Issue: 4
Mar 2017

EDA NJ Small Business Support By The Numbers


  *Numbers based on activity in CY2016  




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EDA's financing for small to mid-sized businesses and manufacturers have helped businesses across New Jersey overcome challenges, meet financing gaps, and create/retain jobs in New Jersey.

Please visit www.NJEDA.com/EDAWasHere to learn more about how EDA assisted these businesses.



The Board of the New Jersey Economic Development Authority (EDA) acted to expand support of small business growth in Garden State Growth Zones (GSGZs) through the creation of the Business Lease Incentive (BLI) and Business Improvement Incentive (BII) programs.

The BLI and BII programs are designed to support the growth of retail and services in GSGZs by providing grants to street level new and expanding businesses. The effect of these programs will be maximized by concentrating these grants in designated corridors consistent with each city's development plans. The programs will be launched on a pilot basis and capitalized with a total of $3 million. Of that, $1 million will be available per year over the three-year life of the programs, evenly divided and reserved for projects in the legislatively-created GSGZs, which include Trenton, Camden, Paterson, Passaic and Atlantic City.




Following a 40-year career as an automobile and diesel repair technician, entrepreneur Dennis Galloway founded Rochelle Park-based DG and Sons in 2008 to continue his life-long passion for fixing automobiles.

Family-owned and operated DG and Sons, which Galloway co-owns with his wife Maria Siliato-Galloway, works with trucking and carting companies and fleets, as well as several local municipalities, to maintain and repair their fire engines, garbage trucks, plows and emergency equipment. The company also has direct repair programs in place with insurance companies.

As DG and Sons flourished, the Galloways realized that they needed a larger facility to accommodate the company's expanded clientele, outgrowing their 4,000-square-foot space. In early 2016, DG and Sons closed on an M&T Bank Loan that included a 44 percent participation through the New Jersey Economic Development Authority's (EDA's) Small Business Fund.





The growth of many small- and mid-sized businesses throughout New Jersey was supported in 2016 by tailored financing solutions created from a toolkit of programs administered by the New Jersey Economic Development Authority (EDA).

"Each of the businesses that make up New Jersey's diverse small business community have unique financing needs, and in some instances, a business is best served through a combination of EDA programs," EDA Chief Executive Officer Melissa Orsen said. "We encourage businesses of all sizes to explore the creative and versatile solutions the EDA offers."





Upcoming Events


Event: UCEDC: The Price Is Right: The How-To's of Pricing Your Products & Services
Location: 433 Market Street, Camden, NJ 08102
Time: 6:00 p.m. - 8:00 p.m.

Event: UCEDC: Intellectual Property Basics for Small Businesses & Start-ups
Location: 257 Cornelison Avenue, Jersey City, NJ 07302
Time: 6:00 p.m. - 8:00 p.m.

Event: UCEDC: QuickBooks 201: Beyond the Basics
Location: 18 East Union Street, Bordentown, NJ 08505
Time: 6:00 p.m. - 8:00 p.m.

Event Calendar

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