October 24, 2008
Re: New Economic Development
Incentives from EDA
The New Jersey State League of Municipalities and the New Jersey Economic Development Authority have a long history of working together to support community redevelopment projects, the investigation and remediation of brownfield sites, and business growth leading to increased local ratables. The October issue of New Jersey Municipalities, for example, includes an article about what the EDA has done recently to reduce interest rate floors on certain lending programs and increase loan and guarantee limits. These actions were designed to help promote the growth of businesses and jobs to enhance the vitality of New Jersey’s municipalities statewide.
A few weeks ago, EDA Chief Executive Officer Caren Franzini attended our Economic Development Task Force meeting and spoke about the “new EDA” that has resulted from the consolidation of this state economic development agency and the New Jersey Commerce Commission. Caren will be addressing the topic again at our upcoming annual conference, but I want to make sure now that you are aware of this effort initiated by Governor Corzine to streamline how the state undertakes economic development. There also will be an article on this subject in the November issue of New Jersey Municipalities.
The consolidation means that all New Jersey business growth incentives and application process are now administered by one agency – the EDA – and businesses have one location to visit for information and assistance. Applications for business financing can be accessed at www.njeda.com those seeking more information or assistance can call the Business Call Center at 1-(866) 534-7789. To learn about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.
The new EDA provides various other enhancements and efficiencies, including a new Business Attraction and Retention Team, with personnel serving as a single point of contact for businesses requiring assistance. Over the next few months, the team will undertake ambitious outreach efforts to retain and attract businesses within targeted industries.
With the integration of the international trade function within the EDA, the team will work with New Jersey’s global trading partners to increase foreign direct investment, while providing exporting assistance to New Jersey businesses. Under a coordinated, comprehensive marketing effort, the EDA will more aggressively market its financial products to the industry sectors vital to our state’s economy.
A more efficient state marketing effort will involve increased partnerships with the private sector, as well as with county, regional and local chambers of commerce and economic development corporations and improvement authorities.
The EDA is eager to work with you or your designee to discuss this new economic development model and the financial tools it has to support it. Don’t hesitate to contact the Business Call Center if you think it can enhance your local efforts. The center can also respond to questions about Governor Corzine’s recently announced comprehensive economic stimulus package that is aimed at helping those most hard-hit by the national economic crisis, keeping businesses in New Jersey and getting people back to work.
Very truly yours,
William G. Dressel, Jr. Hon. M. James Maley, Jr.
Executive Director Mayor, Collingswood Borough
Chairman, League Economic Development Task Force