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BIZ BUZZ
Issue:10
Oct 2018
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EDA NJ Small Business Support By The Numbers

 
 
 

 
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Latest News

 
 
 
 
 


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.

 
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 From the incandescent light bulb to today's groundbreaking cancer research, New Jersey has been and remains a place where human ingenuity flourishes. This ingenuity is made possible through our diversity. An international gateway with more than 20% of our residents coming from across the globe, our unique backgrounds help drive our communities forward. Over the past decade, however, we have not made the most of our state's assets. We have underinvested and insufficiently supported our families, students, workers, and businesses. As a result, New Jersey's economy has experienced lagging economic growth and increasing inequality.

Our vision is to reestablish New Jersey as an economic and innovation leader: as a place where diverse talent, companies, and ideas flourish; where real pathways exist to the middle class; and where all residents can prosper in the economy. To unlock long-term and resilient economic growth, we must create a New Jersey economy that is both stronger and fairer.

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A newly-opened restaurant on Lexington Avenue and a bakery on Market Street are the latest Passaic City businesses to make improvements to their facilities with support from the New Jersey Economic Development Authority's (EDA's) Business Improvement Incentive (BII) Program. Together with the Business Lease Incentive (BLI) Program, the BII Program is designed to support the growth of first-floor retail and services businesses operating in eligible commercial areas of Garden State Growth Zones (GSGZ), designated as Passaic, Paterson, Atlantic City, Camden, and Trenton through the New Jersey Economic Opportunity Act.

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Downtown Trenton will soon welcome a new women-owned pharmacy, and two other retail businesses will make external improvements with support from programs offered by the New Jersey Economic Development Authority (EDA). The Business Lease Incentive (BLI) and Business Improvement Incentive (BII) programs were created to encourage owners of first-floor retail and services businesses to establish or improve their facilities in eligible commercial areas of Garden State Growth Zones (GSGZ), designated as Passaic, Paterson, Atlantic City, Camden, and Trenton through the New Jersey Economic Opportunity Act.

The BLI Program offers reimbursement of 15 percent of annual lease payments for two years to for-profit businesses and non-profit organizations in eligible areas that plan to lease between 500 and 5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum five-year term.

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In support of Governor Phil Murphy's stronger and fairer economic agenda, the New Jersey Economic Development Authority (EDA) announced it has created a new Office of International Trade and Investment (OITI), which will be the lead international business development office in State government. EDA Vice President Wesley Mathews will serve as Director of OITI, working with government and private-sector partners to promote the strengths of New Jersey as a premier business and investment destination.

"Governor Murphy and I are focused on creating a stronger and fairer economy for the state of New Jersey, and that includes supporting the expansion of international trade and investment," said Acting Governor Sheila Oliver. "New Jersey has historically been a crucial hub for global trade and the new Office of International Trade and Investment will allow us to strengthen our economy by attracting new business to New Jersey and widen our global reach. Our renewed focus on international economic development will help foster sustainable job growth for the State, while developing our place as a leader in the world market."

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The Garden State has been selected as one of four states to participate in a policy academy to identify best practices, partnerships, and policies to strengthen the manufacturing industry in their communities, the New Jersey Economic Development Authority (EDA) announced.

Funded by the National Institute of Standards and Technology Manufacturing Extension Partnership and organized by the State Science & Technology Institute (SSTI) in Ohio and the Center for Regional Competitiveness, the Policy Academy on Strengthening Your State's Manufacturers (Policy Academy) will offer New Jersey and other selected states dedicated technical assistance to help develop and implement policies that will strengthen their manufacturing bases. New Jersey joins Kentucky, Puerto Rico, and Utah in the Policy Academy.

 
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Upcoming Events

 
 
     
 
 
Oct
9

Event: Small, Minority, and Women-Owned Subcontractor Networking Event
Location: Thomas Edison State University, Prudence Hall, 111 West State Street, Trenton, NJ
Time: 10:00 am - 12:00 pm
 
 
 
Oct
11

Event: Marketing Essentials for Small Business
Location: 220 Willingboro Parkway, Willingboro, NJ 08046
Time: 10:00 am - 12:00 pm
 
 
 
 
Nov
7

Event: Digital Marketing & Social Media Intro for Small Business
Location: 220 Willingboro Parkway, Willingboro, NJ 08046
Time: 6:00 pm - 8:00 pm
 
 
 

Event Calendar


 

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