NJEDA to kick off roadshow event series to increase resource awareness

EDA CEO Tim Sullivan talking about the proposed fund.

The New Jersey Economic Development Authority announced on Thursday it will host a series of statewide roadshow events, designed to increase awareness of the EDA’s resources for businesses, municipalities and communities.

The events, which will be held in each of the state’s 21 counties, are being created in partnership with economic development partners at the county and municipal level.

“Under Gov. Phil Murphy’s leadership, the NJEDA and our partners throughout the administration have developed a robust suite of new tools and programs to invest in people, encourage innovation, and revitalize local communities,” NJEDA CEO Tim Sullivan said. “Through these roadshows, we’re taking our resources directly to the marketplace and ensuring that local municipalities, counties, and business owners know all that we have to offer.”

Attendees at the roadshow events will hear about the following tools:

  • A $1 million Micro Business Loan pilot program targeted to businesses with less than 10 employees that contribute to the community but often cannot qualify for “small business” programs;
  • A $15 million Small Business Access loan program, which provides access to capital for minority-, women-, LGBT-, veteran- and immigrant-owned businesses;
  • A $15 million Brownfield Redevelopment Loan program, designed to return industrial sites to productive reuse;
  • New technical assistance programs for municipalities, small businesses and entrepreneurs to acquire skills and credentials to thrive in the innovation economy;
  • The NJ Ignite program, which provides rent support to early-stage New Jersey companies working from one of the 18 collaborative coworking spaces in the Ignite network;
  • An enhanced Angel Investor Tax Credit that provides a 20% credit for qualifying investments in New Jersey startups and a 5% additional credit if the business is women- or minority-owned, or located in one of the state’s 169 Opportunity Zones.

The first three shows will be held March 11 in Passaic County, March 12 in Somerset County and March 16 in Atlantic County.