World Business Lenders (WBL), a provider of short-term business loans, recently celebrated the new location of its corporate headquarters in Jersey City, NJ with a ribbon cutting ceremony. The company’s new 35,040-square-foot offices will be home to 225 employees by the end of the year.
WBL’s decision to locate in New Jersey was supported by a Grow New Jersey (Grow NJ) award approved by the New Jersey Economic Development Authority (EDA) in February. Grow NJ tax credits of up to $16.8 million over 10 years encouraged the company to choose to locate in Jersey City rather than a competing location in Queens, NY. The project is expected to have a net benefit to the state of more than $85 million over 20 years.
“The end of our lease in Manhattan presented an opportunity to explore other options to accommodate our rapid growth,” said Doug Naidus, WBL Founder and Chief Executive Officer (CEO). “The Grow NJ Program helped to make moving to New Jersey possible. We are excited for the company’s next chapter here in this sophisticated, ideally-situated city.”
Signed into law in 2013 through the New Jersey Economic Opportunity Act (EOA), Grow NJ is the state’s main job creation and retention incentive program. Businesses that are creating or retaining jobs in New Jersey may be eligible for tax credits ranging from $500 to $5,000 per job, per year, with bonus credits ranging from $250 to $3,000 per job, per year.
“The Grow NJ Program was designed to help New Jersey compete with other locations that are attractive for businesses looking to expand or relocate,” said EDA CEO Melissa Orsen. “We are delighted to see WBL joining the ranks of companies that recognize all that New Jersey has to offer in terms of location and financial industry talent.”
WBL’s Grow NJ award included bonuses for being in the targeted industry of financial services and for locating in a designated Urban Transit Hub municipality.
Orsen noted that the legislatively-created EOA advanced clear public policy objectives, placing extra emphasis on spurring development and private investment in distressed communities and encouraging economic expansion in industries targeted for growth. Of the tax credits approved under Grow NJ to date, more than 60 percent are in a targeted industry and nearly 87 percent are in a targeted community.
Grow NJ is a performance-based incentive program and approved projects must demonstrate compliance with program requirements, including generation of new tax revenue, completion of capital investments, and/or the hiring or retention of employees, prior to receipt of any approved benefits. No funds are provided up front, and annual certification is required.
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Chris Christie and led by Lt. Governor Kim Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
Relocating or Expanding Your Business In New Jersey
Considering New Jersey for your company’s relocation or expansion project? Check out Business Facilities’ New Jersey Incentives and Workforce Development Guide.
