Jake Mcnichol, Author at NJEDA

NJEDA to Host Public Information and Idea Gathering Session on September 21, 2021

TRENTON, N.J. (September 16, 2021) – Governor Phil Murphy and the New Jersey Economic Development Authority (NJEDA) today announced the NJEDA’s participation in four regional coalitions preparing applications for the U.S. Economic Development Authority (U.S. EDA) Build Back Better Regional Challenge (BBBRC). The Challenge is a federal grant program to help communities adopt and implement transformational, industry-based economic development strategies that strengthen economic diversity and resiliency in the wake of the COVID-19 pandemic. The four coalitions that NJEDA has joined focus on regional industry clusters that are part of Governor Murphy’s Stronger and Fairer Economic Plan, including biomanufacturing, clean energy, aviation, and smart ports.

The NJEDA will host a public information and idea gathering session on the Build Back Better Regional Challenge at 9:00 a.m. on Tuesday, September 21, 2021. Representatives of for-profit businesses, non-profit organizations, and government entities are all encouraged to attend to learn more about the challenge. In addition, the NJEDA will be seeking input on potential priority projects that could be included in the four coalition applications.

Join the information session here: https://us02web.zoom.us/webinar/register/WN_84JFnsqSTBGV_hGP4-qPuA.

“As we build toward a stronger, fairer recovery from the COVID-19 pandemic, it is critical that we keep our eyes to the future and identify industry-based strategies that will drive long-term, equitable growth,” said Governor Phil Murphy. “The Build Back Better Regional Challenge is a fantastic opportunity to engage New Jersey’s innovative thinkers and industry leaders to craft projects that will not only help us bounce back from the impacts of COVID-19, but also lay the foundation for long-term success.”

“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. “Aviation innovation, biomanufacturing, clean energy, and smart ports are all sectors that Governor Murphy has identified as priorities because of their potential to drive transformative economic growth and job creation. The NJEDA is proud to partner with thought leaders and industry innovators throughout New Jersey to support high-impact applications in these sectors.”

The Build Back Better Regional Challenge 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. Applications must be centered around developing or growing a regional industry cluster, with a long-term transformational vision and a plan for execution. More information about the Challenge is available at https://eda.gov/arpa/build-back-better/.

Applicants for the Challenge act as a regional coalition with one lead entity per application. Eligible coalition members include government entities, nonprofits, and higher education institutions. For-profit entities cannot be a primary coalition applicant, but can participate as “coalition partners” offering industry expertise, commit to investment or job creation related to the industry cluster, and formally express support for the coalition’s application.

The application process for the Build Back Better Regional Challenge takes place in two phases. 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 NJEDA is supporting four applicant coalitions focused on aviation innovation, biomanufacturing, clean energy, and smart ports.

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). Individuals and organizations interested in sharing project ideas or joining the aviation innovation coalition should reach out to AviationBBBRC@njeda.com by noon on September 28.

In addition to leading this applicant coalition for the Build Back Better Regional Challenge, the ACEA was recently designated by the Governor’s Office to be New Jersey’s applicant for the U.S. EDA’s Statewide Planning Grant, a grant of up to $1 million for economic development planning efforts. ACEA’s plans for the grant focus on planning and feasibility studies around advanced aviation, which will complement the projects included in the aviation innovation coalition’s Build Back Better Regional Challenge application.

“Aviation is a growing industry in South Jersey that has massive potential to drive statewide economic growth and job creation,” said ACEA President Lauren Moore. “We are thrilled to have Governor Murphy and the NJEDA’s support for our application for the Build Back Better Regional Challenge. We have a clear vision for building a broad, inclusive aviation innovation ecosystem in South Jersey and the State’s support for our application for this grant program and the Statewide Planning Grant will be crucial to securing the funds we need to bring these ideas to life.”

“Aviation has a strong track record of success driving economic expansion and job growth in Atlantic County and throughout South Jersey,” said County Executive Dennis Levinson. “The application coalition for the Build Back Better Regional Challenge is in the process of preparing a forward-thinking, comprehensive series of proposals that will build on our success to ensure long-term, equitable growth throughout South Jersey. We are proud to have Governor Murphy’s backing and look forward to working with the NJEDA and other experts in the community and industry to prepare a successful application that allows us to execute on our vision for the future of aviation in Atlantic County.”

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 New Brunswick Innovation HUB, BioCentriq at New Jersey Institute of Technology (NJIT), major research institutions, community colleges, and major biopharma companies with headquarters in New Jersey. Individuals and organizations interested in sharing project ideas or joining the biomanufacturing coalition should reach out to BiomanufacturingBBBRC@njeda.com by noon on September 28.

“New Jersey’s history of leadership in medicine and biomanufacturing runs deep and leveraging our existing ecosystem will be crucial to ensuring a speedy and equitable recovery from the COVID-19 pandemic,” said Antonio M. Calcado, Executive Vice President and Chief Operating Officer at Rutgers. “We are proud to have Governor Murphy’s support and excited to work with the NJEDA and many other leaders in New Jersey’s life sciences ecosystem to prepare a strong Build Back Better Regional Challenge application that sets us on the path to recovery from COVID-19 and long-term success.”

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. Individuals and organizations interested in sharing project ideas or joining the clean energy coalition should reach out to CleanEnergyBBBRC@njeda.com by noon on September 28.

“Clean energy is not only crucial to fighting climate change, but it is also a strong driver of innovation, economic growth, and job creation,” said Ali A. Houshmand, president, Rowan University. “Governor Murphy understands the interconnectedness of the two and deserves great praise for his leadership on this subject, particularly his Energy Master Plan and his commitment to the New Jersey Wind Port. We are proud to have the NJEDA and Governor Murphy’s support our application for the Build Back Better Recovery Program, which will set the stage for New Jersey to continue our growth as a leader in clean energy.”

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 New Jersey Institute of Technology (NJIT). Additional coalition partners include Port Newark Container Terminal (PNCT), Invest Newark, and North Jersey Transportation Authority. Individuals and organizations interested in sharing project ideas or joining the smart ports coalition should reach out to SmartPortsBBBRC@njeda.com by noon on September 28.

“Port Newark is a major hub for regional, national, and international economic activity, and it supports hundreds of thousands of jobs that range from high tech to service to the trades to labor and more,” noted Newark Mayor Ras A. Baraka. “The projects that will be undertaken by this coalition will be catalysts for job creation and sustainable, long-term economic growth while also making a substantial and positive environmental impact, all of which are in accord with Governor Murphy’s economic strategies.”

NJIT President Joel S. Bloom added, “As the State of New Jersey’s public polytechnic university and a partner with the City of Newark, NJIT will bring broad and deep expertise in the technological and innovative aspects to the coalition. The projects will be central to the operation of Port Newark and to growing its regional economic impact. New Jersey transportation and other regional port systems will also benefit through the establishment of a center for transportation innovation, commercialization and tech transfer. We are proud to have Governor Murphy and the NJEDA’s support for these important initiatives.”

The NJEDA is hosting a public information session about the Build Back Better Regional Challenge program and the four applicant coalitions the NJEDA is supporting at 9:00 a.m. on Tuesday, September 21, 2021. The program will include an overview of the Build Back Better Regional Challenge program and presentations from each of the coalitions about their vision and the types of projects they are considering. Representatives of for-profit businesses, non-profit organizations, and government entities are all encouraged to attend to learn more and provide input.

Join the information session here: https://us02web.zoom.us/webinar/register/WN_84JFnsqSTBGV_hGP4-qPuA.

In addition to attending the information session, the NJEDA is also encouraging individuals, organizations, and businesses to submit one-page project idea summaries to the relevant applicant coalition by noon on September 28. Ideas for aviation innovation projects should be sent to AviationBBBRC@njeda.com; ideas for biomanufacturing projects should be sent to BiomanufacturingBBBRC@njeda.com; ideas for clean energy projects should be sent to CleanEnergyBBBRC@njeda.com; and ideas for smart ports projects should be sent to SmartPortsBBBRC@njeda.com.

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.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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LOWER ALLOWAYS CREEK, N.J. (September 14, 2021) – The New Jersey Economic Development Authority (NJEDA) and PSEG have signed a lease allowing for a term of up to 78-years on land that will be home to the New Jersey Wind Port in Salem County, New Jersey, further positioning the state as a hub for clean energy and the U.S. offshore wind industry. The port will provide a location for essential staging, assembly, and manufacturing activities related to offshore wind along the East Coast. The Wind Port is located adjacent to PSEG’s nuclear generating site, which today provides more than 90% of New Jersey’s carbon-free electricity, and together, offshore wind and nuclear energy will deliver powerful support for our state and national clean energy ambitions.

“The New Jersey Wind Port is a transformational investment that will create hundreds of good jobs and drive billions of dollars of economic activity in South Jersey and throughout the State,” said NJEDA Chief Executive Officer Tim Sullivan. “This is a vital project that will help communities recover from the devastating impacts of the COVID-19 pandemic and move us closer to Governor Murphy’s vision for a stronger, fairer New Jersey economy. The NJEDA is proud to partner with PSEG to bring this valuable new infrastructure asset to life.”

“The lease signing with the NJEDA is cause for celebration as the New Jersey Wind Port will provide a foundation for even more carbon-free energy in our region,” PSEG Chief Operating Officer Ralph LaRossa said. “Alongside PSEG’s nuclear plants, the New Jersey Wind Port will establish South Jersey as the heart of New Jersey’s clean energy economy. By supporting the development of renewable offshore wind power, this lease and the facility to come will establish New Jersey as the destination for clean energy development, operations, training, skills, and innovation.”

“Salem County and South Jersey are already home to exceptional innovation, operations, and a workforce skilled in generating clean energy for millions of customers. And now, with the addition of the New Jersey Wind Port, PSEG is proud to support the state as we become the hub for development of carbon-free resources for the East Coast,” PSEG Nuclear President and Chief Nuclear Officer Eric Carr said. “PSEG and PSEG Nuclear welcome broad partnerships such as ours with the NJEDA and we look forward to continuing to drive innovation, growth, and investment in the clean energy economy.”

Offshore wind is a central component of Governor Phil Murphy’s Energy Master Plan to achieve 100 percent clean energy by 2050. As part of that plan, New Jersey has committed to producing 7,500 megawatts of offshore wind energy by 2035. Up and down the East Coast, offshore wind investment through 2035 is anticipated to exceed $150 billion. The U.S. offshore wind industry is expected to create 83,000 new (direct) jobs by 2030, most of which will be in the Northeast and Mid-Atlantic. Through strategic investments and development, New Jersey can become a national leader in numerous portions of the offshore wind supply chain and become central to the clean energy economy.

The New Jersey Wind Port is located on an artificial island on the eastern shores of the Delaware River, southwest of the City of Salem. With its expansive footprint, lack of height restrictions, and easy access to the Atlantic Ocean’s wind farm lease areas, the Wind Port is one of a select few ports on the East Coast that can house offshore wind turbine marshalling and manufacturing. A key component of offshore wind turbine marshalling is the vertical assembly of turbine towers, which are hundreds of feet tall and cannot fit beneath bridges, power lines, and other naturally-occurring barriers that would impose height restrictions. No other port in the region is able to support the marshalling and manufacturing operations that will take place at the Wind Port.

Job Creation

The New Jersey Wind Port has the potential to create more than 1,500 manufacturing, assembly and operations jobs, as well as hundreds of construction jobs. Many positions at the Wind Port will be trade jobs and require skill certifications, like welding or an electrician’s license, but will not require a college degree. The construction phase of the Wind Port also will create hundreds of union jobs. Last week, Construction Manager (CM) AECOM-Tishman signed a project labor agreement (PLA) with the United Building Trades Council of Southern New Jersey AFL-CIO. The NJEDA is also working with AECOM-Tishman to ensure at least 25 percent of subcontractors for the port construction are small businesses and at least 15 percent are women-, minority-, or veteran- owned. The Wind Port project also includes worker diversity goals of 18 percent people of color and 6.9 percent women.

The New Jersey Wind Port site was selected in June 2020 after a 22-month assessment process, including engagement with industry, government, and environmental stakeholders. The NJEDA has been preparing the site and finalizing design since summer 2020. It is more than five miles from the nearest New Jersey residential area and provides ample space to grow operations over time.

About the New Jersey Economic Development Authority

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

About PSEG

Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG’s principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years (https://corporate.pseg.com).

Visit PSEG at:

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TRENTON, N.J. (September 8, 2021) – The New Jersey Economic Development Authority (NJEDA) announced the approval of the Henri/Ida Business Assistance Grant Program at a special meeting of its Board held earlier today. The $10.5 million program will provide grants of $1,000 to $5,000 for businesses and non-profits that suffered physical damage from the effects of recent tropical storms Henri and Ida.

The approval follows Governor Phil Murphy’s announcement of preliminary details of the program last week. The NJEDA has been tasked with creating and administering the program, which will provide short-term, immediate rent/mortgage reimbursement support to New Jersey businesses and non-profits with up to 50 full-time equivalent employees that suffered physical damage from Tropical Storm Henri on August 22^nd and 23^rd, or from Tropical Storm Ida on September 1^st, 2^nd and 3^rd, 2021.

More information about the Henri/Ida Business Assistance Grant Program is available at https://www.njeda.com/henri-ida-relief/.

“Countless New Jersey businesses endured the wrath of Tropical Storms Henri and Ida in recent weeks, and today’s action by the NJEDA’s Board will allow us to move swiftly to help those businesses in need,” said Governor Murphy. “Time is clearly of the essence and we are determined to get funds out to businesses and non-profits as quickly as possible.”

The Henri/Ida Grant Program is designed to assist businesses and non-profits impacted by tropical storms Henri and Ida. The Program will provide grants from $1,000 up to $5,000 to New Jersey-based small businesses and non-profits that have up to 50 full-time equivalent employees as reported on their last WR-30 form (Q2 2021) with the NJ Department of Labor and Workforce Development (DOL) and have a commercial location in the State that suffered physical damage as a result of tropical storms Henri and Ida. Of the $10.5 million available for the program, $10 million will be available for grants for businesses and non-profits impacted by Ida and $500,000 will be set aside for businesses and non-profits impacted by Henri.

Landlords and home-based businesses are not eligible for grant funding through this program. To be eligible, the applying entity must:

Provide certification of an unmet need due to damage and/or business interruption.
- This includes, but is not limited to, flooding, interior or exterior damage to the building structure, roof damage, and siding damage, all of which are directly related to tropical storm Henri and Ida. Loss of power alone will not be considered physical damage.
Provide documentation of physical damage to the applicant’s physical commercial location.
Have been in operation on August 1, 2021.
Present a valid Employer Identification Number (EIN).
Submit recent wage reporting form (WR30), if applicable.
Submit evidence of an August rent/mortgage payment of at least $1,000 as well as have a need that is greater than $1,000.
Be registered to do business in the State of New Jersey, as evidenced by a valid Business Registration Certificate.
Be in good standing with the Department of Taxation and DOL, and if applicable, the Division of Alcoholic Beverage Control, the Department of Children and Families, and/or the Department of Human Services.
Complete an affidavit identifying all funding sources related to recovery from tropical storms Henri and Ida, including prior grants, insurance, and Small Business Administration loans and grants.
Comply with any additional requirements that may apply.

Grants will be provided in the form of reimbursement of August rent or mortgage ($1,000 minimum rent eligibility). To ensure grants reach businesses in the hardest hit communities, including communities of color, one-third of the $10 million in funding available through the program will be targeted to businesses with a primary business location within the 715 census tracts designated as eligible to be selected as an Opportunity Zone.

“The NJEDA shares Governor Murphy’s sense of urgency as we work to provide support to small businesses and non-profits dealing with the impact of Henri and Ida,” said NJEDA CEO Tim Sullivan. “The need for assistance is particularly dire, as these storms occurred just as New Jersey was emerging from the impact of the COVID-19 pandemic. It’s more critical than ever that we do our best to help impacted entities return to normal operations so they may continue their role as the economic drivers of New Jersey’s communities.”

The NJEDA has stressed to business owners and non-profit leaders the importance of thoroughly documenting all physical damage as they prepare to apply for assistance through this and any future programs, including taking clear photographs and saving receipts for repairs and associated materials.

Comprehensive information about the Henri/Ida Business Assistance Grant Program is available at https://www.njeda.com/henri-ida-relief/. The NJEDA expects to launch an online application for the program at 9:00 a.m. on Friday, September 17^th at https://www.njeda.com/henri-ida-relief/. Applications will be reviewed on a first come, first served basis.

About the New Jersey Economic Development Authority

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (August 11, 2021) – The New Jersey Economic Development Authority (NJEDA) Board today approved rules for the Main Street Recovery Program. Created under the Economic Recovery Act of 2020 (ERA), 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 is available at https://www.njeda.com/main-street-recovery-fund/.

“Supporting small businesses is the centerpiece of Governor Phil Murphy’s plan for a stronger, fairer recovery from the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “The Main Street Recovery Program approved today will build on the NJEDA’s successful COVID-19 relief programs to provide new resources tailored specifically to help business owners recover from the impacts of the pandemic and prepare for long-term success.”

The rules approved today create two grant products funded by the Main Street Recovery Program: the Small Business Lease Assistance Grant and the Small Business Improvement Grant.

The Small Business Lease Assistance Grant is a $10 million program that will provide grants to businesses entering new or amended leases with at least five-year terms that include at least 250 square feet of street-level space. This grant funding will offset a portion of annual lease payments for two years.

The Small Business Improvement Grant is a $15 million program that will provide grants up to $50,000 to reimburse businesses for a portion of costs associated with improvements and/or the purchase or installation of furniture, fixtures, and equipment since March 9, 2020.

Applications for these programs are currently under development. The NJEDA will announce the application timeline for both programs soon.

In addition to the Small Business Lease Assistance Grant and the Small Business Improvement Grant, the NJEDA intends to pilot additional products to be funded through the Main Street Recovery Program. The Authority anticipates these pilot programs will include financing to help microbusiness lenders provide more low-cost loans and technical assistance for microbusinesses and an expansion of the NJEDA’s existing Micro Business Loan Program through which the Authority will provide low-cost financing directly to eligible microbusinesses.

In line with Governor Murphy’s commitment to a stronger, fairer recovery from the COVID-19 pandemic, 40 percent of all Main Street Recovery Program funds are reserved for businesses located in census tracts that were eligible to be designated as Opportunity Zones. Providing dedicated funding for these census tracts helps to ensure equitable access to resources for communities and businesses that have historically struggled to access resources.

The Main Street Recovery Program is part of a suite of programs created or expanded under the ERA that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.

About the New Jersey Economic Development Authority

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TRENTON, N.J. (August 6, 2021) – Applications for the New Jersey Economic Development Authority (NJEDA) New Jersey Community Stage Relief Grant Program will open at 9:00 a.m. EDT on Tuesday, August 17, 2021. Venues, businesses, and sole proprietors that host, organize, promote, produce, or manage live events or performances can receive grants up to $300,000 through the program.

More information about the New Jersey Community Stage Relief Grant Program and a sample application are available at https://business.nj.gov/covid/community-stage.

To help potential applicants prepare to apply, the NJEDA is hosting an informational webinar about the program at 12:00 p.m. EDT on Wednesday, August 11, 2021. Register for the webinar at bit.ly/NJEDA_StageGrantWebinar. A recording of the webinar will be available at https://business.nj.gov/covid/community-stage.

Program Overview:

The New Jersey Community Stage Relief Grant Program provides grants of up to 30 percent of an eligible venue, business, or sole proprietor’s decline in operating revenue from 2019 to 2020, up to a maximum grant award of $300,000.

The program is open to for-profit venues, businesses, and sole proprietors that have an eligible NAICS Code or make 50 percent or more of their operating revenue from the organization, hosting, promotion, production, or management of performances. Applicants must also be able to demonstrate a 25 percent or greater operating loss between Q2 2019 and Q2 2020 as well as involvement in at least 26 live performances where performers were paid and tickets were sold or admissions fees were charged over any consecutive 13-week period beginning January 1, 2019.

Nonprofit organizations are not eligible for the New Jersey Community Stage Relief Grant Program. A separate program for nonprofit establishments is being administered by the New Jersey State Council on the Arts.

Comprehensive information about the New Jersey Community Stage Relief Grant Program is available at https://business.nj.gov/covid/community-stage.

About the New Jersey Economic Development Authority

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TRENTON, N.J. (July 29, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced a $75 million extension of the commercial component of the Economic Redevelopment and Growth (ERG) Program. The Authority also announced that the extended Residential ERG Program, which began accepting applications in June, has been expanded from $50 million to $125 million. More information about the ERG Program is available at https://www.njeda.com/erg.

“Thanks to the foresight of Governor Phil Murphy and the Legislature in reopening the ERG Program, essential commercial and residential projects throughout New Jersey will be able to move forward while the new programs created by the Economic Recovery Act are under development,” said NJEDA Chief Executive Officer Tim Sullivan. “These programs will drive economic growth and attract new businesses and workers to New Jersey. This is always important, but it is especially crucial now as we begin recovering from the economic impacts of COVID-19.”

The Commercial ERG Program is an incentive to help developers and businesses address project financing gaps in development or redevelopment projects, including below market development margins or rates of return. Qualified projects can receive an incentive grant reimbursement of up to 30 percent of total eligible project costs. Projects in Atlantic City, Camden, Paterson, Passaic, and Trenton can receive reimbursements up to 40 percent of eligible project costs. Subsidies awarded through the ERG Program are not meant to be a substitute for conventional debt and equity financing. Before applying, applicants must have the balance of their funding identified or in place or be able to demonstrate that any terms of other financing are reasonable.

The new phase of the Commercial ERG Program is subject to the existing ERG regulations and statutes, as amended by the New Jersey Economic Recovery Act of 2020 (ERA) (L. 2021, c. 156) and subsequently by L. 2021, c. 160. Among other requirements, projects must:

Be predominantly commercial and contain 100,000 or more square feet of retail, office, and/or industrial uses for purchase or lease.
Be located in a qualifying incentive area.
Not have commenced any construction at the site of a proposed redevelopment project prior to submitting an application or demonstrate to the NJEDA that the project would not be completed otherwise or is to be undertaken in phases.
Demonstrate that a project financing gap exists.
Demonstrate the tax revenues the State will realize from the project will be greater than the incentive being provided.

Comprehensive information on eligibility for the extended Commercial ERG Program is available at https://www.njeda.com/erg.

The NJEDA will begin accepting applications for the extended Commercial ERG Program at 12:00 p.m. EDT on Monday, August 16, 2021. All applicants will be required to submit an application via the NJEDA’s online application at https://application.njeda.com/. Applications will be accepted on a first-come, first-served basis until funds are exhausted or Thursday, December 30, 2021. More information about the application process is available at https://www.njeda.com/erg.

Potential applicants can submit questions about the Commercial ERG Program and application to ERGextension@njeda.com until 11:59 p.m. EDT on Sunday, August 8, 2021. Responses to these questions will be posted to a Frequently Asked Questions (FAQ) section on https://www.njeda.com/erg.

In addition to the expanded ERG Program, the ERA creates and expands a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed. For more information, visit https://www.njeda.com/economicrecoveryact/.

About the New Jersey Economic Development Authority

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TRENTON, N.J. (July 23, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced that ten lenders have been selected to receive grants through the Micro Lender Support Grant Program. This $2 million pilot program provides grants to Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), and other organizations that lend to New Jersey small and micro businesses to support the costs associated with scaling up their operations and offering direct assistance to more New Jersey-based businesses.

“Supporting small businesses is central to Governor Phil Murphy’s vision for a stronger, fairer recovery from COVID-19,” said NJEDA Chief Executive Officer Tim Sullivan. “Throughout the pandemic, lenders that specifically support micro businesses have been crucial to helping the most at-risk small businesses keep the lights on, but the ongoing challenges of the pandemic have strained these organizations. The Micro Lender Support Grant Program awards announced today will provide much needed resources to help CDFIs and other lenders continue supporting micro and small businesses that need help while increasing their capacity to serve even more businesses in need.”

The following organizations have been selected to receive grants through the Micro Lender Support Grant Program:

The ten grant recipients will each receive a $200,000 grant. These funds will be used to support operating expenses associated with servicing micro and small businesses, such as hiring additional staff or opening new offices, and the buying down of interest rates of loans offered to small and micro businesses.

More information about the Micro Lender Support Grant Program is available at https://www.njeda.com/micro-lender-support-grant-program/.

Information about other NJEDA small business programs is available at https://www.njeda.com/smallbusinessservices/.

About the New Jersey Economic Development Authority

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TRENTON, N.J. (July 21, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced the New Jersey Community Stage Relief Grant Program. The $17.5 million program will provide grants of up to $300,000 to eligible for-profit establishments that host at least two regularly occurring live performances or events per week. More information about the program is available at https://business.nj.gov/covid/covid-relief-venues.

“From Count Basie and Springsteen to Sinatra and Queen Latifah, New Jersey has a long and rich history of supporting performing artists and the venues where they connect with their fans. The COVID-19 pandemic hit performing arts businesses particularly hard, and now that we are able to begin safely reopening it is critical that we help them get back on their feet,” said NJEDA Chief Executive Officer Tim Sullivan. “The New Jersey Community Stage Relief Grant Program, along with the New Jersey Council on the Arts program for nonprofit establishments, will provide much-needed funding to help performing arts venues recover from the impact of COVID-19 and get back to hosting the shows that help make New Jersey such a vibrant, exciting place to live.”

The arts and culture industry has seen major disruption as a result of the pandemic. This includes venues that host live performances or events and the businesses that organize, promote, produce, and manage these live events. To address this impact, Governor Phil Murphy allocated $17.5 million of Coronavirus Relief Fund (CRF) and American Rescue Plan (ARP) funding to the NJEDA to support arts and culture organizations. This is in addition to $7.5 million in grant funding for nonprofit arts venues awarded by the New Jersey State Council on the Arts.

The New Jersey Community Stage Relief Grant Program announced today will use the $17.5 million allocated to the NJEDA to provide grants equal to 30 percent of a qualified establishment’s decline in operating revenue from 2019 to 2020, up to a maximum grant award of $300,000.

The New Jersey Community Stage Relief Grant Program is only open to for-profit establishments with arts focused NAICS Codes or businesses that make 50 percent or more of their operating revenue from the organization, hosting, promotion, production, or management of live music or performances.

In order to focus funding on hard hit community-based arts and culture businesses and work towards Governor Murphy and Lieutenant Governor Sheila Y. Oliver’s goals of investment in New Jersey’s diverse communities, establishments that meet one of the baseline eligibility criteria must also be able to demonstrate that they:

Have a venue capacity of 2,500 or less;
Host at least two live performances per week;
Collect admission fees or sell tickets for events;
Pay artists for performing at their events; and
Experienced a 25 percent or greater operating loss between Q2 2019 and Q2 2020.

The NJEDA anticipates opening applications for the New Jersey Community Stage Relief Grant Program in August. Applications will be accepted on a first-come, first-served basis, based on the date and time at which the Authority receives the application.

In line with Governor Murphy’s commitment to a stronger, fairer recovery from the COVID-19 pandemic, 33 percent of total funding available for the New Jersey Community Stage Relief Grant Program will be set aside to support establishments that have a commercial business address in a census tract that was eligible to be selected as a New Jersey Opportunity Zone.

Comprehensive information about the eligibility and document requirements for the New Jersey Community Stage Relief Grant Program is available at https://business.nj.gov/covid/covid-relief-venues.

Learn more about New Jersey’s COVID-19 response and other programs for businesses impacted by COVID-19 at https://business.nj.gov/covid.

About the New Jersey Economic Development Authority

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TRENTON, N.J. (July 20, 2021) – Today at 9:00 a.m. EDT, the New Jersey Economic Development Authority (NJEDA) will open pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program as part of Governor Phil Murphy’s ongoing COVID-19 relief and recovery efforts. This loan program provides financing of up to $100,000 at 0% interest to eligible New Jersey small businesses and nonprofits. All entities must pre-register before 5:00 p.m. EDT on Friday, July 30, 2021 to be eligible to apply for the loan. Pre-registration is not first come, first served.

More information is available at https://business.nj.gov/covid/emergency-assistance-loan-program.

“Our goal is to not only recover from the COVID-19 pandemic but to also support the resiliency and long-term sustainability of New Jersey’s small businesses. To this end, it is essential that we continue to provide the resources business owners need to reopen and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “Thanks to Governor Murphy’s leadership and advocacy by New Jersey’s Congressional delegation, we have received federal funds to support Phase 2 of the Small Business Emergency Assistance Loan Program, which will make much-needed financing available to New Jersey businesses with a focus on supporting businesses that have been left out of previous COVID-19 relief programs.”

The NJEDA created the Small Business Emergency Assistance Loan Program in March of 2020 to make financing available to small businesses impacted by the COVID-19 pandemic. To date, the NJEDA has approved 145 loans for a combined total of more than $10 million.

Funded by a United States Economic Development Administration (USEDA) Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriation, Phase 2 of the Small Business Emergency Assistance Loan Program makes additional financing available to New Jersey businesses and nonprofits, with a particular focus on entities that have taken on new space in 2021. Businesses with $10 million or less in annual revenue that have executed a new lease, leased additional space, or acquired an owner-occupied commercial space of at least 500 square feet on or after January 1, 2021, will be prioritized as “Stage 1” applicants and have exclusive, early access to the application. Entities that meet all other eligibility criteria but do not meet the new lease, additional leased space, or acquired owner-occupied commercial space criteria will be eligible to apply as “Stage 2” applicants.

Pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program will be open from 9:00 a.m. EDT today, Tuesday, July 20, 2021, to 5:00 p.m. EDT on Friday, July 30, 2021. All businesses and nonprofits must pre-register during this window to be eligible to apply for loans. Pre-registration is not first-come, first-served.

Following the pre-registration period, applications will open for “Stage 1” applicants at 9:00 a.m. EDT on Tuesday, August 3, 2021. Applications will remain open for Stage 1 applicants only for 10 days. If the NJEDA does not receive sufficient applications from Stage 1 applicants during this time period to exhaust the available funding, the Authority will open applications to all other qualified “Stage 2” entities at 3:00 p.m. EDT on Friday, August 13, 2021.

More information about Phase 2 of the Small Business Emergency Assistance Loan Program is available at https://business.nj.gov/covid/emergency-assistance-loan-program.

The Small Business Emergency Assistance Loan Program is part of New Jersey’s suite of COVID-19 relief programs. Comprehensive information about New Jersey’s coronavirus response is available at https://business.nj.gov/covid.

About the New Jersey Economic Development Authority

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Trenton, N.J. (July 14, 2021) – The New Jersey Economic Development Authority (NJEDA) Board today approved proposed amendments to the state’s Angel Investor Tax Credit Program rules that will help fuel investments into early-stage New Jersey technology companies and bolster New Jersey’s innovation economy. The amendments were based on expansions and revisions made to the program by both the Economic Recovery Act of 2020, which was enacted in January 2021, and legislation signed into law by Governor Phil Murphy in 2019. Concurrently, the NJEDA Board also approved publishing the proposed amendments in the New Jersey Register for a 60-day public comment period.

The New Jersey Angel Investor Tax Credit Program, which is open to both in-state and out-of-state investors, was created in 2013 to incentivize investment into emerging New Jersey technology businesses. An investor can receive a refundable tax credit equal to a percentage of their qualified investment made in a New Jersey early-stage company. This company’s primary business must be an eligible technology which are 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.

Since the program’s inception, the NJEDA has approved 1,671 applications totaling more than $616 million invested in 102 eligible New Jersey businesses. In the first quarter of 2021 alone, 207 Angel Tax Credit Program applications were approved for a total of $5.2 million in tax credits, representing the injection of nearly $33 million into 17 emerging companies.

“Under Governor Murphy’s leadership, we have prioritized recapturing New Jersey’s role as a leader in innovation in an equitable and inclusive manner,” said NJEDA Chief Executive Officer Tim Sullivan. “The amendments approved today will ensure that we continue to help early-stage companies attract the capital they need to further their research and development or to manufacture or commercialize their technology. This, in turn, will lead to the creation of highly-skilled jobs that are necessary to support new business growth.”

Examples of proposed rule amendments approved today stemming from the Economic Recovery Act include:

Increasing the amount of tax credits available annually under the program from $25 million to $35 million.
Expanding the definition of a qualified investment to include investment commitments made into qualified venture funds. “Venture fund” means a partnership, corporation, trust, or limited liability company that invests cash in a business during the early or expansion stages of a business in exchange for an equity stake in the business in which the investment is made. “Venture fund” may include a venture capital fund, a family office fund, or a corporate investor fund, provided that a professional manager administers the venture fund.
- For an investment commitment to a venture fund be eligible as a qualified investment, the venture fund must be a “qualified venture fund” investing a minimum of 50 percent of the venture fund’s committed capital in New Jersey based businesses. In addition, a five percent bonus is available if the fund invests 50 percent of its funds in New Jersey diverse entrepreneurs.

The following additions were also made to the Angel Investor Tax Credit Program rules. These updates are associated to legislative actions from 2019 which have already been implemented into the current Program:

Increasing the amount of tax credits available per qualified investment in an emerging New Jersey technology business from 10 percent to 20 percent.
Adding a five percent bonus credit for qualified investments made in a New Jersey certified minority-or women-owned technology business or a technology business that is located in a qualified Opportunity Zone or New Markets Tax Credit Census Tract.

These amendments approved today will be published in the New Jersey Register on September 7 for a 60-day public comment period.

In addition to the expanded Angel Investor Tax Credit program, the Economic Recovery Act creates and/or enhances a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. More information about these programs is available at https://www.njeda.com/economicrecoveryact.

About the New Jersey Economic Development Authority

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