The N.J. Economic Development Authority and Kean University are partnering with the Initiative for a Competitive Inner City to bring the Building for Growth program to New Jersey.
BFG is a tuition-free program that provides construction companies education and tools to help them increase capacity and develop sustainable growth strategies for their businesses. BFG was developed by ICIC, a national nonprofit advocacy group committed to spurring economic growth in under-resourced communities by supporting small businesses, creating jobs, and building wealth for residents.
Eligibility
To be eligible for the BFG program, a company must:
- Be an independent corporation in the construction industry;
- Be at least 51 percent minority, woman- or veteran-owned and/or located in an overburden community;
- Have annual revenues of $1-10 million and/or be on course to exceed $2 million within the next 3 years;
- Be headquartered in New Jersey or perform a significant percentage of contracts in New Jersey.
For a complete list of eligibility requirements, click here.
BFG aims to help businesses build their backlog, access capital, increase their bonding capacity, and position themselves to secure larger-scale contracts. Since its inception, BFG has demonstrated success in improving outcomes for construction companies owned primarily by people of color, women, and veterans. This hybrid 18-week program combines weekly classroom training, dedicated technical assistance, and one-on-one mentorship.
Applications for the program are now open.
Click here to apply.
Gov. Phil Murphy said the partnership matches his vision for the state.
“This partnership between the NJEDA, Kean University, and the Initiative for a Competitive Inner City underscores New Jersey’s commitment to giving our diverse small businesses the opportunity to grow,” he said. “I’m proud to make this investment in uplifting our underrepresented communities and ensuring that New Jersey’s women- and minority-owned businesses have the resources they need to succeed.”
EDA CEO Tim Sullivan agreed.
“Under Governor Murphy’s leadership, New Jersey continues to implement unique programs to ensure minority- and women-owned small businesses have the resources, support, and access to capital needed to grow and thrive,” he said. “The NJEDA is proud to partner with Kean University and ICIC on this initiative, which will provide quality, tuition-free education for diverse small business owners on the path to success. The effort to bring BFG to the state builds off of our successful investment in the Small Business Bonding Readiness Program, and we plan to continue the partnerships we have developed with the diverse chambers across the state to offer this pivotal program to their members and New Jersey’s diverse business community.”
The program will offer four in-person sessions during the 18-week curriculum, including a kickoff and graduation hosted at Kean University, with panelists who will speak directly to the needs of growing construction businesses in New Jersey. During the course, participants will learn finance fundamentals, how to compete for contracts, construction law, contract negotiation, how to navigate certifications, and how to build a long-term business plan.
Kean President Lamont Repollet said he is excited by the potential impact.
“As New Jersey’s urban research university, Kean is committed to creating pathways for economic opportunity and growth in our communities,” he said. “Our collaboration with NJEDA and ICIC on the Building for Growth program will equip diverse construction businesses with the knowledge and resources they need to thrive. By fostering these types of strategic partnerships, we are advancing Kean’s goal to be a catalyst for positive change and sustainable economic development across the state.”
