Phase II offers $150,000 grants to qualifying social equity applicants

TRENTON, N.J. (November 13, 2023) —The New Jersey Economic Development Authority (NJEDA) announced today that the application for Phase II of its Cannabis Equity Grant Program will open on November 30, 2023, at 10:00 a.m. The second phase of the trailblazing program, offering the largest grant of its kind in the nation, will provide each eligible entrepreneur with a SeedEquity Grant of $150,000 and no-cost technical assistance.

The primary focus for Phase II of the Cannabis Equity Grant Program is to ensure the communities most adversely impacted by the War on Drugs have both equitable access to the lucrative cannabis industry and the resources needed to flourish. To this end, 100% of the Phase II SeedEquity Grant funding is reserved for qualifying social equity applicants, an increase from the 40% allocation in Phase I. In addition to the $150,000 in funding, Phase II includes an 8-week technical assistance program for grant recipients. The technical assistance program will provide training on converting a conditional license to an annual license, building a cannabis business team, financial management, securing investors, supply chain management, and more. To assist potential applicants, NJEDA will host a webinar on November 13, 2023, at 6:00 p.m.

“Under Governor Murphy’s leadership, New Jersey is on the forefront of creating a stronger and fairer cannabis market, especially for communities historically harmed by the unjust War on Drugs,” said NJEDA Chief Executive Officer Tim Sullivan. “The Seed Equity Grant, which is specifically designed for social equity applicants, will help create an equitable, inclusive marketplace that will create jobs and strengthen communities, all while ensuring our entrepreneurs are able to reap the industry’s economic benefits and have access to the resources needed to succeed.”

“We are excited to see grant funding being used to help social equity applicants realize their entrepreneurship dreams. Beyond the skills and business acumen it takes to be an entrepreneur in any industry, starting a cannabis business faces additional challenges – including limited access to traditional means of business funding,” said Cannabis Regulatory Commission (CRC) Chair Dianna Houenou. “By making these grants exclusively available to social equity businesses – that is, companies with majority owners who have prior marijuana convictions or live in an economically disadvantaged area – NJEDA is setting the example for establishing equitable funding initiatives. NJ-CRC Commissioners and staff see the hopes and dreams of those cannabis entrepreneurs every day, and we applaud every step that brings us towards making some of those dreams come true.”

“Reflecting on the successful outcomes of the Joint Ventures Grant, I’m immensely proud and excited to kick off the application process for the Seed Equity Grant. Building on our progress, this next phase intentionally targets funding to those communities historically excluded from these opportunities,” stated NJEDA Chief Community Development Officer Tai Cooper. “For those that are interested, we strongly encourage you to join us at our upcoming webinar on November 13th to learn more about the program and application process.”

The SeedEquity Grant will allocate a total of up to $8 million in funding for 48 entrepreneurs. Applicants must meet the New Jersey Cannabis Regulatory Commission’s criteria for social equity and have obtained a conditional license. Unlike with the Phase I Joint Ventures Grant, applicants do not need to have secured real estate or municipal approval. A free eligibility assessment tool is available online for those looking to verify if they meet the requirements. In addition to this, prospective applicants can register here to attend the upcoming Seed Equity Grant webinar on November 13, 2023, at 6:00 p.m. to ask questions and receive more information.

About 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 www.njeda.gov and follow @NewJerseyEDA on Facebook, X, Instagram, and LinkedIn.

TRENTON, N.J. (October 18, 2023) – The Commission on Science, Innovation and Technology (CSIT) will host two informational webinars to outline several programs that are aimed to support innovative, early-stage, and clean teach startups across the state.

WHAT:          The first webinar will provide an overview of CSIT’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Direct Financial Assistance Program Pilot, which enhances New Jersey’s innovation economy by providing technical and financial support to small businesses seeking to or participating in the federal SBIR/STTR program. The next round of the program will open in the coming weeks and will offer $25,000 and $50,000 grants.

The second webinar will highlight new rounds of funding available from CSIT’s Research and Development Voucher Programs. The Catalyst R&D Voucher Program helps offset the cost of leveraging R&D resources, facilities, and equipment at the state’s academic universities and colleges, federal, and non-profit laboratories to advance their technology development. The Clean Tech R&D Voucher Program supports early-stage clean tech companies access core facilities, equipment, and makerspaces at any participating state universities or government labs.

WHEN:          CSIT SBIR/STTR Direct Financial Assistance Program Webinar
Monday, October 23, 2023
2:00 p.m. – 3:00 p.m.
Click here to register

CSIT Research and Development (R&D) Voucher Programs Webinar
Monday, October 23, 2023
3:00 p.m. – 4:00 p.m.
Click here to register

About CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the State as a home for academic and technological research, development, and commercialization. Visit https://www.njeda.gov/csit/ for more information about CSIT incentive programs.

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

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TRENTON, N.J. (October 12, 2023) – The New Jersey Economic Development Authority (NJEDA) is increasing the amount of tax credits available to $15 million through the Food Desert Relief Tax Credit Auction. 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).

WHAT:            Due to robust response to the Food Desert Relief Tax Credit Auction, the NJEDA has raised the available auction pool from $10 million to $15 million. 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.

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.

WHEN:           Applications will close on October 18 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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Update (June 29, 2023): The deadline to respond to this RFI has been extended to July 24th, 2023 at 5:00 p.m. EDT.

TRENTON, N.J. (June 13, 2023) – The New Jersey Economic Development Authority (NJEDA) yesterday issued a Request for Information (RFI) seeking insight from qualified stakeholders on opportunities to accelerate building decarbonization within the commercial building sector. The information gathered through the RFI will guide the development of programs to reduce harmful emissions from New Jersey’s building sector; the second highest source of overall greenhouse gas emissions in the state. The RFI can be found at https://www.njeda.gov/bidding/#OET with responses due by July 6.


WHAT: The NJEDA is exploring the creation of programs, especially around project financing, to reduce greenhouse gas emissions from existing and new commercial, industrial, and institutional buildings within the state. The RFI issued yesterday will ensure the Authority has a better understanding of key opportunities and barriers of building decarbonization, as well as specific partnerships, funding, programs, and other resources needed to support the acceleration of decarbonization efforts. Building decarbonization efforts include, but are not limited to, energy efficiency improvements, on-site renewable energy generation, and the reduction of operational emissions via fuel switching or beneficial electrification.

Commercial buildings alone account for 10 percent of total greenhouse gas emissions in New Jersey, emphasizing the critical need of robust building decarbonization efforts in reducing overall statewide emissions. In line with Governor Phil Murphy’s vision to bolster New Jersey’s clean energy economy and reduce dependance on harmful pollutants, the RFI is an important step in the continuation of the NJEDA’s efforts to support the state’s innovative clean energy industries and further the Governor’s goal of reducing statewide greenhouse gas emissions to 80 percent below 2006 levels by 2050.

WHO: Respondents do not need to be located within the State of New Jersey to provide input. The RFI seeks responses from qualified entities, organizations, and individuals in commercial building decarbonization efforts. This includes, but is not limited to:

  • Commercial building owners and property developers of all development models and sizes, including those with single buildings or larger portfolios
  • Financial institutions involved in real estate transactions and construction financing
  • Building management, maintenance, and operations personnel
  • Building construction businesses and workers, including, but not limited to, industry associations, chambers of commerce, and unions
  • Other businesses and associated trade groups (restaurants, manufacturers, retailers, grocers, etc.)
  • Building design professionals (engineers, architects, planners, modelers, etc.), especially those with experience in green buildings, energy management, and building decarbonization approaches
  • Subject matter experts and entities with expertise on green building technologies and best practices, including research institutions
  • Manufacturers and installers for electric heating and cooling systems (including heat pumps and variable refrigerant flow systems) and other electric appliances
  • Energy efficiency, building envelope, and related contractors
  • Utility providers and operators
  • Environmental and other public policy-focused organizations
  • Organizations representing Environmental Justice communities (together with individual representatives of these communities)
  • And Jurisdictional and regulatory representatives (from New Jersey, all other states and territories, and international sources)


HOW TO RESPOND: All questions concerning this RFI must be submitted in writing no later than 5:00 p.m. EDT on June 19, 2023, via e-mail to buildingdecarbRFI@njeda.gov. The subject line of the e-mail should state: Questions-2023-RFI-180. Answers to questions submitted will be publicly posted on the Authority’s website on or about June 26, 2023, at https://www.njeda.gov/bidding/#OET as Addendum.

All RFI responses must be submitted in writing no later than 5:00 PM EDT on July 6, 2023, via e-mail to: buildingdecarbRFI@njeda.gov. The subject line of the e-mail should state: RFI Response-2023-RFI-180.

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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Assistance available to indoor amusement centers and arcades will help offset COVID-19 pandemic-related losses

TRENTON, N.J. (February 9, 2023) –The New Jersey Economic Development Authority (NJEDA) Board approved yesterday the creation of a grant program that will help indoor amusement parks, arcades, and entertainment centers rebound from the COVID-19 pandemic. The New Jersey Indoor Amusement Park Grant Program will provide eligible applicants with up to $150,000 to offset losses incurred due to decreased business as a result of the global pandemic. 

“As the New Jersey economy continues to rebound in the wake of COVID-19, investment into family-friendly entertainment centers like indoor amusement facilities adds to the comprehensive nature of our pandemic recovery strategy,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, the NJEDA has helped thousands of small businesses not only recover from the pandemic, but thrive for years to come. The NJ Indoor Amusement Park Grant Program will join our suite of programs designed to build the economic resilience of small businesses, especially those that play an essential role in the fabric of our local communities.”

These one-time grants will range from $5,000, up to $100,000. Those in Opportunity Zone eligible census tracts will be eligible for up to $150,000, and businesses that are not located in an Opportunity Zone eligible census tracts can qualify for up to $100,000. The funds may only be used for working capital costs. This program is being created to help these niche businesses, which were not eligible for funding under the Small Business Administration’s Shuttered Venue Operators Grant or Restaurant Revitalization Fund, by providing funding that will meaningfully improve their viability.

For eligibility, venues must have opened on or before March 9, 2020, and demonstrate a financial need by reporting at least a 50 percent loss in indoor self-reported gross revenue from the 12-month period of April 2019. Businesses must be open and operating at the date of application.  Facilities that include both indoor and outdoor offerings are eligible, yet the losses must be proven to be related to the business’s indoor aspects.

“The pandemic was especially devastating for indoor entertainment facilities, along with other businesses that rely solely on in-person customers,” said NJEDA Chief Community Development Officer Tai Cooper. “These grants will help eligible businesses continue to drive thriving communities, including a focus on those located in Opportunity Zone-eligible areas, where they are so important to the vitality of their neighborhoods.”

Funds will be disbursed on a first-come, first-serve basis. Funds will be available for the application period, which will be at least 30 days, or until funds are exhausted.

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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Opportunity for stakeholders to learn about this first-in-the-nation investment program

TRENTON, N.J. (January 20, 2023) – The New Jersey Economic Development Authority (NJEDA) will hold a virtual information session to provide venture capitalists, private equity investors, and New Jersey startups with information on how they can access capital from the New Jersey Innovation Evergreen Fund (NJIEF). Established by Governor Phil Murphy’s New Jersey Economic Recovery Act of 2020, the NJIEF is a ground-breaking tool designed to grow the state’s innovation economy by catalyzing up to $600 million to support early-stage innovation-focused businesses in New Jersey, while creating mentoring, networking, and educational opportunities to help position these companies for success.

Last month, the NJEDA announced the results of a $50 million tax credit auction, in which established corporations committed funding, technical assistance, and mentorship to help startup businesses in the state. Funds raised through the tax credit auction are expected to help support six to ten high-growth businesses this year.

The information session will be held on January 26th at 9:30 a.m. Register at https://www.njeda.gov/event/njeda-innovation-evergreen-fund-investment-program/. A recorded version of the information session will be posted at http://www.njeda.gov/evergreen following the event.  

About the NJEDA

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

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

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NJEDA to Launch Additional Financing Tool for Micro Businesses Next Month

Montclair, N.J. (May 5, 2022) – In celebration of National Small Business Week, the New Jersey Economic Development Authority (NJEDA) today announced plans to open applications for its Micro Business Loan next month, which will make additional funding resources available through the Authority’s Main Street Recovery Program. The NJEDA has already issued nearly $5.5 million in grants through the Main Street Recovery Program.

Governor Phil Murphy’s Fiscal Year 2023 budget proposal includes $50 million for the Main Street Recovery Program. The Governor visited East Side Mags, a comic book store in Montclair to highlight a business that has received this funding.

“Small businesses like East Side Mags are essential to New Jersey’s vibrant and thriving Main Streets,” said Governor Murphy. “As we transition from pandemic to endemic, we must continue to support small businesses as they recover from the devastating impact of COVID19. I am proud to support New Jersey’s small businesses and look forward to seeing their continued resiliency and contributions to our economy and communities.”

“During Governor Murphy’s tenure, we have made historic progress to spur economic growth and support small businesses dealing with the ongoing effects of the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “We’re already seeing the impact of the Main Street Recovery Program, as new businesses open their doors, hire new employees and move their local communities forward.”  

The Main Street Recovery Program is budgeted to provide $100 million to support the growth and success of small businesses in New Jersey. In just over six months, more than 200 small businesses have been approved for the Small Business Lease Grant and 32 small businesses have been approved for the Small Business Improvement Grant since February. The Small Business Lease Grant provides funding to help businesses who leased or expanded their commercial space in the last twelve months, while the Small Business Improvement Grant reimburses grantees for 50 percent of the cost of capital improvements, furniture, fixtures, and equipment at their facilities.

Realizing the need for access to flexible capital for the early-stage micro businesses the NJEDA will open applications for its Main Street Micro Business Loan in early June. The Main Street Micro Business Loan will offer forgivable working capital loans with a two-percent interest rate and no interest and no payments due for the first year. Eligible micro businesses in New Jersey with 10 or fewer full-time employees and no greater than $1.5 million in annual revenues will be able to apply for financing of up to $50,000. The Micro Business Loan will be available to for-profit, non-profit, and home-based businesses with a business location in New Jersey and that have been in operation for at least six months. Funding will be available on a first-come, first-served basis.

Seeking support for improvements, Kosher eatery Crunch Time was reimbursed through the Small Business Improvement Grant funding for improvements made to its facility prior to opening in mid-2020 to transform the eatery known for burgers, sandwiches, soups and more to the Lakewood community.

“We had a vision to transform an old bakery into a lively and attractive place for families to gather and share a meal,” said Crunch Time Owner Eliezer Kadoch. “We are grateful that funding from the NJEDA’s Small Business Improvement Grant was available to support our dream.”

Another success of support through NJEDA funding is Dreamweaver Equine Center, a non-profit in Ringoes which provides equine-assisted activities and social and emotional learning for individuals of all abilities and ages, starting as young as two years old. With support from the NJEDA’s Small Business Improvement Grant, the minority- and woman-owned nonprofit has increased accessibility throughout the property.

“When we opened our doors in 2020, we knew that people were looking for ways to stay connected while staying safe and having fun,” said Dreamweaver Equine Center Founder and Director Ali Cho. “Our family-friendly learning environment has been extremely well-received by the community, and we are so grateful. Improvements made to our facilities with support from the NJEDA will enable our farm to accommodate more individuals seeking opportunities to connect with our horses and farm critters, furthering our mission to promote mental health and wellness in Hunterdon County and all our surrounding communities.”

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Important Update (June 2, 2022)

  • The deadline to submit proposals has been extended to June 27, 2022.

TRENTON, N.J. (May 2, 2022) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Information (RFI) seeking insight from qualified entities with perspectives on the creation of a physical innovation center dedicated to financial technology (fintech) in New Jersey. The RFI seeks to collect information on whether a fintech strategic innovation center would create a unique opportunity for further economic development, sustain job growth and job creation, and catalyze innovation in the state. The RFI can be found at https://www.njeda.gov/bidding/#OET. Responses are due by June 6, 2022.

The NJEDA is interested in receiving comments, questions, recommendations, facts, information, ideas, solutions, and responses that provide insight into the scope and characteristics of technology-driven financial innovation, generally referred to as fintech, and the potential value in creating a center for fintech activity in New Jersey.

Additionally, this RFI seeks to better understand the opportunities and challenges associated with establishing a fintech innovation center, including market need and gaps, potential sites and logistical considerations; information on potential projects or solutions that present the best return on investment and opportunity for sustainability; and national and international models that should be considered when developing a fintech innovation center.

“The creation of new innovation-centric spaces is an important element of Governor Murphy’s efforts to build New Jersey’s innovation economy,” said NJEDA Chief Executive Officer Tim Sullivan. “Gathering insights into how a fintech innovation center could contribute to the economic vitality and quality of life in the State will help us identify best practices and innovative ideas for developing a successful center that makes sense for New Jersey in terms of its long-term economic competitiveness.”

New Jersey is well on track to become the nation’s central location for the fintech industry, considering many of the world’s leading financial services companies have already located their back-office data and technology support operations in the Garden State. New Jersey offers a strategic location at the heart of the densely-populated and transit-connected Northeast Corridor, next to Philadelphia and New York City; it provides best-in-class digital infrastructure; it’s home to a highly-educated, skilled, and diverse workforce; and it serves as an international gateway with easy access to employees, clients, and customers across the globe.

The NJEDA is seeking responses from qualified entities including, but not limited to, finance and insurance companies, information technology companies, suppliers within the Financial Services and Technology supply chains (e.g., product and technology development), post-secondary educational institutions, relevant industry or trade groups, policy and academic researchers; real estate developers; business leaders, employers and entrepreneurs; technical assistance providers, and municipal or county governments.

Responses to the RFI are due no later than 11:59 p.m. EDT, on Monday, June 6, 2022, via e-mail to: FinTech@njeda.com.  The subject line of the e-mail should state: RFI Response-2022-RFI-OET-PFS-146 – New Jersey Financial Technology Innovation Center. 

All questions concerning this RFI must be submitted in writing no later than 11:59 p.m. EDT, on Monday, May 9, 2022, via e-mail to: FinTech@njeda.com. The subject line of the e-mail should state: QUESTIONS-2022-RFI-OET-PFS-146 – New Jersey Financial Technology Innovation Center. Answers to questions submitted will be publicly posted on the Authority’s website on or about Monday, May 23, 2022, at: https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs as Addendum.

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

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