cinco años. Los criterios completos de elegibilidad están disponibles en https://www.njeda.gov/small-business-lease-grant/.

De acuerdo con el compromiso del gobernador Phil Murphy de lograr una recuperación más sólida y justa de la pandemia de COVID-19, el 40 por ciento de los $10 millones asignados al subsidio de alquileres para pequeñas empresas se destinará a empresas y organizaciones sin fines de lucro en las secciones del censo que fueron elegibles para ser designadas como Zonas de oportunidad. Esta focalización ayudará a garantizar que los recursos estén disponibles para las entidades y comunidades propiedad de minorías y mujeres que han enfrentado desafíos importantes como resultado del COVID-19.

El subsidio de alquileres para pequeñas empresas es el primero de varios programas que la NJEDA lanzará en los próximos meses en el marco del Programa de recuperación de Main Street. Creado bajo la Ley de Recuperación Económica de Nueva Jersey de 2020, el Programa de Recuperación de Main Street es un programa de apoyo a pequeñas empresas de $100 millones que financiará múltiples productos de asistencia financiera con el fin de respaldar el crecimiento y el éxito de las pequeñas empresas en New Jersey. Más información sobre el Programa de recuperación de Main Street está disponible en https://www.njeda.gov/main-street-recovery-fund/.

Acerca de la Autoridad para el desarrollo económico de New Jersey

La Autoridad para el desarrollo económico de New Jersey (NJEDA) es la agencia principal del Estado para impulsar el desarrollo económico. La NJEDA tiene el compromiso de hacer del Estado de New Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible al centrarse en estrategias claves para ayudar a construir comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de New Jersey y ofrecer oportunidades para una economía más sólida y justa. Mediante asociaciones con diversas partes interesadas, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y la calidad de vida en el Estado y para fortalecer la competitividad económica a largo plazo de New Jersey.

Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 844-965-1125 o visite https://www.njeda.gov y siga a @NewJerseyEDA en FacebookTwitterInstagram y LinkedIn.

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TRENTON, N.J. (October 18, 2021) – Applications for the New Jersey Economic Development Authority (NJEDA) Small Business Lease Grant open Wednesday, October 20th, at 9:00 a.m.

The Small Business Lease Grant provides grants up to 20 percent of annual lease payments to small businesses and nonprofits entering new or amended market-rate leases for at least 250 square feet of street-level space. Applications will be accepted on a rolling basis until all funds are awarded.

More information and the application are available at https://www.njeda.gov/small-business-lease-grant/.

Please Note: This announcement is for the Small Business Lease Grant only, which is a separate program from the Small Business Improvement Grant. Applications for the Small Business Improvement Grant will launch at a later date, which the NJEDA will communicate to the public on its website and through social media accounts prior to application launch.

Program Details

The Small Business Lease Grant is a $10 million program designed to revitalize downtowns and main streets by offsetting a portion of the cost associated with businesses and nonprofits leasing street-level space.

Through the program, eligible businesses and nonprofits that are entering new or amended market rate leases can receive two grants totaling up to 20 percent of annual lease payments. The first grant will be paid to entities immediately after they are approved for the program and execute the grant agreement, and the second grant will be paid after the first year of the lease.

To qualify, businesses and nonprofits must enter a new lease, lease amendment, or lease extension that includes at least 250 square feet of street-level office, commercial, or retail space. The applicant must also commit to remaining in the leased space for at least five years. Complete eligibility criteria are available at https://www.njeda.gov/small-business-lease-grant/.

In line with Governor Phil Murphy’s commitment to a stronger, fairer recovery from the COVID-19 pandemic, 40 percent of the $10 million allocated to the Small Business Lease Grant will be targeted to businesses and nonprofits in census tracts that were eligible to be designated as Opportunity Zones. This targeting will help to ensure resources are available to minority- and women-owned entities and communities that have faced disproportionate burdens as a result of COVID-19.

The Small Business Lease Grant is the first of several programs the NJEDA will launch in the coming months under the Main Street Recovery Program. Created under the New Jersey Economic Recovery Act of 2020, the Main Street Recovery Program is a $100 million small business support program that will fund multiple financial assistance products aimed at supporting the growth and success of small businesses in New Jersey. More information about the Main Street Recovery Program is available at https://www.njeda.gov/main-street-recovery-fund/.

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitter, Instagram, and LinkedIn.

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Please be advised that a Capital City Redevelopment Corporation Board Meeting is scheduled for 11:00 am, Tuesday, October 19, 2021.  The Members will convene via conference call only.

Members of the public whom wish to speak during the public comment segment of the meeting, pertaining to agenda items, may call into the meeting by using the following conference number:
 
Teleconference #:
1-551-220-2262

Access Code: 994 614 517#

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

El Mes de la Herencia Hispana es una oportunidad para destacar las contribuciones de la comunidad hispana a nuestro estado

TRENTON, N.J. (13 de octubre de 2021) – La comunidad hispana se ha vuelto la minoría más grande en los Estados Unidos y es el segundo grupo de más rápido crecimiento en el país detrás de los estadounidenses de origen asiático. Este tremendo crecimiento en la población tiene una clara conexión con el crecimiento económico, ya que las familias hispanas tienen ahora ganancias considerables y poder de consumo en comparación con una década atrás.

En el Estado Jardín, los estadounidenses de origen hispano se vanaglorian de tener algunas de las tasas más altas en cuanto a propiedad de empresas en los Estados Unidos, ya que datos recientes demuestran que tienen más probabilidades de tener su propia empresa que la población estadounidense general. New Jersey es sede de más de 120,000 empresas pertenecientes a hispanos, lo que a su vez crea miles de puestos de trabajos y cientos de millones de dólares en ingresos tributarios, un componente vital para financiar los servicios municipales y apoyar programas sociales como Medicare y el Seguro Social. En particular, el producto bruto interno latino de New Jersey era de $97 mil millones en 2018, mayor que el producto económico total del estado de Hawái.

Sin embargo, el camino a la prosperidad y el “Sueño americano” ha sido un camino arduo y extenso para muchos empresarios hispanos, en especial durante la pandemia por COVID-19, que exacerbó los retos actuales con acceso al capital y otros recursos financieros. Pese a ello, los inmigrantes hispanos y los estadounidenses de origen hispano siguen realizando contribuciones sólidas y constantes a la población y al crecimiento económico de New Jersey.

“Como parte de su visión para crear una economía de New Jersey más fuerte, más justa y más equitativa, el Gobernador Murphy se compromete a adoptar un enfoque gubernamental integral para derribar barreras a fin de facilitar más equidad en el acceso a los tan necesitados recursos municipales, estatales y federales para las comunidades históricamente desatendidas”, expresó el director ejecutivo de la NJEDA, Tim Sullivan. “La NJEDA ha desarrollado una amplia cartera de programas diseñados para fomentar el crecimiento de pequeñas empresas y crear comunidades vibrantes”.

Desde marzo de 2020, la NJEDA ha aprobado más de 91,000 adjudicaciones de apoyo para empresas afectadas por la COVID-19. A través de una combinación de subsidios, préstamos a bajo interés, garantías de préstamos y asesoría comercial gratuita, la Autoridad ha proporcionado ayuda durante la pandemia por más de $650 millones. Muchos de estos programas han sido destinados específicamente a las empresas que corrían más riesgo, incluidas microempresas, empresas pertenecientes a hispanos y empresas en las comunidades que eran elegibles para ser designadas como zonas de oportunidad de New Jersey.

Durante toda la pandemia, la NJEDA se asoció con compañías líderes de marketing que se especializan en llegar a compañías pertenecientes a minorías y a mujeres para asegurarse de que las comunidades desatendidas sepan de los recursos de la NJEDA para recuperarse de la COVID.  Como consecuencia de estos esfuerzos, la NJEDA ha proporcionado más de $160 millones en ayuda para la COVID-19 a empresas pertenecientes minorías, muchas de las cuales eran propiedad de hispanos, y un monto similar a empresas pertenecientes a mujeres. Estos números seguirán aumentando a medida que la Autoridad siga procesando solicitudes de ayuda y adjudique más subsidios y más préstamos.

Más recientemente, a medida que las empresas se recuperan del impacto de los rastros del Huracán Ida, la Autoridad  seleccionó a la Cámara de Comercio Hispana a Nivel Estatal de New Jersey (SHCCNJ, por sus siglas en inglés) y la Cámara de Comercio Afroamericana de NJ (AACCNJ, por sus siglas en inglés) para que orienten a las empresas que sufrieron daños por la tormenta a través del proceso de solicitar el Préstamo para la recuperación de daños económicos por catástrofe que no sea por COVID (EIDL, por sus siglas en inglés) Non-COVID Economic Injury Disaster Loan (EIDL) Program y/o el Programa de préstamos para empresas para recuperarse de catástrofes físicas de la Administración de Pequeñas Empresas (SBA, por sus siglas en inglés).

“Estamos muy agradecidos por nuestra asociación de tantos años con la NJEDA, los recursos que brinda y la línea abierta de comunicación que tenemos con su dirección”, expresó el Presidente y Director Ejecutivo de la SHCCNJ, Carlos Medina. “Este apoyo ha sido sumamente crítico para muchos de nuestros miembros durante la pandemia y las recientes condiciones climáticas adversas, ya que les ha permitido ampliar sus oportunidades de trabajar en red, conectarse con sus mentores y tener acceso a recursos de formación necesarios para prosperar en New Jersey”.

Un pilar central de los esfuerzos de la administración Murphy para garantizar la resiliencia económica a largo plazo del estado es implementar el conjunto de nuevos programas creados por Ley de Recuperación Económica de New Jersey de 2020 (ERA, por sus siglas en inglés). Uno de esos programas, el Programa de Recuperación Main Street, es un programa de apoyo por $100 millones para pequeñas empresas que financiará diversos productos de asistencia financiera orientados a respaldar el crecimiento y el éxito de las pequeñas empresas de New Jersey. La NJEDA planea habilitar la presentación de solicitudes para un elemento del Programa de Recuperación Main Street, el Programa de subsidios para alquiler para pequeñas empresas, el 20 de octubre. El programa piloto de $10 millones ayudará a revitalizar el centro de la ciudad y las calles principales al compensar una parte del costo asociado al alquiler del espacio al nivel de la calle de empresas y entidades sin fines de lucro. Es el primero de varios programas que la NJEDA lanzará en los próximos meses bajo el Programa de Recuperación Main Street. Más información disponible en https://www.njeda.gov/main-street-recovery-fund/

“Los recursos del estado han sido de gran ayuda para pequeñas empresas y entidades sin fines de lucro para recuperarse de los efectos de la pandemia y el impacto de las tormentas recientes”, manifestó el Presidente y Director Ejecutivo de la Asociación para el desarrollo económico latinoamericano (LAEDA, por sus siglas en inglés), Raymond L. Lamboy. “Dar a los propietarios de pequeñas empresas y empresarios las herramientas que necesitan para recuperar las ganancias perdidas y hacer crecer sus empresas es una inversión en nuestras economías locales y las comunidades a las que brindamos apoyo”.

El rol de los hispanos en los EE. UU., y en especial en New Jersey, es tan importante como lo ha sido siempre.

Los latinos aportan color, efervescencia, pasión y sabor a nuestras comunidades, pero también fortalecen la estructura de esta nación con su perseverancia y trabajo arduo, ya que han demostrado ser una fuente de resiliencia para la economía estadounidense.

A medida que nos acercamos al final del Mes de la Herencia Hispana, nuestro compromiso para servir mejor a los propietarios de empresas hispanos y de otras minorías y residentes de New Jersey sigue fortaleciéndose. Y, mientras prometemos seguir creando un entorno ideal para que las pequeñas empresas prosperen en nuestro estado, nunca debemos olvidar que, de la misma manera en que la influencia de los hispanos sigue creciendo en New Jersey, así también lo hace nuestra economía.

Acerca de la Autoridad para el desarrollo económico de New Jersey


La Autoridad para el desarrollo económico de New Jersey (NJEDA) es la agencia principal del Estado para impulsar el desarrollo económico. La NJEDA tiene el compromiso de hacer del Estado de New Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible al centrarse en estrategias claves para ayudar a construir comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de New Jersey y ofrecer oportunidades para una economía más sólida y justa. Mediante asociaciones con diversas partes interesadas, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y la calidad de vida en el Estado y para fortalecer la competitividad económica a largo plazo de New Jersey.
 
Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en FacebookTwitterLinkedIn e Instagram.
 

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TRENTON, N.J. (October 13, 2021) – The New Jersey Economic Development Authority (NJEDA) Board today approved the use of up to $400,000 in Economic Recovery Fund (ERF) funding to provide matching funds as part of the Authority’s participation in four applicant coalitions to the United States Economic Development Administration (U.S. EDA) Build Back Better Regional Challenge (BBBRC). The Authority will provide up to $100,000 to support each coalition that is selected by the U.S. EDA as a Phase 1 finalist in the BBBRC to assist with the development of the coalition’s Phase 2 application.

“Governor Murphy and President Biden have made tackling the COVID-19 pandemic and supporting a strong, equitable recovery a top priority. The Build Back Better Regional Challenge is a unique opportunity for New Jersey to bolster our industry clusters to better address the ongoing impacts of COVID-19 and identify a slate of transformational economic development initiatives,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is proud to support applicant coalitions in key sectors with potential to drive transformative economic growth and job creation. The funding approved today will help ensure these applicants have the best chance of success if they are selected as finalists.”

The BBBRC is a federal program that will fund projects that create high-quality jobs, increase wages, and revitalize communities in places that have been impacted by the COVID-19 pandemic. Applicants for the Challenge act as a regional coalition with one lead entity per application.

Applications for Phase 1 are due October 19, 2021. During this phase the U.S. EDA will select 50 to 60 winners to receive planning grants of up to $500,000. Winners will use these planning grants to support the preparation of the coalition’s Phase 2 application, which is due March 15, 2022. During Phase 2, the U.S. EDA will choose 20 to 30 winners to receive implementation grants of $25 to $100 million.

The matching funds approved today will be available to support coalitions the NJEDA is participating in that are chosen as Phase 1 finalists as they work to prepare more detailed applications for Phase 2, including strengthening collaborations with industry partners and/or community groups; undertaking feasibility studies, architectural plans, or engineering studies; and continuing the development of component projects to prepare for the Phase 2 application or for other future funding opportunities.

The NJEDA is participating in four applicant coalitions focused on aviation innovation, biomanufacturing, clean energy, and smart ports. Coalitions were selected due to the leadership of, or the participation by, another government entity (including state universities) and for their alignment with New Jersey’s targeted industries identified in Governor Murphy’s economic plan.

The aviation innovation coalition is focused on smart aviation and aerospace in South Jersey, including Advanced Air Mobility (AAM), Advanced Air Cargo, and Uncrewed Aerial Systems (UAS). The coalition is considering infrastructure construction projects, including a vertiport and droneport; airspace planning; workforce training programs; microgrants for underrepresented youth to develop aviation innovations and businesses; and curricula for regional high schools and colleges focused on UAS and AAM. This coalition is led by Atlantic County and the Atlantic County Economic Alliance (ACEA).

The biomanufacturing coalition is focused on advanced manufacturing of pharmaceuticals and developing new, more efficient ways to produce medicines to reduce reliance on foreign drug manufacturing and shorten supply chains to help patients. The coalition is also working on training an expanded workforce on new and unique manufacturing processes, enabling digital design of products and processes, accelerating pharmaceutical product and manufacturing process development, and developing real time quality assurance processes. This coalition is led by Rutgers, The State University of New Jersey, and will leverage existing physical, educational, and talent assets in the Northeast corridor, including the NJ BioScience Center, the NJ Innovation & Technology HUB, BioCentriq at New Jersey Institute of Technology (NJIT), major research institutions, community colleges, and major biopharma companies with headquarters in New Jersey.

The clean energy coalition is building on the Murphy Administration’s historic investments in decarbonizing New Jersey’s economy by expanding New Jersey’s clean energy sector, specifically offshore wind, clean transport, energy storage, and smart grid technologies. The coalition is considering infrastructure projects, workforce training, and business acceleration efforts to support the manufacturing supply chain for clean energy. The coalition is led by Rowan University and includes multiple other higher education partners and thought leaders in the clean energy space. 

The smart ports regional coalition is focused on optimizing ports in the greater Newark area to expand regional economic impact and spur large-scale job creation. The coalition will focus on innovative transportation systems, including industry projects of advanced technologies for freight movement, clean energy, data analytics and secured IT systems, supply chain improvements, workforce development, facility design, and an on-line property marketplace for off-port related businesses. These projects will be guided by principles of equity and social and environmental justice. This coalition is led by the City of Newark in partnership with NJIT.

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitter, Instagram, and LinkedIn.

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TRENTON, N.J. (October 12, 2021) – Hispanics have become the largest minority group in the United States and are the second-fastest growing group in the nation behind Asian Americans. This tremendous increase in population has a clear connection with economic growth, as Hispanic households now hold considerable earning and consumer power compared to a decade ago.

In the Garden State, Hispanic Americans boast some of the highest rates of business ownership in the United States, as recent data shows they are more likely to have their own business than the overall U.S. population. New Jersey is home to over 120,000 Hispanic-owned businesses, which in turn create thousands of jobs and tens of billions of dollars in tax revenues—a vital component to funding municipal services and shoring up social programs like Medicare and Social Security. Notably, New Jersey’s Latino Gross Domestic Product was $97 billion in 2018, larger than the entire economic output of the state of Hawaii.

However, the road to prosperity and the “American Dream” has been an arduous and lengthy one for many Hispanic entrepreneurs, particularly during the COVID-19 pandemic, which exacerbated existing challenges with access to capital and other financial resources. Nevertheless, Hispanic immigrants and Hispanic Americans continue to make strong and consistent contributions to New Jersey’s population and economic growth.

“As part of his vision to create a stronger, fairer and more equitable New Jersey economy, Governor Murphy is committed to taking a whole-of-government approach to knocking down barriers to facilitate greater equity in the access to much-needed municipal, state and federal resources for historically underserved communities,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA has developed a vast portfolio of programs designed to foster the growth of small businesses and create vibrant communities.”

Since March of 2020, the NJEDA has approved more than 91,000 support awards for businesses impacted by COVID-19. Through a combination of grants, low-interest loans, financing guarantees, and free business consulting, the Authority has provided more than $650 million worth of pandemic relief. Many of these programs have specifically targeted the most at-risk businesses, including micro businesses, Hispanic-owned businesses, and businesses in communities that were eligible to be designated as New Jersey Opportunity Zones.

Throughout the pandemic, the NJEDA partnered with leading marketing firms that specialize in outreach to minority- and women-owned companies to ensure awareness of NJEDA COVID recovery resources in underserved communities.  As a result of these efforts, the NJEDA has provided more than $160 million in COVID-19 relief to minority-owned businesses, many of which were Hispanic-owned, and a similar amount to woman-owned businesses. These numbers will continue to increase as the Authority continues to process applications for relief and awards additional grants and loans.

More recently, as businesses recover from the impact of the remnants of Hurricane Ida, the Authority selected the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) and the African American Chamber of Commerce of NJ (AACCNJ) to guide businesses that sustained storm damage through the process of applying for the Small Business Administration’s (SBA’s) Non-COVID Economic Injury Disaster Loan (EIDL) Program and/or Business Physical Disaster Loan Program.

“We are very appreciative of our longstanding partnership with the NJEDA, the resources it provides, and the open line of communication we have with its leadership,” said SHCCNJ President & Chief Executive Officer Carlos Medina. “This support has been extremely critical to so many of our members during the pandemic and recent severe weather, as it has allowed them to expand their networking opportunities, connect with mentors, and have access to educational resources necessary to flourish in New Jersey.”

A central pillar of the Murphy administration’s efforts to ensure the state’s  long-term economic resilience is implementing the suite of new programs created by the New Jersey Economic Recovery Act of 2020 (ERA). One of those programs, the Main Street Recovery Program is a $100 million small business support program that will fund multiple financial assistance products aimed at supporting the growth and success of small businesses in New Jersey. The NJEDA plans to open applications for one element of the Main Street Recovery Program, the Small Business Lease Grant Program, on October 20. The $10 million pilot program will help revitalize downtowns and main streets by offsetting a portion of the cost associated with businesses and nonprofits leasing street-level space. It is the first of several programs the NJEDA will launch in the coming months under the Main Street Recovery Program. More information is available at https://www.njeda.gov/main-street-recovery-fund/.  

“State resources have been a lifeline for small businesses and nonprofits recovering from the effects of the pandemic and the impact of recent storms,” said Latin American Economic Development Association (LAEDA) President and Chief Executive Officer Raymond L. Lamboy. “Giving small business owners and entrepreneurs the tools they need to recover lost revenue and grow their businesses is an investment in our local economies and the communities they support.”

The role of Hispanics in the U.S., and particularly in New Jersey, is as important as it has ever been. Latinos bring color, vibrancy, passion and flavor to our communities, but they also strengthen the fabric of this nation with their perseverance and hard work as they have proven to be a source of resiliency for the U.S. economy.

As we mark the end of Hispanic Heritage Month, our commitment to better serve Hispanic and other minority business owners and residents in New Jersey keeps getting stronger. And as we pledge to continue to create an ideal environment for small businesses to thrive in our state, we must never forget that as Hispanics’ influence keeps growing in New Jersey, so does our economy.

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterLinkedIn and Instagram.
 

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Investors Have Until November 1 to Apply for 2021 Tax Credits
 

TRENTON, N.J. (October 12, 2021) – The New Jersey Economic Development Authority (NJEDA) today reminded the investor community that applications for the New Jersey Angel Investor Tax Credit Program must be submitted by 11:59 p.m. on November 1 to considered for the 2021 program year. Applications received after this time will be considered for the 2022 program. The program, which is open to both in-state and out-of-state investors, is designed to encourage and incentivize investment into emerging New Jersey technology businesses.

Through the Angel Investor Tax Credit Program, an investor can receive a refundable tax credit equal to a percentage of their qualified investment made in a New Jersey early-stage company. The company’s primary business must be an eligible technology, including advanced computing, advanced materials, biotechnology, carbon footprint reduction technology, electronic device technology, information technology, life sciences, medical device technology, mobile communications technology, or renewable energy technology. In addition to commercializing one of these eligible technologies, the business receiving the investment must employ fewer than 225 employees, at least 75 percent of whom work in New Jersey. An investment in a New Jersey emerging technology business holding company may also meet the requirements for a qualified investment. All applications must be submitted within six months from the time the investment is made.

2021 is the second year that investors can benefit from the program’s expansion, which was signed into law by Governor Phil Murphy in the summer of 2019. Under enhancements to the program, which took effect January 1, 2020, investors can receive an increase in the tax credit from 10 percent to 20 percent on a qualified investment. The expansion also added a five-percent bonus for investments in businesses located in a qualified opportunity zone, low-income community, or a business that is certified by the State as minority- or women-owned.

The Angel Investor Tax Credit Program is administered by the NJEDA, with the assistance of the Department of the Treasury’s Division of Taxation. More information can be found at www.njeda.gov/angeltaxcredit.

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookInstagram, Twitter, and LinkedIn.

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NJ Accelerate Will Support Companies Locating in NJ After Graduating from Launch Lane

Launch Lane Leadership and Advisory Team

TRENTON, N.J. (October 7, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that the Philadelphia-based University City Science Center’s Launch Lane accelerator has been approved to participate in its NJ Accelerate program. NJ Accelerate is designed to grow New Jersey’s innovation ecosystem by promoting greater participation by the state’s entrepreneurs in qualified accelerator programs throughout the United States. It also incentivizes graduate companies from approved accelerators to consider locating in New Jersey, as well as to showcase the talent in the state’s accelerators on a national stage. More information about NJ Accelerate can be found at http://www.njeda.gov/njaccelerate.

An accelerator is a fixed-term, cohort-based training experience for startups that offers educational and mentorship programs and facilitates connections to venture capitalists, angel investors, mentors, customers, industry experts, and corporate executives who can help early-stage companies grow. Many accelerators also provide investment capital and office, lab, or prototyping space.

Through NJ Accelerate, the NJEDA matches investments made by an approved accelerator into startups that locate in New Jersey within six months after graduating from the participating accelerator’s program. NJEDA’s match will be in the form of a direct loan up to $250,000. A five-percent match bonus is available for companies that are certified as women- or minority-owned in New Jersey. The NJEDA will also provide rent support for up to six months if a company locates in an approved NJ Ignite collaborative workspace.

“New Jersey entrepreneurs are continually coming up with high-caliber ideas for products that will transform the global marketplace, and we are committed to connecting them with the tools necessary to bring those ideas from thoughts to prototypes and commercialization,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, we have rolled out a suite of resources, including NJ Accelerate, to help early-stage companies access capital, mentorship, and real estate with the goal of achieving the Governor’s vision for recapturing New Jersey’s leadership in innovation.” 

Launch Lane helps entrepreneurs in the technology, tech-enabled, and digital health spaces scale their startups and commercialize their products. Since its launch in 2014, Launch Lane has invested capital into 35 companies, including four based in New Jersey. Combined, these alumni have generated over $50 million in revenue and raised over $300 million in funds and employ more than 400 people.

In addition, Launch Lane frequently brings in members in the greater Philadelphia community to engage with participants on a range of relevant topics, such as hiring talent, licensing, marketing, product development, change management, and sales/value proposition. Launch Lane participants also have the ability to tap into the University City Science Center’s vast network of resources, including hundreds of vetted mentors, advisors, seasoned entrepreneurs, and investors who can provide mentorship to the growing companies. Founded in 1963, the University City Science Center is Philadelphia’s premier catalyst of entrepreneurial activity, healthcare innovation, and economic growth.

“Our proximity to southern New Jersey makes us an ideal choice for entrepreneurs who have already set down roots and are looking to expand their footprint in the Garden State,” said Aron Starosta, University City Science Center’s Vice President, Commercialization & New Ventures. “Joining the NJ Accelerate program is a wonderful way for us to leverage the strengths of the region to increase visibility among New Jersey early-stage companies and reinforces the Science Center’s regional and global approach to technology commercialization. We encourage anyone interested in applying to our nationally-recognized program to learn more about our hands-on approach to helping startups grow.”

Launch Lane is the fourth accelerator approved to participate in NJ Accelerate to date, joining VentureWell’s Aspire ProgramCleantech Open Northeast and Morgan Stanley Multicultural Innovation Lab as approved accelerators.

In addition to benefiting New Jersey startups, the NJ Accelerate program also provides exposure and funding for participating accelerators. The NJEDA will disseminate information about Launch Lane and encourage well-qualified companies to participate. In addition, the NJEDA will provide up to $25,000 per event capped at $100,000 per participating accelerator in total sponsorship funding for accelerator-led events, such as Accelerator Demo-Days, cohort road shows, in-person classes, pitch competitions, and networking events held in New Jersey. Approved accelerators with a diversity and inclusion focus may be eligible for an additional five percent bonus.

Accelerators and entrepreneurs interested in participating in the NJ Accelerate program are encouraged to contact the NJEDA at NJAccelerate@njeda.com. Additional information and detailed eligibility criteria for both accelerator programs and entrepreneurs are available at https://www.njeda.gov/njaccelerate.

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 609-858-6767 or visit https://www.njeda.govand follow @NewJerseyEDA on FacebookInstagram, Twitter, and LinkedIn.

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TRENTON, N.J. (4 de octubre 2021) – La Autoridad para el desarrollo económico de New Jersey (NJEDA) anunció que se asociará con dos entidades para ofrecer servicios de apoyo a empresas afectadas por el paso del huracán Ida para que soliciten asistencia financiera federal a través del Programa de préstamos para agravios económicos por desastres (EIDL) no relacionados con COVID y/o el Programa de préstamos para empresas con daños físicos por desastres de la Administración de Pequeñas Empresas (SBA).

La NJEDA seleccionó a la Cámara Afroamericana de Comercio de New Jersey (AACCNJ, por sus siglas en inglés) y a la Cámara de Comercio Hispana a Nivel Estatal de New Jersey (SHCCNJ, por sus siglas en inglés) para ayudar a orientar a las empresas que sufrieron daños como consecuencia de la tormenta en el proceso de solicitud de financiamiento a la SBA. Esta asistencia técnica es la última medida de una serie de medidas que está tomando New Jersey para proporcionar ayuda personalizada a las pequeñas empresas de New Jersey afectadas por el huracán Ida.

“Socios del sector público y privado han sido fundamentales en los esfuerzos de recuperación de COVID-19 realizados por el estado, y esas sociedades siguen siendo cruciales mientras trabajamos para ayudar a las empresas y organizaciones sin fines de lucro, incluidas aquellas comunidades históricamente desfavorecidas, a recuperarse de los daños y las dificultades económicas provocadas por las condiciones climáticas adversas recientes”, señaló el Director Ejecutivo de la NJEDA, Tim Sullivan. “AACCNJ y SHCCNJ ayudarán a conectar a los propietarios de empresas y emprendedores con fondos mientras continuamos trabajando con el Gobernador Phil Murphy para evaluar las necesidades de las empresas y desarrollar recursos adicionales para ayudarlas a recuperarse”.

Los Programas de Daños Físicos por Desastres y EIDL de la SBA están disponibles para empresas, organizaciones sin fines de lucro, propietarios de viviendas e inquilinos en los condados de Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset, Union y Warren.

Esta asistencia proporcionada por AACCNJ y SHCCNJ incluye, entre otros aspectos, preparar información financiera, reunir documentación para la aplicación y completar y enviar la aplicación en línea o en papel. La compensación para estas organizaciones dependerá de las aplicaciones de la SBA completadas y enviadas.

“La AACCNJ está comprometida a asistir a sus constituyentes garantizando asistencia de SBA para ayudarlos a recuperarse de la devastación sufrida como consecuencia del huracán Ida”, indicó el Presidente, Fundador y Director Ejecutivo de la AACCNJ, John E. Harmon, Sr., IOM. “Los propietarios y empleados de pequeñas empresas de todo el estado pueden estar seguros de que los ayudaremos y aprovecharemos nuestras sociedades y experiencia para orientarlos en el proceso de aplicaciones de la SBA”.

“La Cámara está complacida a trabajar con propietarios de empresas y líderes de organizaciones sin fines de lucro para ayudar a garantizar fondos de la SBA que serán fundamentales en su recuperación de los daños causados por Ida”, afirmó Carlos Medina, Director Ejecutivo y Presidente de SHCCNJ. “Esta tormenta ocurrió cuando las empresas estaban recuperándose de la pandemia, y esperamos que nuestra asistencia las ayude a regresar rápidamente al camino de la recuperación”.

Préstamos de hasta $2 millones están disponibles a través del Programa EIDL no relacionado con COVID-19 y el Programa de préstamos para empresas con daños físicos por desastres.

Para obtener más información, comuníquese con AACCNJ o SHCCNJ.

Acerca de la Autoridad para el desarrollo económico de New Jersey

La Autoridad para el desarrollo económico de New Jersey (NJEDA) es la agencia principal del Estado para impulsar el desarrollo económico. La NJEDA tiene el compromiso de hacer del Estado de New Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible al centrarse en estrategias claves para ayudar a construir comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de New Jersey y ofrecer oportunidades para una economía más sólida y justa. Mediante asociaciones con diversas partes interesadas, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y la calidad de vida en el Estado y para fortalecer la competitividad económica a largo plazo de New Jersey.

Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 844-965-1125 o visite https://www.njeda.gov y siga a @NewJerseyEDA en FacebookTwitter, Instagram LinkedIn.

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