A 978 New Jersey General Assembly · 2024-2025 Regular Session

Authorizes EDA to provide financial assistance to certain business incubator facilities.

This bill establishes a program allowing New Jersey's Economic Development Authority (EDA) to provide loans to business incubator facilities. These facilities, which offer low-cost space and support to early-stage technology and innovation businesses (like biotech and software startups), must meet specific criteria including compliance with labor/environmental laws, no tax arrears, and securing at least 15% of their funding from established businesses. Loans up to $600,000, repayable within two years at prime rate or lower, require facilities to share 3-5% of royalty payments from incubator businesses (for intangible property) toward loan repayment. The program prohibits certain businesses - such as retail stores, restaurants, law firms, and financial services - from operating within these facilities and mandates annual reporting on job creation, capital investment, and program outcomes.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024 Last action Jan 9, 2024
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Jan 9, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Science, Innovation and Technology Committee
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
NM
Nancy Muñoz
RRepublican
NJ
21