New Jersey

Quick Facts

New Jersey Governor Chris Christie

New Jersey Governor Chris Christie

 

  • Capital: Trenton
  • Population (2012 Est.): 8,864,590
  • Largest Cities (2012): Newark, 277,727; Jersey City, 254,441; Paterson, 145,219; Elizabeth, 126,458
  • Targeted Industries: IT, Alternative Energy, Aerospace/Aviation/Defense, Finance, Manufacturing, Logistics
  • GDP (All Industry 2012): $508.0 billion*

*Bureau of Economic Analysis, U.S. Department of Commerce

nj

Incentives

New Jersey Partnership for Action: Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership for Action is a four-pronged public-private approach for all economic development activity in New Jersey and the starting point for all initiatives, policies and efforts to grow New Jersey’s economy and create quality, sustainable jobs in our communities. The four elements of the Partnership include:

  • Choose New Jersey, an independently funded and operated 501(c)(3) nonprofit corporation created to encourage and nurture economic growth throughout New Jersey;
  • the Business Action Center, which reports directly to the Lt. Governor and provides the business community with a single point of contact, applying a proactive, customer-service approach to businesses’ interactions with State government;
  • the New Jersey Economic Development Authority (EDA), serving as the state’s financing arm; and
  • the office of the Secretary of Higher Education.

New Jersey Economic Opportunity Act of 2013: Signed into law in Sept. 2013, it merges the State’s economic development incentive programs with the goal of enhancing business attraction, retention and job creation efforts and strengthening New Jersey’s competitive edge in the global economy.

EDA is no longer accepting applications for assistance under the Business Employment Incentive Program (BEIP), Business Retention and Relocation Assistance Grant Program (BRRAG), and Urban Transit Hub Tax Credit Program (UTHTC).

More information on the Economic Opportunity Act can be found via www.njeda.com. EDA expects to formally launch the new programs in November 2013.

FINANCING

Economic Redevelopment and Growth Program (ERG): The State’s key developer incentive program. Through the new ERG, incentive grants are increased, with bonuses of 10% available to incentivize targeted development goals. ERG also has expanded geographic boundaries.

Bond Financing: A creditworthy manufacturing company, a 501(c)(3) not-for-profit organization or an exempt facility in New Jersey can apply for long-term financing under the Bond Financing Program. $500,000 to $10 million in tax-exempt bonds for for-profit companies, with both a fixed or variable interest rate, and terms up to 20 years for real estate and 10 years for equipment. Or, $500,000 with no dollar limit in tax-exempt bonds for qualified not-for-profit organizations.

  • Tax-exempt bonds for eligible for-profit companies can be used to finance capital improvements and expansions, including real estate acquisitions, new equipment, machinery, building construction and renovations.
  • Tax-exempt bonds for not-for-profit organizations seeking capital to expand community services can be used to finance land and building acquisitions, new construction and renovations, equipment purchases, debt refinancing and working capital.
  • Government tax-exempt bonds can be used for projects that are owned and operated for the benefit of local, county and state government bodies.

Small Business Fund: An expedited approval process provides financial assistance to qualified businesses through direct loans or guarantees, with the choice of a variable or fixed interest rate. A small, minority-owned or women-owned business in NJ in operation for at least one full year or not-for-profit corporation in operation for at least three full years may qualify for up to $300,000 for credit scores greater than or equal to 700; up to $125,000 for credit scores greater than or equal to 650; and up to $300,000 for Not-for-Profits with 1.1X historical debt service coverage. It may be used for fixed assets and working capital.

New Jersey Business Growth Fund: A joint program of the EDA and PNC Bank. Small or mid-sized companies that are creating or retaining jobs in NJ can apply for financing of up to a $3 million bank loan with a 25% or 50% EDA guarantee. The maximum EDA guarantee is $1.5 million. It can be used for the funding of real estate or equipment. Companies must commit to create one full-time job in NJ for every $50,000 of guarantee provided by the EDA with the exception of manufacturers, which must commit to maintain one existing full-time job in New Jersey per $50,000.

Edison Innovation Clean Energy Manufacturing Fund (CEMF): Provides support for manufacturers that need to identify a manufacturing site, perform site improvements, construct a facility and/or purchase equipment. Organizations awarded a grant under CEMF are automatically certified as a NJ manufacturer through New Jersey’s Renewable Energy Manufacturing Incentive (REMI) program. A qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible for up to $3.3 million in grants and loans 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.

Renewable Energy Manufacturing Incentive (REMI): Program that provides rebates to New Jersey residents, businesses, local governments and not-for-profit organizations that purchase and install solar panels, inverters and racking systems manufactured in NJ.

New Edison Innovation Fund Programs: The Christie Administration announced three new programs in August 2011 to support emerging companies that have attracted capital through angel and venture capital investors:

  • Edison Innovation Angel Growth Fund;
  • Edison Innovation VC Growth Fund; and,
  • Edison Innovation Growth Stars Fund;

All three programs are structured as subordinated convertible debt and benefit technology and life sciences companies by providing growth capital to directly fund uses such as hiring key staff, product marketing and sales. In Feb. 2013, Phone.com, a tenant at NJIT’s Enterprise Development Center, closed on a $600,000 loan through the Edison Innovation VC Growth Fund. The Newark-based business is a next-generation, cloud-based phone company focused on the needs of small business and entrepreneurs. Phone.com, which expects to add 18 new employees to its staff of six, was recently recognized by INC500 as one of the fastest growing telecom companies in the United States.

Main Street Business Assistance Program: Provides financial support to commercial banks in New Jersey to provide financial assistance to small and mid-sized businesses and not-for-profit organizations with projects in NJ. It can provide direct loans, bank term loan participations and/or guarantees and line of credit guarantees for small or mid-sized business or not-for-profit organizations in operation in NJ for at least two years. Can be used for fixed assets, refinancing of debt or working capital.

TAX INCENTIVES

Grow New Jersey Assistance Program (Grow NJ): The main job creation incentive program. Base tax credits under the new Grow NJ program range from $500 to $5,000 per job, per year with bonus credits ranging from $250 to $3,000 per job, per year. The geographic boundaries have been extended, and capital investment and employment eligibility requirements have been reduced.

Sales and Use Tax Exemption Program (STX): Offers companies a sales tax exemption certificate which applies only to property purchased for installation at the approved project site. This certificate allows the business to purchase machinery, equipment, furniture, fixtures, and building materials for the project without the imposition of the state’s 7% sales tax. Eligible companies must have 1,000 or more employees in New Jersey and relocate 500 or more to a new business location. Life sciences or manufacturing companies may be eligible if they relocate 250 or more employees to a new facility. Companies must maintain the retained full-time jobs in New Jersey for five years.

Angel Investor Tax Credit Program: Signed by the Governor on Jan. 31, 2013 and launched by the EDA on July 1, 2013, it provides tax credits for up to 10% of a qualified investment in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing or technology commercialization in the state. EDA approved the first investment on 8/13/2013.

State Listings

  • Business Facilities LiveXchange

    Neil Eisenberg
    VP Marketing & Audience Development
    44 Apple St., Suite 3
    Tinton Falls, NJ 07724
    P: 732-559-1254
    [email protected]
    www.bflivexchange.com
  • Choose New Jersey, Inc.

    Michael Chrobak
    Chief Economic Development Officer
    201 Rockingham Row, Princeton Forrestal Village
    Princeton, NJ 08540
    P: 609-297-2200
    [email protected]
    www.choosenj.com
  • New Jersey Chamber of Commerce

    Thomas Bracken
    President & CEO
    216 West State Street
    Trenton, NJ 08608
    P: 609-989-7888, ext. 114
    [email protected]
    www.njchamber.com
  • New Jersey Economic Development Authority

    Michele A. Brown
    CEO
    P.O. Box 990
    Trenton, NJ 08625-0990
    P: 609-858-6700
    [email protected]
    www.njeda.com

 

Utility Listings

  • JCP&L/First Energy

    Douglas R. Myers
    Economic Development Executive, Northern & Central New Jersey
    331 Newman Springs Rd - Bldg 3
    Red Bank, NJ 07701
    P: 610-921-6997
    [email protected]
    www.firstenergycorp.com/ed
  • New Jersey Natural Gas Company

    Don Irvin
    Economic Consultant
    1415 Wyckoff Road, P.O. Box 1464
    Wall, NJ 07719
    P: 732-938-1217
    [email protected]
    www.njliving.com

 

Regional Listings

  • Chamber of Commerce, Southern New Jersey

    Debra P. DiLorenzo
    President & CEO
    4015 Main Street
    Voorhees, NJ 08043
    P: 856-424-7776, ext. 114
    [email protected]
    www.chambersnj.com
  • Cumberland Empowerment Zone

    Jeannine MacDonald
    Executive Director
    One Stop Career Center, 275 North Delsea Drive, 2nd Floor
    Vineland, NJ 08360
    P: 856-696-5660, ext. 202
    [email protected]
    www.cezcorp.org
  • Delaware River Port Authority

    John Matheussen
    CEO
    One Port Center, 2 Riverside Drive, P.O. Box 1949
    Camden, NJ 08101
    P: 856-968-2000
    [email protected]
    www.drpa.org
  • North Jersey Regional Chamber of Commerce (NJRCC)

    Brian G. Tangora
    President
    1033 Route 46 East, Suite A-103
    Clifton, NJ 07013
    P: 973-470-9302
    [email protected]
    www.njrcc.org
  • South Jersey Economic Development District

    Stephen O’Connor
    Interim Executive Director
    275 North Delsea Drive, 2nd Floor
    Vineland, NJ 08360
    P: 609-602-7197
    [email protected]
    www.sjedd.com
  • Southern Ocean County Chamber of Commerce

    Chris Schwab
    President
    265 West 9th Street
    Ship Bottom, NJ 08008
    P: 609-494-7211, ext. 102
    [email protected]
    www.visitlbiregion.com/

 

County Listings

  • Atlantic County Planning & Development

    Joseph Maher
    Department Head
    P.O. Box 719
    Northfield, NJ 08225
    P: 609-345-6700, ext. 4434
    [email protected]
    www.aclink.org
  • Bergen County Economic Development Corporation

    Maggie Peters
    Director
    One Bergen County Plaza, 4th Floor
    Hackensack, NJ 07601
    P: 201-336-7502
    [email protected]
    www.co.bergen.nj.us/
  • Burlington County Economic Development & Regional Planning

    Mark A. Remsa
    Director
    50 Rancocas Road
    Mount Holly, NJ 08060
    P: 609-265-5055
    [email protected]
    www.co.burlington.nj.us
  • Camden County Economic Development/Camden County Improvement Authority

    Patrick Shuttleworth
    Director
    1909 Route 70 East, Suite 300
    Cherry Hill, NJ 08003
    P: 856-751-2242
    [email protected]
    www.justaskcamdencounty.com
  • Cumberland County Improvement Authority

    James B. Watson
    Director of Development and Project Management
    2 N. High Street
    Millville, NJ 08332
    P: 856-825-3700 x1233
    [email protected]
    http://www.ccia-net.com/
  • Economic Development Corporation of Essex County

    Deborah E. Collins, Esq.
    Executive Director
    Essex County Hall of Records, Room 449, 465 Dr. Martin Luther King, Jr. Boulevard
    Newark, NJ 07102
    P: 973-621-2010
    [email protected]
    www.essex-countynj.org/
  • Gloucester County

    Lisa Morina
    Director, Business & Economic Development
    115 Budd Boulevard
    West Deptford, NJ 08096
    P: 856-384-6930
    [email protected]
    www.gloucestercountynj.gov
  • Hudson County Economic Development Corporation

    Elizabeth Spinelli
    Executive Director
    830 Bergen Avenue
    Jersey City, NJ 07306
    P: 201-369-4370
    [email protected]
    www.hudsonedc.org
  • Mercer County Improvement Authority

    Phillip S. Miller
    Executive Director
    80 Hamilton Avenue, 2nd Floor
    Trenton, NJ 08611
    P: 609-278-8080
    [email protected]
    www.mcia-nj.com/
  • Monmouth County Department of Economic Development

    John Ciufo
    Director
    31 East Main Street
    Freehold, NJ 07728
    P: 732-431-7470
    [email protected]
    www.visitmonmouth.com
  • Morris County Economic Development Corporation

    Jim Jones
    Executive Director
    325 Columbia Turnpike, Suite 101
    Florham Park, NJ 07932
    P: 973-539-8270
    [email protected]
    www.morriscountyedc.org
  • Ocean County Department of Planning

    David J. McKeon
    Planning Director
    129 Hooper Avenue, P.O. Box 2191
    Toms River, NJ 08754-2191
    P: 732-929-2054
    [email protected]
    www.planning.co.ocean.nj.us/
  • Passaic County Planning & Economic Development Department

    Michael La Place
    Director
    930 Riverview Drive, Suite 250
    Totowa, NJ 07512
    P: 973-569-4040
    [email protected]
    www.passaiccountynj.org
  • Somerset County Business Partnership

    John Maddocks
    VP, Economic Development
    360 Grove Street
    Bridgewater, NJ 08807
    P: 908-218-4300
    [email protected]
    www.scbp.org
  • Sussex County Economic Development Partnership

    Tammie Horsfield
    President
    120 Hampton House Road
    Newton, NJ 07860
    P: 973-300-1988
    [email protected]
    www.scedp.com
  • Union County Economic Development Corporation

    Maureen Tinen
    President
    75 Chestnut Street
    Cranford, NJ 07016-2937
    P: 908-527-1166
    [email protected]
    www.ucedc.com
  • Warren County Regional Chamber of Commerce

    Irma Marquart
    Executive Secretary
    445 Marshall Street
    Phillipsburg, NJ 08865
    P: 908-835-9200
    [email protected]
    www.warrencountychamber.com

 

City Listings

  • Asbury Park Urban Enterprise Zone

    Tom Gilmour
    Director of Commerce
    One Municipal Plaza
    Asbury Park, NJ 07712
    P: 732-502-5749
    [email protected]
    www.cityofasburypark.com/en/uez
  • Avalon Chamber of Commerce

    Joan Hunter
    Director
    30th and Ocean Drive
    Avalon, NJ 08202
    P: 609-967-3936
    [email protected]
    www.avalonbeach.com
  • Bayonne Economic Development Corp.

    Michael O’Connor
    Executive Director
    630 Avenue C, Room 10
    Bayonne, NJ 07002
    P: 201-339-0052
    [email protected]
    www.bayonnenj.org
  • Brick City Development Corporation (BCDC)

    Lyneir Richardson
    CEO
    744 Broad Street, Suite 1110
    Newark, NJ 07102
    P: 973-273-1040
    [email protected]
    www.bcdcnewark.org
  • Brick Township Chamber of Commerce

    Michele Eventoff
    Executive Director
    270 Chambers Bridge Road, Suite 6
    Brick, NJ 08723
    P: 732-477-4949
    [email protected]
    www.brickchamber.com
  • Bridgewater Township

    Howard Turbowitz
    Economic Development Officer
    100 Commons Way
    Bridgewater, NJ 08807
    P: 908-725-6300, ext. 5090
    [email protected]
    www.bridgewaternj.gov
  • Cherry Hill Business Partnership

    Lorissa Luciani, PP, AICP
    Business Liaison
    820 Mercer Street
    Cherry Hill, NJ 08002
    P: 856-432-8706
    [email protected]
    www.cherryhill-nj.com
  • City of Hoboken

    Brandy Forbes
    Community Development Director
    City Hall, 94 Washington Street
    Hoboken, NJ 07030
    P: 201-420-2233
    [email protected]
    www.hobokennj.org
  • City of Millville

    Donald Ayers
    Director of Economic Development
    12 South High Street
    Millville, NJ 08332
    P: 856-765-5765
    [email protected]
    www.millville.org
  • City of Newark Department of Housing & Economic Development

    Baye Adofo-Wilson
    Deputy Mayor, Housing & Economic Development
    City Hall, 920 Broad Street, 2nd Floor, Room 218
    Newark, NJ 07102
    P: 973-733-6575
    [email protected]
    www.ci.newark.nj.us
  • City of Paterson

    Ruben Gomez
    Economic Development Director
    125 Ellison Street, 2nd Floor
    Paterson, NJ 07505
    P: 973-321-1212
    [email protected]
    www.patersonnj.gov
  • City of Plainfield Economic Development

    Jacques Howard
    Assistant Director of Economic Development
    515 Watchung Avenue, Room 206
    Plainfield, NJ 07060
    P: 908-226-2513
    [email protected]
    www.plainfield.com/economic-development-divisions.aspx
  • City of Pleasantville

    Jacqueline Amado-Belton
    Director of Economic & Industrial Development/UEZ Coordinator
    18 North First Street
    Pleasantville, NJ 08232
    P: 609-484-7359
    [email protected]
    www.pleasantville-nj.org
  • City of Trenton

    Walter Denson
    Director, Housing & Economic Development
    319 East State Street
    Trenton, NJ 08608
    P: 609-989-3518
    [email protected]
    www.trentonnj.org
  • City of Vineland

    Sandra Forosisky
    UEZ Coordinator
    640 East Wood Street, P.O. Box 1508
    Vineland, NJ 08362-1508
    P: 856-794-4000, ext. 4619
    [email protected]
    www.vinelandbusiness.com
  • City of Woodbury

    Randi Woerner
    Economic Development Director
    City Hall, 33 Delaware Street
    Woodbury, NJ 08096
    P: 856-845-1300, ext. 143
    [email protected]
    www.woodbury.nj.us
  • East Windsor Township

    Eric J. Schubiger
    Assistant Township Manager/Community Development Director
    16 Lanning Boulevard
    East Windsor, NJ 08520
    P: 609-443-4000, ext. 246
    [email protected]
    www.east-windsor.nj.us
  • Edison Chamber of Commerce

    Barbara Roos
    President
    336 Raritan Center Parkway
    Edison, NJ 08837
    P: 732-738-9482
    [email protected]
    www.edisonchamber.com
  • Egg Harbor Township

    Peter J. Miller
    Township Administrator
    3515 Bargaintown Road
    Egg Harbor Township, NJ 08234
    P: 609-926-4027
    [email protected]
    www.ehtgov.org
  • Elizabeth Development Company

    Daniel Devanney
    Executive Director
    205 First Street, Suite 114
    Elizabeth, NJ 07206
    P: 908-289-0262
    [email protected]
    www.edcnj.org
  • Franklin Township Chamber of Commerce

    Leon Hughes
    President
    675 Franklin Boulevard
    Somerset, NJ 08873-3618
    P: 732-545-7044
    [email protected]
    www.franklinchamber.com
  • Hamilton Township Economic Development

    Michael Angarone
    Director
    2090 Greenwood Avenue
    Hamilton, NJ 08650
    P: 609-890-3519
    [email protected]
    www.hamiltonnj.com
  • High Bridge Economic Development Committee

    Mark Desire
    Mayor
    71 Main Street
    High Bridge, NJ 08829
    P: 908-638-6455
    [email protected]
    www.highbridge.org
  • Jersey City Economic Development Corporation

    Dan Frohwirth
    Director of Real Estate
    601 Pavonia Avenue, Suite 303
    Jersey City, NJ 07306
    P: 201-333-7797, ext. 203
    [email protected]
    www.jcedc.org
  • Jersey City Urban Enterprise Zone

    Roberta Farber
    Director
    601 Pavonia Avenue, Suite 303
    Jersey City, NJ 07306
    P: 201-333-7797, ext. 202
    [email protected]
    www.jcedc.org/Pages/uez.html
  • Lakewood Township Office of Economic Development

    Steven Reinman
    Executive Director
    231 Third Street, Municipal Building
    Lakewood, NJ 08701
    P: 732-364-2500, ext. 5395
    [email protected]
    www.lakewoodnj.gov
  • New Brunswick Department of Planning & Development

    Glenn Patterson
    Director
    25 Kirkpatrick Street , P.O. Box 269
    New Brunswick, NJ 08903-0269
    P: 732-745-5050
    [email protected]
    www.cityofnewbrunswick.org
  • Township of Pennsauken Economic Development Department

    Terry Carr
    Director
    5605 North Crescent Boulevard
    Pennsauken, NJ 08110
    P: 856-665-1000, ext. 153
    [email protected]
    www.twp.pennsauken.nj.us
  • Trenton Downtown Association

    Christian Martin
    Executive Director
    16 East Hanover Street
    Trenton, NJ 08608
    P: 609-393-8998
    [email protected]
    www.trenton-downtown.com
  • Union Township Chamber of Commerce

    James J. Masterson
    Executive Director
    355 Chestnut Street, 2nd Floor
    Union, NJ 07083
    P: 908-688-2777
    [email protected]
    www.unionchamber.com
  • Voorhees Township

    Michael J. Marchitto, Jr., EDP
    Economic Development Director
    2400 Voorhees Town Center
    Voorhees Township, NJ 08043
    P: 856-216-0473
    [email protected]
    www.voorheesnj.com/economic-development.php