Program Will Offer up to $150,000 in grants to NJ Startups

TRENTON, N.J. (November 23, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced the creation of a $1.5 million Catalyst Seed Research and Development (R&D) Grant Program to help New Jersey-based startups accelerate development of technologies. The funding will help the companies transform new discoveries from the research stage into commercially viable products and services. The application, which opens on December 6, will be available at http://www.njeda.com/csit.

The Catalyst Seed R&D Grant Program will be open to companies conducting R&D or testing technologies in the following areas that were identified as targeted industries in Governor Phil Murphy’s economic development plan, “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey: Advanced Manufacturing, Transportation and Logistics, Film and Digital Media, Life Sciences (including, but not limited to: therapeutic drug development, diagnostics, and medical devices), Non-Retail Food and Beverage, Finance and Professional Services, and Technology.

“The new Catalyst Seed R&D Grant Program will vastly expand the scope of projects and companies that CSIT is able to support,” said CSIT Executive Director Judith Sheft. “Providing seed capital to businesses in high-wage, high growth sectors is both beneficial to the individual entities and important to the strength of our overall innovation economy.”

The program will offer two grant components:

  • Grants of up to $150,000 for projects that are developing life sciences therapeutics. It is anticipated that five awards will be made in this area.
  • Grants of up to $75,000 for other innovation projects – non–life sciences therapeutics drug R&D projects and projects that are not eligible for the Clean Tech Seed Grant. It is anticipated that 10 awards will be made in this area.

Sheft noted that the Catalyst Seed R&D Program is modeled after CSIT’s successful Clean Tech R&D Seed Grant Program, which awarded nearly $750,000 to startups statewide earlier this year. CSIT anticipates opening a second round of its Clean Tech Seed Grant program in early 2022. Therefore, companies that are working on research regarding the avoidance of emissions of, or recapture, greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture, will not be eligible to participate in the Catalyst Seed R&D Grant Program. 

Applications for the Catalyst Seed R&D Grant Program will open on December 6, 2021. CSIT will host an information webinar on December 7, 2021 at 10:00 a.m., which will include a walk-through of the application. Anyone interested in attending can visit http://tinyurl.com/NJCSIT to register. A recording of the webinar will also be available on CSIT’s website. Entrepreneurs can also get information about this and other programs designed to help their early-stage companies grow during the NJEDA’s November 30 Innovation Economy Programs webinar. Attendees can register for the event at http://tinyurl.com/NJ-Innovation.

“Under Governor Murphy’s leadership, New Jersey is receiving national and international attention as an excellent place to locate and grow a startup,” NJEDA Chief Executive Officer Tim Sullivan said. “The Catalyst Seed R&D Grant Program will be an important tool for helping us continue to foster an environment where these startups can succeed and thrive.”

Applicants for the Catalyst Seed R&D Grant Program will be required to demonstrate at least one of the following for their projects in order to be eligible for funding: description of the proof of concept results, published paper outlining results achieved, successful completion of a federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grant or contract related to the project, and/or confirmation documentation from a university tech transfer office if the project relates to technology that has been developed at a university. Complete eligibility requirements can be found at http://www.njeda.com/csit.

In support of CSIT’s mission to foster diversity and inclusion, one grant award will be reserved for an applicant meeting the minimum scoring criteria of 70 points that is women-owned as certified by the State of New Jersey and one grant award will be reserved for an applicant meeting the minimum scoring criteria of 70 points that is minority-owned as certified by the State of New Jersey. If there are no applicants that meet these criteria the funds may be allocated to other applicants.

In their roles on the CSIT Board, New Jersey State Senator Robert Singer and Assemblyman Andrew Zwicker have been vocal champions of creating resources such as the Catalyst Seed R&D Program to support New Jersey startups.

“Access to seed capital is among the most vital tools for very young companies that are often too early-stage to attract outside capital,” Senator Singer said. “Giving them that access now will pay dividends for our innovation ecosystem in the future.”

“New Jersey startups already have a tremendous number of assets available to them – including proximity to world-class universities, a top-notch talent pool, and a supportive innovation ecosystem,” Assemblyman Andrew Zwicker said. “Adding the Catalyst Seed R&D Grant Program to the suite of resources that CSIT offers startup companies will further Governor Murphy’s goal vision of making New Jersey the nation’s premier hub for innovative, science-and-technology focused entrepreneurism.”


About 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.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.com/csit or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.

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TRENTON, N.J. (December 16, 2020) – Only one day remains for New Jersey small businesses to receive discounts of nearly 70 percent on purchases of personal protective equipment (PPE) through the New Jersey Economic Development Authority (NJEDA) NJ Small and Micro Business PPE Access Program. The deadline to receive discounts is 11:59 p.m. on Thursday, December 17th. Businesses will still be able to purchase PPE at 10 percent discounts after this time, but higher discounts for small businesses will no longer be available. Businesses can purchase discounted PPE now at https://ppe.covid19.nj.gov.

Launched in October 2020 in response to high demand for affordable PPE, the NJ Small and Micro Business PPE Access Program allows New Jersey businesses to purchase discounted PPE through NJEDA identified and vetted “Designated Vendors.” Current Designated Vendors include Boxed, Office Depot, and Staples. These suppliers have created “microsites” where any New Jersey-based business or nonprofit can purchase PPE at a 10 percent discount.

In addition to the 10 percent discounts available to all businesses, the NJEDA has also made $20.4 million available to provide additional discounts of 65 percent to businesses and nonprofits with 100 or fewer employees that make purchases from Staples or Office Depot. These discounts are available in addition to the 10 percent discounts available to all businesses; meaning businesses with 100 or fewer employees can receive nearly 70 percent off PPE purchases, up to a program cap of $800 for all eligible businesses or $1,000 for businesses located in one of New Jersey’s 715 census tracts that were eligible to be designated as Opportunity Zones.

Small businesses and organizations interested in receiving these additional discounts on PPE purchases must apply at https://ppe.covid19.nj.gov. These nearly 70 percent discounts expire tomorrow, December 17th, so businesses that want to benefit should make purchases as soon as possible. Businesses and nonprofits will still be able to receive 10 percent discounts on PPE purchases after this date.

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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Authority has distributed more than $165 million in economic relief since March
 
TRENTON, N.J. (November 23, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced that it has provided more than $165 million in COVID-19 relief to more than 30,000 businesses since March 2020. The Authority’s announcement comes in advance of the kickoff of most businesses’ holiday seasons, which begins with Thanksgiving and the accompanying retail-oriented holidays Black Friday, Small Business Saturday, and Cyber Monday.

“Throughout the COVID-19 pandemic, my administration has focused on not only addressing the public health crisis the virus has caused but also providing economic support to the thousands of businesses and workers who have been impacted by the pandemic. The NJEDA has been central to these efforts, acting quickly to stand up new programs that have provided millions of dollars to more than 30,000 businesses in communities across our state,” said Governor Phil Murphy. “These efforts have been vital to getting us through the darkest days of the pandemic, and the NJEDA’s ongoing work will help many more businesses overcome the challenges they face today and make a strong recovery.”
 
“Since March, Governor Murphy has made it a top priority to support small businesses that are bearing the brunt of the COVID-19 pandemic’s economic impact. NJEDA staff has worked tirelessly to provide relief to more than 30,000 businesses already, and we expect to support thousands more before the end of the year,” said NJEDA Chief Executive Officer Tim Sullivan. “COVID-19 has created an extraordinary and ongoing need for economic relief throughout New Jersey. The NJEDA is committed to doing all we can to meet this need now and to provide the ongoing support businesses and communities need to recover.”
 
The NJEDA’s suite of COVID-19 relief programs provides a variety of resources for businesses of all sizes, including grants for small businesses, low-interest loans, support for private-sector lenders and CDFIs, and funding for entrepreneurs. The NJEDA’s largest COVID-19 program is the Small Business Emergency Assistance Grant Program, which provides grants to small businesses impacted by the pandemic. To date, 22,390 small businesses have been approved for grants worth a total of more than $65 million through Phases 1 and 2 of the Program. To ensure equitable distribution of funds, during Phase 2 of the program, the NJEDA set aside one-third of the funding for qualified businesses located in one of the 715 Census tracts that were eligible to be selected as a New Jersey Opportunity Zone. This targeting helped to ensure minority- and women-owned businesses that were hardest hit by the pandemic’s economic impact were able to get the support they need.
 
In October, the NJEDA launched Phase 3 of the Small Business Emergency Assistance Grant Program with $70 million in CARES Act funds. Phase 3 further expanded eligibility to any business or nonprofit located in New Jersey with 50 or fewer employees and further increased the amount of funding businesses could receive. To ensure funds flow to businesses that need them most, the NJEDA targeted Phase 3 grants to restaurants, micro-businesses, and businesses in census tracts that were eligible to be designated as Opportunity Zones. More than 22,000 businesses applied for Phase 3 grants, and in early November, Governor Murphy committed an additional $60 million in CARES Act funds to the program to ensure all eligible applicants receive funding. To date, 9,081 businesses have been approved for grants totaling more than $80 million.
 
In addition to the targeted support for restaurants included in Phase 3 of the Emergency Assistance Grant Program, the NJEDA recently announced Sustain and Serve NJ, a $2 million grant program that will provide funding to organizations to purchase meals from restaurants that have been negatively impacted by the COVID-19 pandemic and distribute the meals at no cost to New Jersey residents.
 
To help businesses purchase the PPE they need to keep employees and customers safe during the holiday season, the NJEDA launched the NJ Small and Micro Business PPE Access Program. The program offers a 10 percent discount on a curated selection of PPE products to all New Jersey businesses through NJEDA-approved “Designated Vendors,” including Boxed, Office Depot, and Staples. The program also allows businesses with 100 or fewer full-time equivalent employees (FTEs) to apply for vouchers that provide additional discounts on purchases made through certain Designated Vendors. To date, the NJEDA has awarded vouchers totaling nearly $850,000 to 1,950 businesses.
 
Another important component of the NJEDA’s COVID-19 relief efforts has been providing low-cost financing options. The Small Business Emergency Assistance Loan Program provides working capital loans of up to $100,000 to businesses with less than $5 million in revenues, and the Authority has also partnered with six New Jersey-based Community Development Financial Institutions (CDFIs), which target at least 60 percent of their financing activities to low- and moderate-income populations or underserved communities. To date, the NJEDA has approved 150 loans worth a combined total of more than $10.3 million through the Emergency Assistance Loan Program and the six partner CDFIs have provided 280 loans worth a total of more than $7 million.
 
The NJEDA has also supported early-stage innovation economy businesses, which are facing their own unique set of COVID-19-related challenges. The NJ Entrepreneur Support Program encourages continued capital flows to new companies by providing 80 percent loan guarantees for working capital loans to entrepreneurs. To date, this program has supported investments in 12 companies with more than $1.8 million in guarantees.
 
In addition to financial support, the NJEDA has also provided a variety of technical assistance programs for businesses struggling to adjust to new health and safety guidelines. The Authority partnered with the African American Chamber of Commerce of New Jersey (AACCNJ), the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ), the New Jersey State Veterans Chamber of Commerce, and Rising Tide Capital to provide technical assistance for 447 businesses applying for federal Small Business Administration support. Since then, the Authority has rolled out a number of other initiatives to help businesses adjust to doing business safely during the pandemic, including free business consulting for micro-businesses in Opportunity Zones and training on ecommerce solutions for retail businesses and restaurants. 57 businesses have received support from these programs.
 
Looking to the future, the NJEDA plans to continue exploring new ways to address the challenges business owners and employees face as a result of the COVID-19 pandemic and will announce additional programs and funding opportunities as they become available. Comprehensive information about the NJEDA’s COVID-19 response is available at https://covid19.business.nj.gov.
 
 
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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TRENTON, N.J. (May 7, 2020) – The New Jersey Economic Development Authority (NJEDA) is encouraging owners of small businesses impacted by the COVID-19 outbreak to explore the Authority’s existing small business financing programs. These programs, which pre-date the outbreak, are important tools for business owners and can serve as valuable complements to federal and State programs launched specifically to respond to the pandemic.

“Under Governor Murphy’s leadership, we have always been committed to providing small businesses with capital they need to grow,” NJEDA Chief Executive Officer Tim Sullivan said. “While we created new resources to address the unique challenges COVID-19 poses, our established programs remain effective tools that businesses can use to face today’s challenges and prepare for tomorrow.”
 
Sullivan noted that, while the NJEDA continues to seek additional funds to support its COVID-specific programs, the Authority urges business owners to explore its other programs, which provide many of the same or similar resources. The existing programs are offered both directly by the NJEDA and in partnership with lenders throughout the Garden State.
 
The NJEDA encourages businesses to explore the following programs. More details about each of these programs can be found on the NJEDA’s website at https://www.njeda.com/small_midsize_business
 
Micro Business Loan Program: Through this program, the NJEDA makes financing of up to $50,000 available to for-profit New Jersey businesses, which can use the financing for working capital or to purchase equipment. To ensure that the financing is accessible to the early-stage and micro businesses that need it most, to qualify, a business must have annual revenues of less than $1,500,000 in the most current fiscal year and cannot have more than 10 full-time employees at time of application.
 
Small Business Fund: The Small Business Fund offers loans of up to $500,000 for qualifying creditworthy small, minority- or women-owned businesses in New Jersey with up to $3 million in revenue that have been in operation for at least one full year and may not have the ability to get bank financing. Not-for-profit corporations that have been operating for at least three full years may also be eligible for assistance under the Small Business Fund.
 
Direct Loans: Direct loans are available up to $2 million for fixed assets, and $750,000 for working capital. New Jersey businesses in need of financing and committed to job creation/retention may be eligible for direct loans through the NJEDA when conventional financing is not available. NJEDA’s direct loan financing offers competitive interest rates and terms.
 
Premier Lender Program: In partnership with two dozen banks throughout New Jersey, The Premier Lender Program offers up to a $2 million loan participation or $1.5 million loan guarantee for fixed assets, and up to a $750,000 loan participation or $1.5 million guarantee for term working capital. Line of credit guarantees of up to $750,000 are also available.
 
In addition to these programs, which pre-date the COVID-19 outbreak, the NJEDA also launched a suite of programs specifically designed to address the challenges the outbreak has caused. These initiatives include grants, loans, guarantees, and support for entrepreneurs and community development financial institutions. The grant and loan programs are currently oversubscribed, but the NJEDA is actively seeking funding from federal, corporate, and philanthropic sources to expand them. Small business owners seeking more information about any of these programs should visit New Jersey’s COVID-19 Business Information Hub at https://cv.business.nj.gov.
 
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, and LinkedIn.

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TRENTON, N.J. (April 17, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced partnerships with six Community Development Financial Institutions (CDFIs). These partnerships will leverage New Jersey-based CDFIs to provide between $20 million and $30 million in low-cost financing to small and microbusinesses and nonprofits impacted by the COVID-19 outbreak.
 
“Microbusinesses, nonprofits, and other small businesses that rely on CDFIs for the capital they need to grow are a vital component of New Jersey’s economy. They have been hit particularly hard by the COVID-19 outbreak,” said NJEDA Chief Executive Officer Tim Sullivan. “These partnerships will allow CDFIs to expand their operations to help more businesses withstand today’s challenges and return to full strength as soon as possible.”
 
New Jersey Community Capital (NJCC), UCEDC, Regional Business Assistance Corporate (RBAC), Cooperative Business Assistance Corporation (CBAC), Greater Newark Enterprise Corporation (GNAC), and 1st Bergen Federal Credit Union will be participating in the Authority’s new CDFI Emergency Loan Loss Reserve Fund, and all but 1st Bergen Federal Credit Union will also take part in the new CDFI Emergency Assistance Grant Program.
 
“CDFIs are a crucial player in New Jersey’s economy that provide financing to businesses and organizations that are too small to qualify for traditional bank financing,” said UCEDC President Adam Farrah. “At a time when so many businesses are suffering and small businesses are at particular risk, the NJEDA’s partnerships with CDFIs will be vital to protecting our economy in the short term and laying the foundation for recovery.”
 
“Under the best of circumstances, business owners in underserved communities still face challenges accessing capital,” said NJCC President Wayne Meyer. "As the COVID-19 pandemic continues, we are finding new ways to help the small businesses that are the economic engines of our local communities and neighborhoods. With the help of the NJEDA, we are working together and across sectors so that these enterprises can fight to keep paying their employees and supporting their families.”
   
In March, the NJEDA announced a suite of COVID-19 initiatives focused on businesses that have been most impacted by the novel coronavirus outbreak: local small businesses, mid-size businesses that have had to close or drastically reconfigure operations, and new businesses that were just getting on their feet before the crisis hit. The programs provide a variety of compatible offerings that address these businesses’ varied needs and include mechanisms to provide funding and assistance as quickly as possible.
 
“Northern New Jersey was hit early and hard by the coronavirus outbreak, and we recognize the long road to recovery our small business customers are facing,” said Robert Moore, CEO of 1st Bergen Federal Credit Union. “Never has it been more important for us to empower and strengthen our local businesses, and the partnership of the NJEDA will expand our reach deeper into our communities.”
 
“While all small businesses are suffering, minority-led microbusinesses that often cannot access traditional bank financing are having a particularly difficult time weathering the COVID-19 outbreak,” said Steven Gomez, Executive Director of GNEC. “During this time, CDFIs are a vital lifeline for these business owners. Working in partnership with the NJEDA will enable us to provide resources to more businesses to help them survive this unprecedented challenge.”
 
The CDFI Emergency Loan Loss Reserve Fund is a $10 million capital reserve fund that the NJEDA will use to take a first loss position on CDFI COVID-related loans that provide low-interest working capital to microbusinesses that have been negatively impacted by the outbreak. The NJEDA will back these loans up to 50% if they default in the future. This will allow the CDFI partners to increase their capacity and participate in more loans, at flexible term and lower interest rates.
 
“Small businesses are the lifeblood of our communities, providing unique, personal service and job opportunities. South Jersey has been hit particularly hard by the COVID-19 outbreak, and we must help these businesses if we are to emerge from social distancing to the same communities we left in March,” said CBAC President and CEO Harry Stone. “CDFIs are an essential resource for these small businesses, and the NJEDA’s support during the COVID-19 outbreak will allow us to expand our capacity to serve more business owners and communities.”
 
The CDFI Emergency Assistance Grant Program is a $1.25 million program that will provide five CDFIs grants of $250,000. These grants will help the CDFIs scale their operations due to the high demand for assistance from business owners and buy down interest rates on their loans to offer borrowers more flexible loan terms at lower rates to help small and micro businesses survive during this COVID-19 outbreak.
 
“Beyond the valuable services and products they supply, small businesses are also an important driver of economic growth that provide good jobs and support local economies,” said RBAC Executive Director William Pazmino. “Ensuring these businesses can survive the COVID-19 outbreak and remain viable as things return to normal will be critical for ensuring a complete recovery. As flexible lenders that can support businesses that do not qualify for traditional financing, CDFIs will be vital during this process. The NJEDA’s support will be an important tool for us as we work to help businesses throughout New Jersey survive today’s challenges and recover in the future.”
 
The NJEDA’s role in these programs is to support participating CDFIs. Businesses and nonprofits seeking financing should contact the CDFIs directly. Comprehensive information about New Jersey’s response to the novel coronavirus outbreak is available here: https://covid19.nj.gov/.
 
 
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, and LinkedIn.
 

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Grants and Technical Assistance Available to NJ Small Businesses Seeking Federal SBIR/STTR Funding

TRENTON, N.J. (December 23, 2019) – The New Jersey Commission on Science, Innovation and Technology (CSIT) is now accepting applications for grants through the New Jersey Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Support Program. The program provides technical and financial support to Garden State companies pursuing SBIR and STTR funding. Learn more and apply for funding here: https://www.njeda.com/about/Public-Information/CSIT/Federal-and-State-Technology-(FAST)-Partnership-Pr.  

“The innovation and research and development (R&D) contributions coming from New Jersey’s technology and life sciences communities are both impressive and vital to the creation of groundbreaking drugs and therapies,” CSIT Chairman Gunjan Doshi said. “Enabling entrepreneurs to maximize financial and educational benefits as they vie for federal funding and work toward commercialization will serve to strengthen the competitiveness of New Jersey small businesses on the national stage.”

The federal SBIR and STTR grant programs provide more than $3 billion each year to small businesses in a variety of technology and life sciences areas that propose innovative ideas that meet specific federal R&D needs. The SBIR program enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.

Initially capitalized with $500,000, the New Jersey SBIR/STTR Support Program has two core components: technical assistance for companies applying for federal SBIR/STTR funding and direct grant funding for businesses that are currently part of the federal program. The technical assistance piece of the program offers help with proposal preparation, specialized reviews, and critiques of draft proposals. The CSIT will also create a State SBIR/STTR one-stop website and establish a SBIR/STTR Alumni Advisory Group to provide additional support for New Jersey businesses that are applying to the federal SBIR/STTR Programs.

In addition to providing these resources for applicants, the CSIT will also provide up to $125,000 of matching grant funding to one New Jersey technical assistance provider per year that is applying to the Federal and State Technology (FAST) Grant Program. The FAST Program provides federal financial assistance to local organizations for outreach, technical assistance, and financial assistance initiatives that increase the number of SBIR/STTR applications. Applications for this component of the program are due January 13, 2020.

The second component of the New Jersey SBIR/STTR Support Program offers $375,000 in matching grants to New Jersey small businesses that have been successful in the federal SBIR/STTR programs. The CSIT will award $25,000 matching grants for general business operating costs to seven businesses that have received a federal Phase I SBIR/STTR award and $50,000 bridge funding grants to four NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. Companies can use these funds to maintain project activities and cover general operating costs. Applications for these grants are due January 20, 2020.

Information about program requirements and application materials for both components of the New Jersey SBIR/STTR Support Program are available here: https://www.njeda.com/about/Public-Information/CSIT/Federal-and-State-Technology-(FAST)-Partnership-Pr.  
 

Application Timelines
 Component 1:
Grants for Technical Assistance Providers
 
Component 2:
Grants for Businesses that have been Successful in the SBIR/STTR Program
 
Application AvailableDecember 16, 2019December 16, 2019
Application DueJanuary 13, 2020January 20, 2020
Winners AnnouncedFebruary 21, 2020February 21, 2020
 
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Pilot Program to Demonstrate Potential Function of Public Bank

TRENTON, N.J. (November 14, 2019) – The New Jersey Economic Development Authority (NJEDA) today approved the creation of a pilot loan program to provide financing to early stage and microbusinesses in New Jersey, furthering Governor Phil Murphy’s commitment to providing better support for small businesses – a critical component of the Governor’s plan for building a stronger and fairer New Jersey economy.

Governor Murphy signed Executive Order #91 yesterday, establishing a Public Bank Implementation Board, which will be tasked with planning the development of a public bank for the Garden State. Under Governor Murphy’s vision for a public bank, public funds could be directed toward reducing unmet community capital needs. The Microbusiness Loan Program will serve as the initial demonstration project for how a public bank could serve to make financing available, at a low-cost and with flexible terms, to early-stage businesses that may have difficulty accessing conventional bank financing.

Through the Microbusiness Loan Program, the NJEDA will make financing of up to $50,000 available to for-profit New Jersey businesses, who can use the financing for working capital or to purchase equipment. To ensure that the financing is accessible to the early-stage and microbusinesses that need it most, to qualify, a business must have annual revenues of less than $1,500,000 in the most current fiscal year, and cannot have more than 10 full-time employees at time of application. Startup businesses may be eligible for financing, but must first demonstrate that they have completed an entrepreneurship training program or Small Business Development Center counseling sessions.

“Governor Murphy’s comprehensive economic plan for building a stronger and fairer New Jersey economy prioritizes support for aspiring entrepreneurs and small businesses that have struggled to access capital,” NJEDA Chief Executive Officer Tim Sullivan said. “The pilot phase of the Microbusiness Loan Program will expand the NJEDA’s reach to include smaller and earlier-stage businesses than we have traditionally assisted, while evaluating the potential long-term effectiveness of the program.”
 
The Microbusiness Loan Program will operate as a pilot program for a period of up to three years from the date applications are made available to the public, or until the $1,000,000 total funding pool is fully exhausted.

“Access to funding is a common obstacle to successfully growing a business,” said Christina Fuentes, NJEDA Director of Small Business Services. “That is why the Microbusiness Loan Program is the latest in a host of products and resources that the NJEDA has recently established to broaden its support for New Jersey small businesses.”

Last year, the NJEDA realigned its operations to create a new small business-dedicated team, and has since introduced a variety of new small business programs including the Small Business Lease Assistance Program, which offers reimbursement of a portion of lease payments for businesses leasing new or additional space in targeted communities; and the Access Program, which ensures that more small businesses can access NJEDA financing by utilizing underwriting criteria that places greater emphasis on the borrower's cash flow and less emphasis on hard collateral. Most recently, the Community Development Financial Institution (CDFI) Initiative was introduced by the NJEDA to support community financing organizations, who make financing available to New Jersey small businesses, many of whom have difficulty accessing conventional bank financing. In addition, the NJEDA recently teamed up with Governor Murphy’s Office, the state’s Office of Innovation, and the New Jersey Business Action Center to launch a beta version of Business First Stop, a one-stop-shop website that offers business owners resources to start, operate and grow their businesses.

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, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitter, and LinkedIn.

TRENTON, N.J. (September 12, 2019) – New Jersey Community Development Financial Institutions (CDFIs) can now apply for funding from the New Jersey Economic Development Authority’s (NJEDA) new CDFI Initiative. Developed as part of Governor Phil Murphy’s plan to build a stronger, fairer New Jersey economy by supporting small businesses, the NJEDA is making a total of $15 million available to CDFIs that will expand the capacity of these organizations to provide financing and support to small businesses in the Garden State.
 
“Helping a small business succeed provides an immediate, tangible economic impact on a community, which is why building a stronger and fairer economy starts with connecting small businesses to the resources they need to grow,” said NJEDA Chief Executive Officer Tim Sullivan. “CDFIs are crucial to small businesses that are just getting started because they can lend to businesses that are not yet ready for bank financing, and the CDFI Initiative will enhance the ability of CDFIs to provide micro-enterprises and main street small businesses with the capital they need to thrive.”
 
The CDFI Initiative, which was first announced in July 2019, is the direct result of feedback the NJEDA has received from CDFI leaders and other organizations that support small businesses in New Jersey. It helps CDFIs assist more small businesses in two ways:
 

  • The CDFI Loans to Lenders component provides direct loans of up to $1.5 million to experienced CDFIs with demonstrated lending and portfolio management history, which the CDFIs will then administer as term loans or lines of credit to qualified New Jersey small businesses.
  • The Premier CDFI Program gives CDFIs the opportunity to apply to the NJEDA for Premier CDFI status, which will allow the CDFI to offer term loans or working capital lines of credit for qualified New Jersey small businesses, with NJEDA participations, guarantees, and direct loans of up to $500,000. NJEDA’s participations or guarantees of CDFI financing provide the CDFI with more flexibility in financing small businesses by reducing their overall exposure in the transaction. This is a benefit that NJEDA currently provides to banks and is now offering to qualified CDFIs through the Premier CDFI Program.

 
“The NJEDA frequently hears from small business owners who are ready to expand but may not yet qualify for financing from traditional banks,” said NJEDA Director of Small Business Services Christina Fuentes. “The CDFI Initiative will help address this challenge by providing low cost funding to various community-based lending organizations who will then create lending products small business owners can utilize in order to grow and prosper.”
 
Community Development Financial Institutions interested in participating in the CDFI Initiative can learn more via the following links.
 

 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
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, and LinkedIn.
 

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State Resources Support Small Business Expansion

TRENTON, N.J. (January 11, 2017) –  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.”
 
Through its traditional financing programs, which include direct loans, bank participations and guarantees, and tax-exempt bonds, the EDA supported the growth and sustainability of a wide range of small- and mid-sized businesses and not-for-profit organizations across New Jersey in 2016 with more than $538 million in financing, leveraging more than $920 million in public/private assistance. These 157 projects are associated with the expected creation of approximately 1,270 new jobs and an estimated 4,700 construction jobs. 
 
In some cases, EDA small business programs serve as a complement to tax credits offered under the Grow New Jersey (Grow NJ) program, which is administered by the EDA under the Economic Opportunity Act. Through Grow NJ, the State’s primary job creation and retention program, companies with as few as 25 employees may be eligible for “per job” tax credits associated with relocating to New Jersey or creating and retaining jobs at risk of moving elsewhere.
 
In Middlesex County, New York Popular, Inc. is utilizing a $1.1 million EDA direct loan to acquire and expand a 54,560-square-foot facility consisting of three buildings in Carteret. The company, an apparel wholesaler, was also approved for a $5.3 million tax-exempt bond, and Grow NJ tax credits of $9.7 million over 10 years to encourage the company to relocate all of its operations from Brooklyn, New York, creating 150 new jobs.

Through the EDA’s Premier Lender Program, the EDA partners with more than two dozen banks. Businesses benefit from low-cost financing with quick turnaround time from approval to closing, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk. Businesses can use this financing for fixed assets, working capital, and/or the refinancing of other bank debt.

In Ocean County, Rubbercycle, LLC, a manufacturer of top quality rubber and surfacing for military, commercial and residential use, closed on a $13.5 million loan with Premier Lender TD Bank that included a $2 million EDA participation to acquire a property in Lakewood to house its operations. The company was also previously approved for Grow NJ tax credits of up to $2.4 million over 10 years to encourage it to remain and grow in New Jersey, where it will retain 25 jobs and create 15 new positions, rather than relocate its operations to New York.

Also approved for a TD Bank loan under EDA’s Premier Lender program was Liscio’s Bakery in Glassboro, Gloucester County. In 2016, Liscio’s closed on a $5 million loan with a $1 million EDA participation to help the bakery purchase equipment. Liscio’s, which provides baked goods for wholesale customers in the Mid-Atlantic region, was approved previously for Grow NJ tax credits of up to $13.5 million over 10 years to encourage the company to remain and expand in Glassboro, where it will create 71 new jobs and retain 176 jobs that were at risk of leaving for Pennsylvania. 
 
“The support offered by the EDA has enabled Liscio’s to remain and grow in New Jersey,” said Liscio’s co-owner Chad Vilotti. “As a small and growing business, EDA programs have helped us overcome challenges and ultimately create jobs.”
 
To learn about EDA resources for small businesses and not-for-profits, visit www.njeda.com/small_midsize_business and follow @NJEDAWasHere on Twitter and LinkedIn.
 
The EDA is part of the state’s results-driven Partnership for Action. Led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA. 

All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

Clifton Journal
October 12, 2012 

Passaic County Board of Chosen Freeholders announced that Passaic County Department of Planning and Economic Development, Division of Economic Development and William Paterson University Small Business Development Center will sponsor a free seminar for Passaic County businesses Thursday, Oct. 18 from 8:30 a.m. to noon. 

The seminar topic is “How to Secure Financing to Survive and Expand in a Challenging Economy” and will be held at William Paterson University, 1600 Valley Road, Wayne.

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