EDA PROVIDED $540 MILLION IN FINANCING, INCENTIVES, TAX CREDITS
“Despite the economic challenges facing our state and our nation, the EDA continued to be a catalyst for achieving job creation and economic growth as we worked to support Governor Corzine’s comprehensive economic development initiatives,” said EDA Chief Executive Officer Caren S. Franzini.
Preliminary 2008 results show that the EDA has delivered nearly $154 million of this total to nine designated cities included under the New Jersey Urban Fund – Atlantic City, Camden, East Orange, Elizabeth, Jersey City, Newark, New Brunswick, Paterson and Trenton – supporting over 1,200 current jobs, the creation of an estimated 2,700 new jobs, and total investment of more than $547 million. An additional amount of nearly $69 million in bonds, loans, loan guarantees and environmental assistance grants has been provided to projects in other Urban Aid communities, supporting total investment of more than $140 million in the state’s economy and the creation of almost 900 new jobs.
To support the growth of technology and life sciences businesses, the EDA has provided nearly $84 million under the Edison Innovation Fund in 2008. These investments have leveraged more than $129.6 million in total project costs and over 900 new jobs.
Among its other highlights in 2008, the EDA:
- Consolidated its resources with those of the New Jersey Commerce and Economic Growth Commission, giving businesses one location to visit for assistance and information.
- Reduced interest rate floors by 100 basis points, equivalent to 1 percent, on several of its lending programs to generate economic activity and met the changing needs of the marketplace.
- Created the FastStart for Small Business loan program to provide low-interest financing for New Jersey companies and the Urban Plus loan program to encourage business growth and community revitalization in urban communities throughout the state.
- Established the Clean Energy Manufacturing Fund in concert with the New Jersey Board of Public Utilities and the New Jersey Commission on Science and Technology to support the use of renewable energy and energy efficiency technologies.
- Earned the Soft Landings International Incubator designation from the National Business Incubation Association in 2008 for its Commercialization Center for Innovative Technologies in North Brunswick. This award recognizes an incubator’s focus on welcoming international firms into its domestic market.
- Expanded its Preferred Lender Program, adding Cornerstone Bank, Columbia Bank, Peapack-Gladstone Bank, Roma Bank and Susquehanna Bank to increase access to timely and affordable financing for smaller New Jersey companies.