The New Jersey Economic Development Authority (NJEDA) and Rowan University have announced that they have partnered to support the African American Chamber of Commerce of New Jersey’s (AACCNJ) Transformation Center in Trenton.
The Center, which has been designated by the NJEDA as a statewide Economic Empowerment Center, is a first-of-its kind, main street-focused business incubator designed to strengthen small businesses and expand access to resources for entrepreneurs across New Jersey.
At its December board meeting, the NJEDA Board approved a memorandum of understanding (MOU) with Rowan University, which will serve as the academic and research partner of the Center.
Last October, Rowan developed plans with the AACCNJ to establish an academic presence at the Transformation Center.
The NJEDA will allocate $1.5 million to Rowan University to support the planning, coordination and implementation of the Center, including technical assistance, training, mentorship, workforce development programming and outreach to small business owners.
“Since taking office, Governor Murphy has prioritized expanding opportunity and advancing equitable economic growth across New Jersey,” said NJEDA Acting Chief Executive Officer Mary Maples.
“The NJEDA looks forward to working with the African American Chamber of Commerce of New Jersey and Rowan University to ensure small business owners have access to the tools and resources they need to grow and thrive.”
Rowan University was selected as a partner based on its expertise in applied research, innovation, regional collaboration and workforce development, including its long-standing work through the Rowan Center for Innovation and Entrepreneurship.
Rowan will work to ensure Center programming is responsive to local business needs and aligned with the state’s wealth disparity reduction goals.
“This partnership with AACCNJ’s Transformation Center will amplify the power of individuals and organizations to build and sustain businesses and communities together,” said Ali A. Houshmand, president, Rowan University. “Our strengths in education, research and economic development will empower more of our New Jersey neighbors in ways we can only imagine.”
The Center will leverage AACCNJ’s direct ties to local businesses and industry networks to deliver practical, community-based support in the areas most affected by wealth disparities.
“We are extremely proud of our relationship with the Murphy administration and our collaboration with the New Jersey Economic Development Authority and Rowan University. These collective efforts are essential in bringing the vision of our Transformation Center to reality,” said Dr. John E. Harmon Sr., president and CEO, AAACCNJ.
“This partnership serves as an excellent example of the public sector engaging strategically with the AACCNJ to mitigate socioeconomic disparities in New Jersey, resulting in a definitive win for everyone — including community stakeholders and small business owners.”
In 2021, Gov. Murphy issued Executive Order No. 262, establishing the Wealth Disparity Task Force to examine the causes of long-standing wealth disparities affecting Black and Hispanic New Jerseyans.
Building on the Task Force’s findings, NJEDA has advanced targeted strategies to strengthen local capacity, expand access to resources and foster collaboration to ensure minority- and women-owned businesses can fully participate in the state’s economy.
