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NEW JERSEY'S TOP
State Financial Assistance Programs
Listed alphabetically
By Danielle Mack
PROGRAM
FUNDING TYPE
AGENCY/DEPARTMENT
WEBSITE
PHONE
SENIOR EXECUTIVE
PROGRAM CONTACT
Purpose
BRRAG Tax Credit Certificate Transfer Program
Tax credit
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
Allows companies with unused BRRAG tax credits to sell those credits to unaffiliated businesses, also offers potential buying businesses an opportunity to reduce their corporate business tax liability by purchasing unused BRRAG tax credits from the selling business for at least 80 percent of their value.
Bond Financing
Tax-exempt, taxable
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
The EDA is authorized by the IRS to issue bonds to provide long-term loans at attractive below-market interest rates to help businesses and nonprofits finance capital improvements and expansions, including real estate acquisitions, new equipment and machinery, and building construction and renovations. Nonprofits can also use tax-exempt bonds for debt refinancing and working capital.
Brownfields and Contaminated Site Remediation Program
Remediation cost reimbursement
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
Provides reimbursement of up to 75 percent of approved costs associated with the remediation effort.
Casino Reinvestment Development Authority
Loan
Casino Reinvestment Development Authority
www.njcrda.com
(609) 347-0500
John Palmieri
Susan Ney Thompson
Provides capital investment funds for projects that diversifies the Atlantic City tourism economy and addresses community needs.
Diesel Risk Reduction
Reimbursement
Department of Environmental Protection
www.state.nj.us/dep
(609) 292-2885
Bob Martin
Tony Iavarone www.stopthesoot.org
Provides a source of funding to reimburse diesel vehicle owners who are complying with the New Jersey Diesel Mandatory Retrofit Rule, the cost to purchase and install retrofit control devices, which will bring about the reduction of particulate emissions from diesel engines.
Direct Loans for Small and Mid-Sized Businesses
Loan
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
New Jersey businesses in need of financing and committed to job creation/retention may be eligible for direct loans through EDA when financing is not available under other EDA financing programs.
Economic Redevelopment and Growth Grant
Grant
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
Incentive for developers and businesses to address revenue gaps in development projects, defined as having insufficient revenues to support the project debt service under a standard financing scenario. Up to 20% of total project cost, with additional grant funding possible if the project meets bonus criteria.
Edison Innovation Clean Energy Manufacturing Fund
Grants and loans
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
Offers up to $3.3 million in grants and loans available to qualified manufacturers of Class I renewable energy or energy efficiency systems, products or technologies. This assistance can be used for project assessment and design, and project construction and operation, associated with a new manufacturing line or the material expansion of an existing line of a New Jersey manufacturing facility.
Edison Innovation Green Growth Fund
Fund
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
Offers loans up to $2 million with a performance grant component to support technology companies with Class I renewable energy or energy efficiency products or systems that have achieved "proof of concept" and successful independent beta results, have begun generating commercial revenues, and will receive 1:1 match funding by the time of loan closing.
Edison Innovation Growth Stars Fund
Fund
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
This program provides up to $500,000 to angel-supported and/or venture capital-supported New Jersey-based technology companies with minimum trailing 12 month commercial revenues of $2,000,000 that have previously received assistance under the Edison Innovation Fund. Assistance can be used to support key hires, product rollout, product enhancement and marketing/sales.
Edison Innovation VC Growth Fund
Fund
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
Key hires, product rollout, product enhancement, and marketing/sales for venture capital supported New Jersey-based technology companies with minimum trailing 12 month commercial revenues of $500,000 derived from core business activities.
Energy Sales Tax Exemption Program for Salem County
Tax exemption
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@eda.com
Manufacturers in Salem County with 50 or more employees, half of whom are directly involved in manufacturing, are eligible for a sales-tax exemption for electric and gas. The energy and utility services must be consumed exclusively at the facility.
Export Express
Loan
U.S. Small Business Administration New Jersey District Office
www.sba.gov/nj
(973) 645-2434
Alfred Titone
Barbara Anne Gardenhire-Mills
Export Express loans help small businesses with exporting potential that need funding up to $500,000 to buy or produce goods and/or provide services for export. Loans may be used for most business purposes, including expansion, equipment purchases, working capital, and inventory or real estate acquisition. Export Express also has a line of credit feature. Applicants must demonstrate that the loan will enable them to enter a new, or expand in an existing, export market. Business must have been in operation for at least 12 months (though not necessarily in exporting).
Export Working Capital Program
Loan guarantees
U.S. Small Business Administration New Jersey District Office
www.sba.gov/nj
(973) 645-2434
Alfred Titone
Barbara Anne Gardenhire-Mills
SBA's Export Working Capital loans have a revolving line of credit feature and are used to help small businesses export by providing financing for loans up to $5 million. The EWCP loans are generally provided for a term of 12 months. At the end of the 12-month maturity, a borrower may reapply for a new guarantee. Funds may be used to acquire inventory for export or to be used to manufacture goods for export, to pay the manufacturing costs of goods for export, to purchase goods or services for export, to support standby letters of credit related to export transactions, to cover pre-shipment working capital directly related to export orders and to finance foreign accounts receivables.
Fund for Community Economic Development
Loans, loan guarantees
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
Provides financing assistance to urban-based organizations and for-profit developers to encourage community revitalization.
Grow New Jersey Assistance Program
Grants of corporate business tax credits
Economic Development Authority
www.njeda.com
(609) 292-1800
Business Action Center
customercare@njeda.com
Grants of corporate business and insurance premiums tax credits for job creation/retention for businesses business creating or retaining jobs and making a capital investment in a qualified incentive area. Qualified eligible businesses receive tax credits per job, per year for a period of up to ten years for each new or retained full-time job to be located at the qualified business facility.
Hazardous Discharge Site Remediation Fund
Grant, loan
Economic Development Authority, Department of Environmental Protection
www.njeda.com, www.state.nj.us/dep
(866) 534-7789, (609) 292-2885
Bob Martin
Timothy T. Bartle
Provides funding to municipalities and businesses for the investigation, remediation and/or cleanup of a suspected or known contaminated site. Funding dependent upon availability.
New Jersey Business Growth Fund
Guarantee
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
EDA guarantee of PNC Bank loans for credit-worthy small and midsize businesses.
New Jersey Environmental Infrastructure Financing Program (Drinking Water State Revolving Fund)
Loans
Department of Environmental Protection
www.state.nj.us/dep
(609) 292-2885
Bob Martin
David Zimmer (609) 219-8600 www.njeit.org
Provides low-interest loans to finance the costs of infrastructure needed to achieve or maintain compliance with Safe Drinking Water Act requirements and to protect the public health in conformance with the objectives of the SDWA.
New Jersey Redevelopment Authority Bond Program
Loan
New Jersey Redevelopment Authority
www.njra.us
(609) 292-3739
Leslie A. Anderson
Director of Business Development
Tax-exempt bond financing can be used for land and building acquisition, new construction or expansion, or purchase of new equipment and machinery.
New Jersey Redevelopment Investment Fund
Loan
New Jersey Redevelopment Authority
www.njra.us
(609) 292-3739
Leslie A. Anderson
Director of Business Development
Flexible investment fund that provides debt and equity financing for business and real estate ventures located in any of NJRA's eligible municipalities.
New Jersey Urban Site Acquisition Program
Loan
New Jersey Redevelopment Authority
www.njra.us
(609) 292-3739
Leslie A. Anderson
Director of Business Development
Facilitates the acquisition, site preparation and redevelopment of properties, which are components of an urban redevelopment plan in New Jersey Redevelopment Authority-eligible communities.
Opportunity4Jersey Training Grants
Grants
Department of Labor and Workforce Development
http://lwd.dol.state.nj.us/labor
(609) 633-6799
Harold J. Wirths
Office of Grants Operations
Designed to increase employment opportunities for qualified unemployed workers; and to connect training directly with employer-driven occupational demand skills in targeted industry sectors. Grants are awarded to educational providers that are connected with specific employers who have developed programs that produce graduates that upon completion will be placed into immediate job openings with the partnering employer(s).
Petroleum Underground Storage Tank Program -- Leaking Tanks Commercial and Residential
Financing Programs
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
A business owner or residential property owner who has less than 10 petroleum underground storage tanks on site and are required to upgrade, close and remediate discharge from those tanks; grant and loan funding, based on the financial performance review conducted by the EDA. Funding dependent upon availability.
Premier Lender Program
Financing program
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
The Premier Lender Banking Status creates new opportunities for the EDA's lending partners by providing new, low-cost financing opportunities with faster turnaround. EDA-designated Premier Lenders may submit credit assistance requests and the EDA will make a decision on the applications within three business days. A written commitment letter is issued within two days of approval, and upon notice, closing may occur within three business days.
Sales and Use Tax Exemption Program
Tax credit
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
Often used in conjunction with the BRRAG tax credit program, this program offers companies relocating and retaining jobs in New Jersey a sales-tax exemption on their purchases of eligible items including machinery, equipment, furniture and furnishings, fixtures and building materials other than tools and supplies for placement at the project location.
Shore Protection Grants and Loans
Grants and loans
Department of Environmental Protection
www.state.nj.us/dep
(609) 292-2885
Bob Martin
David Rosenblatt (609) 984-0859 http://www.nj.gov/dep/shoreprotection
To protect existing development from sea level rise and shoreline migration through dune creation and maintenance, beach fill projects and repair of existing shore protection structures.
Skills4Jersey Training Grants (formerly the Customized Training Grant Program)
Grant
Department of Labor and Workforce Development
http://lwd.dol.state.nj.us/labor
(609) 633-6799
Harold J. Wirths
Office of Grants Operations
Skills4Jersey training grant funds are available to New Jersey employers to upgrade the skills of their current employees and/or train new employees, for purposes of retaining highly skilled and high wage jobs in New Jersey.
Small Business Loan Programs
Loans
U.S. Small Business Administration New Jersey District Office
www.sba.gov/nj
(973) 645-2434
Alfred Titone
Barbara Anne Gardenhire-Mills
SBA's loans support expansion of existing businesses and the creation of new firms. Loans are made through a network of participating lenders with SBA's guarantee, and range from $5,000 to $5 million.
Technology Business Tax Certificate Transfer Program
Tax credits
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
Qualified technology/biotechnology businesses in New Jersey with fewer than 225 employees can raise money to finance their growth and operations by selling unused net-operating losses and research and development tax credits to other profitable New Jersey corporations for at least 80 percent of their value.
Urban Enterprise Zones Manufacturers Energy Sales Tax Exemption
Financing program
Economic Development Authority
www.njeda.com
(866) 534-7789
Business Action Center
customercare@njeda.com
An Urban Enterprise Zones-certified manufacturer employing at least 250 full-time workers, at least 50 percent of whom are involved in the manufacturing process may receive an exemption from the sales and use tax for electricity and natural gas utilities, both the commodity and its transmission, consumed at the UEZ-certified location.
Working in Newark's Neighborhoods
Loan
New Jersey Redevelopment Authority
www.njra.us
(609) 292-3739
Leslie A. Anderson
Director of Business Development
Funds can be used for commercial and mixed-use projects directly related to comprehensive redevelopment initiatives, including predevelopment, site preparation, acquisition, demolition, permanent financing, loan guarantees and construction financing. Funds are designated for Newark.
 
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