National Association Recognizes EDA as Distinguished State Development Finance Agency

TRENTON, N.J. (November 17, 2017) – The New Jersey Economic Development Authority (EDA) was honored last night with the Distinguished State Development Finance Agency Award at the Council of Development Finance Agencies (CDFA) National Summit. The CDFA is a national association dedicated to the advancement of development finance concerns and interests, and its annual awards program recognizes excellence in the use of financing tools for economic development, as well as the individuals who champion these efforts. 

According to the CDFA, the Distinguished State Development Finance Agency Award is bestowed on an agency that has tackled particularly complex and challenging financing concerns, revolutionized financing tools or affected the development finance markets. 

“We are thankful for the important role the CDFA plays in the development finance industry, and we are honored to be recognized for our work advancing economic development in the State of New Jersey,” said EDA Senior Vice President Maureen Hassett, who also serves as Vice Chair of the CDFA Board.  “Over our 40-year history, the EDA has focused on identifying creative solutions and forming strong partnerships with the public, private and not-for-profit sectors to broaden New Jersey’s economic base and we look forward to continuing our work to help build vibrant communities and create new job opportunities for residents.” 

The EDA was statutorily created in 1974 and commenced operations with a $200,000 start-up loan from the New Jersey Department of Treasury. Its initial purpose was helping New Jersey companies take advantage of the federally authorized tax-exempt bond program. Over the past four decades, the role of the EDA has continued to expand.  Today, the EDA offers a portfolio of programs and initiatives designed to support business growth and spur job creation and capital investment.  From low-cost loans that increase access to capital for small businesses to seed funding for technology and life sciences companies, the EDA develops programs and adapts existing ones in response to State policies, economic trends and needs in the marketplace.

To learn more about EDA resources, visit www.njeda.gov or call 609-858-6767, and follow @NJEDAWasHere and @NJEDATech on Twitter and LinkedIn.