The New Jersey Economic Development Authority announced on Thursday it has provided $810,000 worth of investments into five innovation-focused companies through its New Jersey Entrepreneur Support Program.
The $5 million program was designed to support small businesses in New Jersey that have been impacted by the COVID-19 pandemic by encouraging portfolio reinvestment. It provides an EDA guarantee of up to 80% for an eligible new loan or convertible note by a qualified investor into a New Jersey qualified business.
To qualify, investors have to provide funding to a New Jersey company through a simple agreement for equity, convertible note or equity investment as of March 9 (the date of Gov. Phil Murphy’s Executive Order 103).
Here are the companies that most recently benefited:
- $200,000: Acuitive Technologies, Allendale, offers patients cost-effective tissue regeneration products for musculoskeletal injury or disease;
- $140,000: InquisitHealth, River Edge, trains successful patients as ‘peer mentors’ to help those struggling with the same chronic conditions;
- Undisclosed amount: MAPay, Voorhees, a global health care technology firm that has deployed a new payment network;
- $250,000: Reti360, Hoboken, automates the residential real estate contact-through-closing journey;
- $20,000: iSport360, Manalapan, a youth sports development platform.
Since April, nine companies have benefited from 20 investments totaling more than $1.5 million, the EDA said.
“The health of New Jersey’s economy depends largely on ongoing investment in its small, innovative companies,” NJEDA CEO Tim Sullivan said. “Ensuring that investors continue to inject capital into New Jersey’s innovation community during the COVID-19 pandemic is pivotal to furthering Gov. Phil Murphy’s dual vision of creating the most diverse and inclusive innovation ecosystem and reclaiming the Garden State’s historic role as a leader in innovation.”