Take Advantage of NJEDA Resources

 – February 6, 2023
Take Advantage of NJEDA Resources

The New Jersey Economic Development Authority (NJEDA) offers numerous programs and services of interest to CPAs and the businesses they work for or serve as clients. A number of these programs are highlighted below. Check the NJEDA website for newly added programs. 

  • NJ Innovation Evergreen Fund (NJIEF) — Professional, institutional venture capital investors can apply (application is now open) to become a Qualified Venture Firm (QVF). Under the program, the QVF will have access to up to $12.5 million per year to invest in the growth and creation of jobs in New Jersey-based companies operating in innovative sectors. Qualified business receiving investment may also access support from the NJIEF fund advisory board, comprised of corporations that purchased tax credits as part of the NJIEF corporate tax credit action. Dividends and returns on investments will be reinvested by the Evergreen Fund, making it self-sustaining or “evergreen.”
  • Emerge Program — Provides a per job tax credit of $500 to $8,000 to companies that establish at least 25 new full-time jobs in an eligible location, meet minimum capital investment requirements and demonstrate that award of the tax credit is a “material factor” in deciding to create jobs in New Jersey versus another location.
  • Technology Business Tax Certificate Transfer (NOL) Program — Enables qualified, unprofitable New Jersey-based tech and life science businesses to sell a percentage of net operating losses and/or unused research and development tax credits for cash.
  • Angel Investor Tax Credit Program — Provides refundable tax credits against New Jersey corporation business or gross income tax for up to 20 percent of a qualified investment in an emerging technology business with a physical presence in New Jersey that conducts research, manufacturing or technology commercialization, with a potential increase to 25 percent if the business is certified M/WBE or located in an Opportunity Zone or New Markets Tax Credit Census Tract. As mentioned, this credit is available to foreign and out-of-state investors.
  • NJ Ignite — Provides rent assistance to eligible early-stage technology companies working in New Jersey collaborative workspaces.
  • New Jersey Research Community — Online database that enables commercial enterprises to identify experts, facilities, publications, intellectual property, news and events in five NJ doctoral universities – public and private.
  • Edison Innovation Fund — A suite of financing instruments designed to develop, sustain and grow technology and life sciences businesses in New Jersey. Through the Edison Innovation Angel Growth, VC Growth and Growth Stars funds, which are structured as subordinated convertible debt, early-stage emerging technology and life sciences companies are provided growth capital to directly fund uses such as hiring key staff, product marketing and sales.
  • Golden Seeds — A firm dedicated to pursuing investment returns through the empowerment of women entrepreneurs and the people who invest in them. The group was founded in 2005 and is headquartered in New York City. Golden Seeds membership of about 300 members is dedicated to evaluating, funding and helping companies with at least one woman in an upper management role who has an equity position. Through a partnership with Golden Seeds, the NJEDA creates the opportunity to increase available capital for women-led businesses as well as mentoring women entrepreneurs through monthly office hours. A Golden Seeds chapter in New Jersey contributes to creating a strong, cohesive and robust angel investing community that will contribute to the growth of women in the C-suite.
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