Please be advised that the Capital City Redevelopment Corporation Board Meeting is scheduled for 11:00 am, Tuesday, June 21, 2022.  The Members will convene via conference call only.

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

Access Code: 905 820 836#

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

Changes will expand tax credit program to more productions and create jobs through development of studios

TRENTON, N.J. (June 8, 2022) – The New Jersey Economic Development Authority (NJEDA) Board approved at its June Board meeting proposed amendments to the New Jersey Film & Digital Media Tax Credit Program rules, with a goal of attracting more production companies to film and create digital media content in New Jersey and to encourage the development of large-scale studios in the state.

The New Jersey Film and Digital Media Tax Credit was established by Governor Phil Murphy in 2018 and later expanded through a series of legislative changes, most notably in 2021 as part of the New Jersey Economic Recovery Act of 2020 (ERA). The program helps to strengthen the State’s economy by attracting film, television, and digital media production, as well as the associated economic benefit that is generated through these productions, such as permanent job creation, decent living wages, increased tourism activity and spending, infrastructure and community investment in production facilities, support for local small businesses and vendors, and the expected surge in value from media exposure.

Since its creation, over 68 productions have been approved for tax credits based on expenditures of $766 million into the state’s economy. These tax incentives have helped to attract major film and television productions to New Jersey, such as “Joker,” “West Side Story,” “The Many Saints of Newark” and CBS’ “The Equalizer.”

“New Jersey has positioned itself as a compelling destination for the film and digital media industry under Governor Murphy’s leadership as we continue to attract big-studio productions to our state,” said NJEDA CEO Tim Sullivan. “Our diversity of locations means you can film mountains, cities, beaches and farms all in the same day, while our best-in-class tax incentive program and unmatched talent pool make New Jersey among the most cost-effective places in the nation to shoot a film. That’s a powerful combination and the film industry has begun to take notice.”

The proposed new rules approved by the NJEDA Board address changes to the legislation, including an increase in the amount of tax credits available annually, specific allocations of tax credits for long term commitments from larger studio development projects, an expansion of the program’s diversity bonus, and an extension of the timeline of the program to 2034.

Sullivan noted that, to date, more than half of productions supported by the program were approved for bonuses based on the inclusion of diversity plans for the recruitment and hiring of minorities and women.

“The New Jersey Film and Digital Media Tax Credit program is paving the way for our state to reinforce its legacy as premier destination for leading film and television productions,” said New Jersey Secretary of State Tahesha Way. “Under Governor Murphy’s leadership, this program has brought many productions to our state, creating job opportunities for people from diverse backgrounds, and injecting millions of dollars into local businesses. This translates into long-term economic benefits and improved quality-of-life for these communities and their residents.”

The amendments approved by the Board address other statutory changes such as increases to the amount of tax credits available annually under the program to $100 million per state fiscal year for applicants not considered film-lease partners or studio partners, $100 million per state fiscal year for studio partners, $100 million per state fiscal year for film-lease partners, and $30 million per fiscal year for digital media projects. Additionally, the proposed new rules include other statutory additions as an increase in the diversity bonus from two percent to four percent to encourage the hiring minority, local, on-screen talent, which will help ensure opportunities are accessible to qualified New Jersey residents from all backgrounds.

Statutory changes now allow the program to run through 2034 and increased the credit allowed for film projects from 30 percent to 35 percent of certain qualified film production expenses. The digital media tax credit was also increased from 20 percent to 30 percent. The rules establish annual reporting requirements for certain projects and allow for the Authority to recapture or reduce the tax credit amounts for certain projects.

The Board-approved proposed rules will be published for public comment after which the Board will consider final adoption of the rules.

In addition to the Film and Digital Media Tax Credit program, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; and new funding opportunities for early-stage companies in New Jersey. More information about these programs is available at https://njeda.com/economicrecoveryact.

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 FacebookTwitter, Instagram, and LinkedIn.

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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, June 8, 2022, at 10:00 am.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

TELECONFERENCE:

CONFERENCE NAME:                                NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              877-692-8955

PARTICIPANT ACCESS CODE:                    4204420

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.com. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

Parcel to be Purpose-built for Tier 1 wind component manufacturing, Co-located with a Marshaling Port and with Ready Access to East Coast Offshore Wind Sites

Trenton, N.J. (May 20, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it will shortly launch the next phase of its eagerly-anticipated tenant selection process for the New Jersey Wind Port. This phase will involve seeking offers from Tier 1 wind component manufacturers, such as blades, for an approximately 70-acre parcel of property at the Port.   

The New Jersey Wind Port, located on the Delaware River in Lower Alloways Creek, Salem County, will be a transformative, hub-style port serving offshore wind projects in New Jersey and up and down the U.S. East Coast. The Port is being developed by the NJEDA on behalf of the State and represents a new approach to economic development that will spur both job creation and opportunities for businesses throughout the offshore wind supply chain. It has the potential to create up to 1,500 manufacturing, assembly, and operations jobs, with wind projects supported by the Port driving billions more dollars in economic growth.

The Port is situated at the geographical center of the United States’ burgeoning offshore wind sector – with approximately 40 gigawatts (GW) of committed and planned offshore wind projects along the East Coast, including 7.5 GW of projects off the coast of New Jersey. The Port will offer offshore wind industry tenants the following key features:

  • Access to the Atlantic Ocean free of vertical restrictions;
  • Upland acreage purpose-built for marshalling and component manufacturing;
  • A wide approach channel from the main Delaware River Channel;
  • A purpose-built heavy-lift wharf, comprising both delivery and installation berths; and
  • Heavy-haul Road connections between inland port parcels and the Wharf.

The NJEDA will shortly seek non-binding offers from Tier 1 offshore wind component manufacturers, such as blades manufacturers, for an approximately 70-acre parcel at the Port. The parcel is currently undeveloped but is intended to be purpose-built for manufacturing and would adjoin a deep-water port. The parcel would be connected to two marshalling parcels via a purpose-built heavy-haul road corridor, providing unrivalled cost efficiencies for a manufacturer and their developer clients. The NJEDA anticipates that the parcel will be available for sublease from late-2026. A notice for the sublease of property will be issued in coming weeks and will be available at Bidding Opportunities – NJEDA.

“There is simply no better site to anchor an offshore wind manufacturing facility in the nation than at the New Jersey Wind Port, the nation’s only purpose-built greenfield wind port and epicenter of the nation’s fast emerging wind supply chain hub,” said NJEDA CEO Tim Sullivan. “For a manufacturer, being co-located with two marshalling parcels means significantly lower logistics costs, a win for industry and a win for energy consumers. At the same time, being part of the nation’s supply chain hub means ready access to a growing ecosystem of tier two suppliers across Southern New Jersey and throughout the state.”

Home to a high concentration of skilled labor, a well-established maritime industry and workforce, and a network of highly-regarded colleges and universities, New Jersey is ideally-placed to drive the development of the offshore wind industry in the United States.

“Manufacturing critical components of the offshore wind supply chain here in New Jersey will not only benefit our own offshore wind projects, but the entire industry up and down the East Coast,” said New Jersey Board of Public Utilities (NJBPU) President Joseph L. Fiordaliso. “By diversifying the manufacturing opportunities available, we will bring more jobs and economic development opportunities to the Garden State as we work to achieve Governor Murphy’s goal of 7.5 GW by 2035.”

Last fall, Governor Phil Murphy led the celebration for the New Jersey Wind Port’s groundbreaking, alongside Federal Secretary of Labor, Martin J. Walsh and a host of state and local officials. The event also included the signing of a Project Labor Agreement (PLA), with the State committed to using union labor to construct the Port and to setting a new standard for inclusion of minority and women workers and business owners.

Governor Murphy announced last month that the NJEDA and Orsted North America had executed a letter of intent (LOI) for Orsted to marshal its Ocean Wind 1 project from the Port. As part of its bid to the NJBPU Orsted had proposed to marshal Ocean Wind from an interstate port, with its commitment to instead use the Wind Port creating over 200 pre-assembly, load out and stevedoring jobs in New Jersey that would otherwise have been lost to other states.

Core construction of the Wind Port commenced in January of this year, with the first phase of the Port due to reach completion in early 2024.

Further information on the Port is available at: https://www.nj.gov/windport/.

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.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Dedicates $750,000 in Grant Funding to New Jersey-Based Early-Stage Innovation
Companies to Tackle Maternal & Infant Health Challenges

Trenton, N.J. (May 16, 2022) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) and the New Jersey Economic Development Authority (NJEDA) today announced plans to enter into an agreement that will lead to the establishment of a $750,000 Maternal and Infant Health Research and Development (R&D) Seed Grant Program. Through the program, CSIT will award 10 grants of $75,000 each to help New Jersey-based early-stage innovation-based companies accelerate the development of technologies, products, and services that support pregnant women from pre-natal, through birth and post-partum, and into infancy.

With the Maternal and Infant Health R&D Seed Grant Program, CSIT will advance the innovation economy through the development of critically necessary research, products, and services designed to enhance maternal and infant health. This effort supports the goals established by the Nurture NJ Strategic Plan, which aims to make New Jersey the safest place in America to deliver a baby, specifically focusing on ending racial disparities in maternal and infant health outcomes. Launched in 2019 by Governor Phil Murphy and First Lady Tammy Murphy, Nurture NJ is a comprehensive, whole-of-government effort to reduce maternal and infant mortality and morbidity and ensure equitable care among women and children of all races and ethnicities in New Jersey.

“Mothers, those who are pregnant, and families are at the heart of the Nurture NJ Strategic Plan, which aims to make New Jersey the safest and most equitable place in the nation to give birth and raise a baby,” said New Jersey First Lady Tammy Murphy. “Investing in research and new technologies strengthens our families by ensuring the health and safety of mothers and their babies. I’m thrilled the Maternal and Infant Health R&D Seed Grant Program will advance our work to end racial disparities by funding New Jersey companies committed to supporting maternal and infant health through innovation.” 

As part of the agreement announced today, the NJEDA will dedicate $250,000 from the Economic Recovery Fund towards this program and CSIT will provide the remainder of the funding from its current budget. Both the NJEDA and CSIT Boards approved the agreement during their monthly meetings last week.

The Maternal and Infant Health R&D Seed Grant Program will support investments in R&D and new technologies supporting maternal and infant health in targeted sectors including life sciences, technology, and non-retail food and beverage. CSIT will be hosting an information session about the new grant program in June and details will be available on the CSIT website www.njeda.com/csit.  Applications for the program will open July 1, 2022.

“The Maternal and Infant Health R&D Seed Grant Program joins a suite of CSIT R&D Seed Grant programs designed to advance New Jersey’s innovation economy,” said CSIT Executive Director Judith Sheft. “By supporting early-stage innovationcompanies, the NJEDA and CSIT will help transform new discoveries from the research state into commercially-viable products and services that enhance the quality of care for women and infants.”

“Today’s announcement of $750,000 for CSIT’s Maternal and Infant Health R&D Seed Grant Program serves as a testament to New Jersey’s commitment to ending racial disparities and adverse health outcomes for New Jersey mothers and their children,”said CSIT Vice Chair Debbie Hart. “This funding will support research in an underinvested area of research while aiding in the development and discovery of new technologies designed to support pregnant people to reduce future rates of maternal and infant mortality.”

“Inequity in healthcare access is unacceptable, and under Governor Murphy and First Lady Murphy’s leadership, New Jersey is taking bold steps to invest in technologies, resources, and programs that ensure equitable care for women and children of all races and ethnicities,” said NJEDA Chief Executive Officer Tim Sullivan. “Providing seed funding to early-stage New Jersey-based companies dedicated to advancing maternal and pediatric health outcomes will not only contribute to our state’s growing innovation economy, but will produce long-lasting economic returns through advancements in research and increased health outcomes for mothers and infants. The Maternal and Infant Health R&D Seed Grant Program joins a suite of innovative products that leverages investment to drive real, meaningful, change within one of our state’s most vulnerable populations.”

About the New Jersey 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.

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.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Otorga $500,000 en Fondos para Ayudar a las Pequeñas Empresas a Calificar para Contratos Gubernamentales

Trenton, N.J. (11 de mayo de 2022) – La Junta Directiva de la Autoridad para el Desarrollo Económico de New Jersey (NJEDA) aprobó hoy dos contratos, uno con la Cámara de Comercio Afroamericana de Nueva Jersey (AACCNJ, por sus siglas en inglés) y otro con la Cámara de Comercio Hispana Estatal de New Jersey (SHCCNJ, por sus siglas en inglés) para administrar el Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas (Small Business Bonding Readiness Assistance Program). Este programa proporcionará a las pequeñas empresas capacitación y educación sobre fianzas a través de una serie de talleres y sesiones de consultoría estratégica diseñadas para aumentar el conocimiento y la capacidad de fianzas de las pequeñas empresas.

Desde que se lanzó el programa inicialmente en 2018, facilitado por un contrato con la AACCNJ, 105 empresarios se han graduado del programa. De ellos, 50 han calificado para un total combinado de $40 millones en contratos gubernamentales.

La nueva fase de financiamiento aprobada hoy proporcionará hasta $250,000 tanto a la AACCNJ como a la SHCCNJ para realizar una serie de cursos diseñados para mejorar las prácticas comerciales en las siguientes áreas temáticas: presentación contable y financiera, eficiencia operativa, mercadeo, capacidad de fianzas, construcción y derecho contractual, certificación y financiamiento. El objetivo colectivo del programa es posicionar mejor a las pequeñas empresas para que califiquen para la fianza y, como resultado, presentar ofertas más competitivas en proyectos de obras públicas o ejecutar contratos ofrecidos por el gobierno estatal o federal.

A través del Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas, tanto la AACCNJ como la SHCCNJ graduarán al menos 60 pequeñas empresas del programa cada año. Debido a una mayor asignación, el financiamiento del programa se duplicó, lo que permitió a la NJEDA contratar a una entidad adicional para garantizar que más pequeñas empresas de New Jersey tengan acceso gratuito a estos recursos, servicios y asistencia personalizada.

“Las pequeñas empresas son la fuerza impulsora de la economía de New Jersey y, bajo el liderazgo del gobernador Murphy, hemos priorizado conectar a empresas con los recursos que necesitan para perdurar, crecer y prosperar”, dijo el director ejecutivo de la NJEDA, Tim Sullivan. “El Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas es testimonio del compromiso de New Jersey de garantizar que todas las empresas, especialmente las empresas pertenecientes a minorías y mujeres, tengan acceso a las herramientas necesarias para eliminar los obstáculos al presentar ofertas en contratos gubernamentales”.

“Nos complace continuar nuestra asociación con la NJEDA y la Administración Murphy en su compromiso colectivo de aprovechar los ideales y los recursos proporcionados a través de la AACCNJ para fortalecer los sectores de bajo rendimiento de la economía de New Jersey”, dijo el fundador, presidente y director ejecutivo de la AACCNJ, John E. Harmon, Sr., OIM. “A medida que las pequeñas empresas continúan impulsando la recuperación económica post-COVID de nuestro estado, nunca ha sido más importante ofrecer recursos e información a empresas propiedad de Negros, mujeres y minorías. A través del Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas, New Jersey se asegura de que todas las pequeñas empresas puedan competir en el proceso de contratación estatal y federal de una manera más equitativa e inclusiva”.

“Empoderar a las pequeñas empresas para que participen en el proceso de fianzas es un paso esencial para eliminar los obstáculos para empresas propiedad de mujeres y minorías que desean obtener contratos estatales y federales”, dijo el presidente y director ejecutivo del SHCCNJ, Carlos Medina. “El Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas es un gran beneficio para los propietarios de pequeñas empresas que buscan tener éxito en la economía actual que cambia constantemente”.

La AACCNJ y la SHCCNJ fueron seleccionadas en base a las propuestas presentadas a principios de este año en respuesta a una Solicitud de propuestas de organizaciones sin fines de lucro con miembros que defienden a empresarios, con experiencia previa demostrada en la contratación con otras entidades gubernamentales o públicas para administrar servicios de apoyo de fianzas.

Las presidentas del Caucus Legislativo Latino de New Jersey y del Caucus Legislativo Negro del estado aplaudieron el anuncio de hoy y señalaron los beneficios que traerá a sus constituyentes.

“Estoy encantada de que el exitoso Programa de Asistencia para la Preparación de la Vinculación de Pequeñas Empresas se esté expandiendo y que el SHCCNJ ahora sea uno de los administradores”, dijo la Senadora Nellie Pou. “New Jersey es el hogar de más de 120,000 negocios propiedad de hispanos y este programa los posicionará mejor para el crecimiento futuro”.

“La AACCNJ ha sido una fuerza líder para empoderar a empresarios Negros y conectarlos con las herramientas necesarias para prosperar”, dijo la asambleísta Shovonda E. Sumter. “Al comprometer este financiamiento esencial para este programa administrado por la AACCNJ, la NJEDA está invirtiendo en el futuro de las empresas propiedad de Negros y ayudándolas a obtener las habilidades y los recursos necesarios para competir por contratos estatales”.

Acerca de la NJEDA

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

Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite https://www.njeda.com y siga a @NewJerseyEDA en FacebookTwitterInstagram y LinkedIn.

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Grants $500,000 in Funding to Help Small Businesses Qualify for Government Contracts

Trenton, N.J. (May 11, 2022) – The New Jersey Economic Development (NJEDA) Board today approved two contracts, one with the African American Chamber of Commerce of New Jersey (AACCNJ) and one with the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) to administer the Small Business Bonding Readiness Assistance Program. This program will provide small businesses with training and surety bonding education through a series of workshops and strategic consulting sessions designed to increase small businesses’ bonding knowledge and capacity.

Since the program was first launched in 2018, facilitated by a contract with the AACCNJ, 105 business owners have graduated from the program. Of those, 50 have qualified for a combined total of $40 million in government contracts.

The new phase of funding approved today will provide up to $250,000 to both the AACCNJ and the SHCCNJ to conduct a series of courses designed to enhance business practices in the following subject areas: accounting and financial presentation, operational efficiency, marketing, surety bonding capacity, construction and contract law, certification, and financing. The collective goal of the program is to better position small businesses to qualify for surety bonding, and as a result, more competitively bid on public works projects or perform contracts offered by the State or federal government.

Through the Small Business Bonding Readiness Assistance Program, both the AACCNJ and the SHCCNJ will graduate at least 60 small businesses from the program each year. Due to an increased appropriation, the program’s funding doubled, therefore allowing NJEDA to contract with an additional entity to ensure that more New Jersey small businesses have access to these free resources, services, and tailored assistance.

“Small businesses are the driving force of New Jersey’s economy, and under Governor Murphy’s leadership, we have prioritized connecting businesses with the resources they need to persevere, grow, and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “The Small Business Bonding Readiness Assistance Program is a testament to New Jersey’s commitment to ensuring that all businesses, especially minority and women-owned businesses, have access to the tools necessary to remove barriers to entry while bidding on government contracts.”

“We are pleased to continue our partnership with the NJEDA and the Murphy Administration in their collective commitment to leveraging the ideals and resources provided through the AACCNJ to strengthen underperforming sectors of New Jersey’s economy,” said AACCNJ Founder, President and CEO John E. Harmon, Sr., IOM. “As small businesses continue to drive our state’s post-COVID economic recovery, providing resources and information to black-owned, women-owned, and minority-owned businesses has never been more important. Through the Small Business Bonding Readiness Assistance Program, New Jersey is ensuring that all small businesses can compete in the state and federal contracting process in a more equitable and inclusive manner.” 

“Empowering small businesses to participate in the surety bonding process is an essential step in removing barriers to entry for minority and women-owned businesses that want to obtain state and federal contracts,” said SHCCNJ President and CEO Carlos Medina. “The Small Business Bonding Readiness Program is a tremendous asset for small businesses owners who are looking to succeed in today’s ever-changing economy.”

The AACCNJ and SHCCNJ were selected based on proposals submitted earlier this year in response to a Request for Proposals from qualified non-profit business advocacy membership associations with demonstrated prior experience in contracting with other governmental or public entities to administer surety bonding support services.

The Chairwomen of New Jersey’s Legislative Latino Caucus and the state’s Black Legislative Caucus applauded today’s announcement, noting the benefits it will bring to their constituents.

“I am thrilled that the successful Small Bonding Readiness Assistance Program is expanding and that the SHCCNJ will now be one of the administrators,” said Senator Nellie Pou. “New Jersey is home to more than 120,000 Hispanic-owned businesses and this program will better position them for future growth.” 

“The AACCNJ has long been a leading force in empowering Black business owners and connecting them with the tools necessary to thrive,” said Assemblywoman Shavonda E. Sumter. “By committing this pivotal funding to this AACCNJ-administered program, the NJEDA is investing in the future of Black-owned businesses and ensuring they possess the necessary skills and resources needed to compete for state contracts.”

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.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Phase 1 to Launch Summer 2022 with $15 Million in Grants to Licensed Child Care Centers Statewide

TRENTON, N.J. (May 11, 2022) – Building on the Murphy Administration’s comprehensive strategy to support the state’s vital child care sector and the crucial role of child care to the state’s long-term economic recovery, the New Jersey Economic Development Authority (NJEDA) today approved the creation of the $54.5 million Child Care Facilities Improvement Pilot Program for child care centers and family child care homes. Through Phase 1 of the program, the NJEDA will provide nearly $15 million in grants of up to $200,000 to licensed child care centers in New Jersey to cover the costs of facility improvements.

“An investment in the child care sector is an investment in our state’s economic future,” said Governor Phil Murphy. “Working families need reliable, safe, affordable, accessible, and high-quality child care. The program announced today will help us ensure that child care centers statewide can meet these needs while simultaneously securing their long-term financial resiliency.”

Child care providers generally face razor-thin profit margins, often forcing them to forego necessary facilities upgrades, repairs, and maintenance. Phase 1 of the Child Care Facilities Improvement Pilot Program will launch this summer and will make grants between $50,000 to $200,000 to pay for improvements that foster high-quality early childhood learning environments. These interior and exterior improvements could include, but are not limited to, installing energy efficient windows, creating additional classroom space, purchasing new playground equipment, replacing flooring, remediating environmental hazards such as lead or mold, or putting in child-height sinks or toilets. A complete list of eligible uses can be found at https://www.njeda.com/child-care-improvement-program/.

Applicants may own or lease the space that will be improved and they must currently enroll, or have enrolled in the 12 months prior to the date of application, at least one child receiving support through the New Jersey Department of Human Services (NJDHS) Child Care Assistance Program. That program provides subsidies to offset the cost of child care for families at 200 percent or below the federal poverty line. Child care providers must also commit to enroll in NJDHS’ quality rating improvement system, Grow NJ Kids. While the NJEDA plans to expand the Child Care Facilities Improvement Pilot Program to home-based child care providers registered with NJDHS in subsequent program phases, this inaugural phase will only be open to child care centers licensed by the New Jersey Department of Children and Families (NJDCF). Full eligibility criteria can be found at https://www.njeda.com/child-care-improvement-program/.

“Reliable and quality child care services are vital to New Jersey’s economic infrastructure, and during COVID-19, parents and caregivers across our state and nation bore the brunt of service disruptions due to the global pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey is making significant strides to bolster and invest in this indispensable sector, simultaneously helping parents re-enter the workforce and supporting the employment of thousands of individuals, including many women of color.”

Sullivan noted that child care providers serving low-income children through the NJDHS Child Care Assistance Program were significantly impacted by COVID. To ensure that these centers receive the funding they need to survive and thrive, 40 percent of the Phase 1 funding will be set aside for child care providers in Opportunity Zone-eligible census tracts.

As part of New Jersey’s whole-of-government approach to supporting the child care sector, Governor Murphy signed legislation in June 2021 appropriating $100 million in American Rescue Plan (ARP) Coronavirus State and Local Fiscal Recovery Funds, including $54.5 million for NJEDA to provide facility improvement grants and technical assistance to child care providers. Funding for Phase 1 of the Child Care Facilities Improvement Pilot Program will be supported through the ARP funding, as well as an additional $4.45 million in state funding.

“Child care providers enrich our children’s learning experience from the earliest ages and it is incumbent upon us to begin their educational journeys off right,” said NJDHS Commissioner Sarah Adelman. “The Child Care Facilities Improvement Pilot Program will be a crucial complement to our existing grants for child care providers as we seek to enhance the places where the youngest New Jerseyans get their starts.”

NJEDA Executive Vice President of Economic Security Tara Colton underscored the important role this program will play in propelling New Jersey’s economy forward.

“We know that the COVID-19 hit child care centers particularly hard, both with respect to their enrollment perspective and the effect it had on its workers as they juggled their own families’ needs,” Colton said. “By supporting enhancements to child care facilities statewide, the program announced today will strengthen this important sector and accelerate the state’s economic recovery.”

 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.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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A meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Friday, May 13 2022 at 10:00 am.

A copy of the proposed agenda can be found at https://www.njeda.com/csit.

+1 551-220-2262
Conference ID: 499 311 454#

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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.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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