
TRENTON, N.J. (July 11, 2014) – In support of the Christie Administration's continuing efforts to grow the State's technology industry, the Board of the New Jersey Economic Development Authority (EDA) approved assistance yesterday to support technology companies at every stage of growth.
"We recognize the significant economic potential that our technology industry yields and we remain committed to offering a continuum of support to ensure we are able to help entrepreneurs, startups and established companies," said EDA Chief Executive Officer Michele Brown. "By creating an environment that catalyzes innovation, we will generate new job and investment opportunities and ensure New Jersey remains a destination for the industry."
In response to the demand for technology-focused shared office space in New Jersey, the EDA will publish a solicitation at the end of July seeking a for-profit developer of technology shared space projects to establish a new or expanded facility for entrepreneurs and startup companies. The EDA would provide a $1 million loan to fund acquisition, improvements and/or fixed assets associated with the development of the facility. Fifty-percent of the loan would be forgiven if specific economic development milestones are met. Respondents will be ranked, with each project standing on its individual merits, against scoring criteria in the following categories: economic development; business model; strategic partnerships; and, management.