Warm Introductions, Profitable Meetings Make for Successful NJ EDA Founders and Funders Event

The next New Jersey Founder and Funders Event in on December 9

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$82 Million EDA Subsidy of 76ers Facility in Camden Spurs Debate On Tax Breaks

$82 Million EDA Subsidy of 76ers Facility in Camden Spurs Debate On Tax Breaks (via NJSpotlight)

It isn’t often that liberal New Jersey Policy Perspective and conservative Americans For Prosperity agree, but yesterday both ends of New Jersey’s political spectrum sharply criticized the state Economic Development Authority’s decision to grant…

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Highlands Restaurant Gets $50K Stronger NJ Grant

Havana Tropical Café, a Cuban Restaurant which was destroyed by Superstorm Sandy, was awarded a $50,000 Stronger NJ Business Grant by the Christie Administration this week, according to a release by the NJ Economic Development Authority.

The Stronger NJ Business Grant program is funded through New Jersey’s Community Development Block Grant Disaster Recovery (CDBG-DR) allocation from the United States Department of Housing and Urban Development (HUD).  Similar to other Sandy relief grant programs, there are strict federal eligibility requirements to which the EDA and applicants must comply. To date, 374 grants have been approved totaling $18.1 million. An additional $24 million in loans have been approved by EDA through the program. This includes 11 grants in Highlands and 60 in all of Monmouth County.

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Monmouth Mayors Cast Doubt On Zimmer’s Quid Pro Quo Claims

Hoboken Mayor Dawn Zimmer on MSNBC’s Up with Steve Kornacki, January 18, 2014

Monmouth County mayors and other municipal officials are reacting to Hoboken Mayor Dawn Zimmer’s allegations that her city is not receiving Sandy Relief funds because she hasn’t pushed through a redevelopment approval coveted by Governor Chris Christie with a high degree of skepticism, because their storm ravaged communities have yet to see significant money yet either.

One elected official who asked not to be quoted said, “If Hoboken had approved that Rockefeller project, Zimmer would still be standing on her head at a Hoboken street corner looking for her Sandy money. The money hasn’t started to flow yet.”

“Is it believable that Guadagno (Lt. Governor Kim Guadango) or Constable (DCA Commissioner Richard Constable) encouraged Zimmer to expedite an project? Yes.  As a quid pro quo for Sandy dollars? No way,” another official said.

Zimmer alleged on MSNBC’s Up with Steve Kornacki this morning that Guadagno pulled her aside at a Hoboken ribbon cutting and warned that Sandy Relief money to Hoboken was contingent on a development application by the Rockefeller Group being approved by the city. Zimmer said that Constable told her at a Monmouth University symposium on Sandy recovery that relief dollars would flow if the Rockefeller application was approved.

After talking to local and state officials today, MMM understands that the federal money for Sandy Relief is flowing dripping through four sources; FEMA, the New Jersey Department of Community Affairs (DCA) which administers relief for homeowners, the New Jersey Economic Development Agency(EDA) and County Governments which are administering Hazard Mitigation Grants.  The Hazard Mitigation Grants are funded by FEMA and distributed to the counties by the State Office of Emergency Management.

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Seaside Fire Aid Will Only Cover Cost Not Picked Up By Insurance, SBA

The Christie Administration announced this morning that government aid to assist businesses in recovering from the Seaside Boardwalk fire will only cover costs not reimbursed by insurance proceeds or by the Small Business Administration (SBA).

Governor Christie announced over the weekend that the New Jersey Economic Development Authority (EDA) will make $15 million in Community Development Block Grant Disaster Recovery monies available to affected businesses in the form of $50,000 grants and loans free of interest and principle payments for two years.

In announcement that the EDA will be providing CDBG-DR funding for debris removal assistance, the administration said, “the State will conduct an analysis of duplication of benefits and ensure that the CDBG-DR funds are used only to cover costs not already paid by other sources, such as insurance or SBA.  For the demolition of private structures, the state and/or municipality will place a lien on the property to enable recapture of any duplicative insurance proceeds, should they be paid later.”

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Seaside boardwalk fire: Christie pledges grants, loans and aid to businesses and towns

Seaside boardwalk fire: Christie pledges grants, loans and aid to businesses and towns (via NJ.com)

SEASIDE PARK — Business and community leaders emerged from a private meeting with Gov. Chris Christie this afternoon relieved and impressed as the state announced it would offer $50,000 grants and $5 million in no-interest loans to each business owner…

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EDA Approves First NJ Angel Tax Credit for Investment in Biopharma Firm

EDA Approves First NJ Angel Tax Credit for Investment in Biopharma Firm (via NJ Tech Weekly)

Jonathan Perelman, CPA | Friedman LLP A clinical-stage biopharmaceutical firm is the first beneficiary of an investment from an angel using the New Jersey Angel Investor Tax Credit program. Approved at the New Jersey Economic Development Authority (…

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O’Scanlon: New Jersey Committed to Rebuilding from Sandy and Redeveloping Fort Monmouth

Assembly Republican Budget Officer Declan O’Scanlon, commended the New Jersey  Economic Development Authority for its commitment to Monmouth County’s efforts to rebuild after Superstorm Sandy and  redevelop Fort  Monmouth.

“We were knocked down by Sandy and the State has been there from the  beginning offering a helping hand to get businesses and families back on their  feet,” O’Scanlon, R-Monmouth, said. “From providing temporary housing units for  families to providing grants and loans to businesses that suffered damage, the  authority has been absolutely committed to our region and intends to place staff  in our communities – potentially at Fort Monmouth – to ensure easy access to grants  and assistance for business owners.”

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Christie: The Jersey Shore Is Open For Business

Governor Christie meeting with business owners at McLoone’s Pier House in Long Branch, April 18, 2013. Photo by Art Gallagher

After meeting with business owners in Long Branch yesterday, Governor Chris Christie told the press that the businesses’ biggest frustration is the amount of phone calls they get asking if they are open.  “They’re happy that at least the phone is ringing,” said Christie, emphasizing that the perception that the Shore is not open has to be impacted.

Christie said that there would be a multi-media ad campaign launch by the Economic Development Authority next month to promote Jersey Shore Tourism.  It has not been determined if Christie will appear in the aid. “I haven’t been asked. If I’m asked and I think it is appropriate I will consider it,” the governor said in response to a reporter who asked if he would appear in the state funded ad during the gubernatorial campaign season.

The governor said that EDA would be announcing a working capital grant program for businesses impacted by Superstorm Sandy in May and that the Department of Community Affairs will be administering a grant program for homeowners who can apply for up to $150,000 in federal money, over and above what they have already received from FEMA and their insurance companies to rebuild their homes.

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Christie Administration Announces Funding To Spur Small Business Lending And Job Creation In New Jersey

Trenton, NJ – Governor Chris Christie today announced that the State of New Jersey has been approved by the U.S. Department of Treasury for $33.8 million in funding through the State Small Business Credit Initiative (SSBCI), part of the federal Small Business Jobs Act of 2010, to encourage small business lending and job creation in the state. The intent of the SSBCI, which is to create jobs and strengthen state lending programs, mirrors New Jersey’s recent efforts to enhance its support of the state’s small business community.”Small businesses are the job creating engines of New Jersey’s economy and we’ve made support for small business a top priority through targeted tax cuts, regulatory relief and lending programs,” said Governor Christie. “This funding being made available through the State Small Business Credit Initiative will strengthen our ongoing efforts to help small businesses succeed and grow in our state and create good paying, lasting jobs for New Jersey families.”

Governor Christie has made economic development a top priority by ensuring that New Jersey becomes a business-friendly state. Through the New Jersey Partnership for Action, under the direction of Lt. Governor Guadagno, the Christie Administration has implemented an aggressive economic development agenda, including overhauling state government’s regulatory system and reducing the red tape that stifles economic growth and imposes costs on businesses and citizens. The Governor’s Fiscal Year 2012 Budget provided for $185 million in targeted, job creating business tax relief and incentives to spur growth. When fully phased in over 5 years, the Governor’s tax policy changes will provide $2.35 billion in job creating tax relief. By implementing these policies, Governor Christie has ensured that New Jersey will once again be “Open for Business.”

The funds from SSBCI will be received by the New Jersey Department of Treasury in three tranches over two years, based upon at least an 80-percent commitment of the first and then second distributions. Through a Memorandum of Understanding, the New Jersey Economic Development Authority (EDA) will use the funds to deploy loans, credit guarantees and loan participations through its existing small business lending programs, and to make a venture capital investment. Funds will be targeted to small businesses, small manufacturers, and women and minority-owned enterprises, with a particular focus on businesses that are located in underserved communities throughout New Jersey.

As part of this effort, the EDA Board today took action to enhance its portfolio by expanding access to capital for small businesses. The Board approved an increase in the funding available through the EDA’s Fund for Community Economic Development (FCED) to support micro lenders, Community Development Financial Institutions and Urban Enterprise Zones that have a successful lending track record in their local communities. Under the “Loan to Lenders” component of the FCED, organizations with a successful EDA history will now be able to qualify for up to $750,000, an increase of $250,000 from what was previously available; new customers may qualify for up to $500,000. The loan term has been extended to up to 15 years, with interest-only payments for up to five years. Previously, terms were available for up to ten years, with interest-only payments for up to three years. Additionally, the use of funds has been expanded to also include lines of credit.

“As the state’s ‘bank for business,’ the EDA has a successful history of partnering with financial institutions to leverage its resources and ensure small businesses have access to the capital they need to remain and grow in New Jersey,” said Lt. Governor Guadagno. “By utilizing EDA’s existing partnerships within the lending community, New Jersey will be able to strengthen its current portfolio of assistance and help our small businesses secure the funds they need to expand and create jobs.”

For information on EDA’s small business programs, visit http://businesslending.njeda.com. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

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