Emerging Developers pilot sets info sessions

The New Jersey Economic Development Authority (NJEDA) is out with new details about the $20 million Emerging Developers Grant pilot program, for which it will soon hold virtual and in-person information sessions.

The NJEDA board established the pilot in November. Offering grants of up to $200,000, Emerging Developers aims to expand access to capital so that developers can build out additional capacity as well as expand their existing portfolios.

The NJEDA scheduled three information sessions:

• March 12: From 6-8 p.m. at the Hilton Garden Inn, Camden Waterfront (in-person)
• March 19: From 6-7 p.m. (virtual)
• March 20: From 6-8 p.m., at Thomas Edison State University in Trenton (in-person)

“Rising developers must be part of the process as we strengthen and build up underserved New Jersey communities,” said Lt. Gov. Tahesha Way in November. Way also serves as secretary of state.

“The Emerging Developer Fund will better position small-scale developers to grow and succeed, which will ultimately help build stronger communities,” said NJEDA Chief Executive Officer Tim Sullivan when the pilot was established. “The program’s focus on developers in underserved communities underscores Gov. [Phil] Murphy and Lt. Gov. Way’s commitment to creating a stronger, fairer economy and improving the lives of hardworking New Jerseyans.”

“This latest initiative by the New Jersey Economic Development Authority demonstrates how government can execute with intentionality to expand participation in our state’s economy,” African American Chamber of Commerce of New Jersey (AACCNJ) founder, president and CEO John Harmon also said in November.

NJEDA expects to open applications in the second quarter of this year. More details on the program and upcoming information sessions are available here.