Program Supports Christie Administration’s Focus on Helping NJ Businesses Expand Globally

TRENTON, N.J. (May 1, 2012) – In support of the Christie Administration’s focus on helping small and mid-size companies expand their global reach, the New Jersey Economic Development Authority (EDA) and Citi’s Commercial Banking group have launched the New Jersey Global Growth Financing Program, a new program that will provide low-interest loans to New Jersey companies currently engaged or looking to engage in international trade.

“Through our proactive outreach to the business community, we discovered a real need for competitively priced financing to help New Jersey companies expand globally,” said Lt. Governor Kim Guadagno. “The New Jersey Global Growth Financing Program will provide access to capital and international market expertise, helping New Jersey businesses remain competitive, expand their operations, and create new jobs.”

Through the New Jersey Global Growth Financing Program, Citi will provide up to $50 million in term loans and lines of credit to New Jersey companies over the next three years.  EDA will offer guarantees on individual transactions of up to 50 percent of the Citi financing, not to exceed $1.5 million for term loans and $500,000 for lines of credit. To be eligible, businesses must have been in business for at least two years and have annual sales of $5 million to $50 million.

Lt. Governor Guadagno noted that, as a result of EDA’s guarantee, companies will benefit from interest rates that are typically lower than conventional pricing, as well as from more flexible loan terms. As a global banking firm with a comprehensive international market presence, New Jersey businesses will also benefit from the global expertise that Citi offers.

“Through the New Jersey Global Growth Financing Program, Citi will capitalize on the combination of its local market experience and international expertise to help local companies grow and create jobs,” said Robert Koar, President of Citi’s Eastern Regional Commercial Banking Group.  “We are thrilled to join New Jersey on this effort and look forward to utilizing our mutual and respective strengths to help businesses better access the global market.”

Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

The EDA serves as New Jersey’s “bank for business” as one component of the Christie Administration’s Partnership for Action, a three-pronged public-private approach to economic development. Through the Partnership for Action, EDA works in conjunction with Choose New Jersey, an independently funded and operated 501(c)(3) not-for-profit corporation created to encourage and nurture economic growth throughout the state, and the Business Action Center.  Reporting directly to the Lt. Governor, the Business Action Center serves as a “one-stop” shop for business and works to support the global competitiveness of New Jersey companies and promote the state as a business investment location nationally and internationally. The Business Action Center offers assistance to businesses looking to do business globally through trade consulting and inward foreign direct investment services. 

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

 

New Program Supports Manufacturing of Innovative Clean Energy Technologies

 

TRENTON, N.J. (May 29, 2009) – The second solicitation for financing by the State of New Jersey under the Clean Energy Manufacturing Fund will begin June 1. The recently launched program was specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, and will enable the state to take a leadership role in the clean technology industry by promoting new green jobs and growth while addressing the goals of Governor Jon S. Corzine’s Energy Master Plan.

 

The program is funded by the New Jersey Board of Public Utilities (BPU) and administered through the New Jersey Economic Development Authority. The solicitation period opens June 1, and is scheduled to close on July 15.

 

“The Clean Energy Manufacturing Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey while also supporting the creation of green collar jobs in the Garden State,” said Caren S. Franzini, chief executive officer of the EDA.

 

“Our continued partnership with the EDA will create jobs, ensure energy security and help achieve Governor Corzine’s mandate to reduce greenhouse gas emissions and combat global warming,” added BPU Board President Jeanne M. Fox.

 

Through the Clean Energy Manufacturing Fund, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation. In total, a qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans.

 

Up to $300,000 is available as a grant to assist with the manufacturing site identification and procurement, design, and permits. Up to $3 million is available as a zero-interest, ten-year loan to support site improvements, equipment purchases, and facility construction and completion.

 

To take advantage of this program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development. A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey.

 

Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies. Class I renewable energy is defined as electricity derived from solar energy, wind energy, wave or tidal action, geothermal energy, landfill gas, anaerobic digestion, fuel cells using renewable fuels, and, with written permission of the New Jersey Department of Environmental Protection (DEP), certain other forms of sustainable biomass.

 

To learn more about the Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.

 


 

 

New Program Supports Innovative Clean Energy Technologies
 
Trenton, N.J. (February 25, 2009) – Financing is now available from the New Jersey Economic Development Authority (EDA) for the Edison Innovation Clean Energy Manufacturing Fund, a program which will enable New Jersey to take a leadership role in the clean technology industry by promoting new jobs and growth in the state while addressing the goals of New Jersey’s Energy Master Plan.  The program represents an expansion of the state’s Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, which was created to spur innovation, create new, high-paying jobs and cultivate an entrepreneurial environment for technology and life sciences companies in New Jersey.

The Clean Energy Manufacturing Fund was specifically designed to support companies looking to site a Class I renewable energy or energy efficiency product manufacturing facility in New Jersey. The program is funded by the New Jersey Board of Public Utilities and administered through the EDA.


“Governor Corzine’s Economic Growth Strategy places a high priority on encouraging innovation, and the Clean Energy Manufacturing Fund will ensure New Jersey remains on the cutting-edge of cleantech development,” said Caren S. Franzini, chief executive officer of the EDA.  “In addition to supporting economic growth in the state, businesses receiving support under this Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey.”


“The Board of Public Utilities is excited about our new partnership with the EDA,” added Board President Jeanne M. Fox.  “It will create jobs, ensure energy security and help achieve Governor Corzine’s mandate to reduce greenhouse gas emissions and combat global warming.”


Through the Edison Innovation Clean Energy Manufacturing Fund, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation.  In total, a qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans.  Up to $300,000 is available as a grant to assist with the manufacturing site identification and procurement, design, and permits. Up to $3 million is available as a zero-interest ten-year loan to support site improvements, equipment purchases, and facility construction and completion.


To take advantage of this new program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development.  A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey.  Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies. 


To learn more about the Edison Innovation Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.