June 4, 2013
BRIDGEWATER, NJ – The Somerset County Business Partnership welcomed Michele Brown, Chief Executive Officer of the New Jersey Economic Development Authority (NJEDA), to the May edition of the Fifth Friday Friars Public Policy Luncheon on May 31, 2013.
In his introduction of Ms. Brown, Wayne Hasenbalg, President and CEO of the New Jersey Sports and Exposition Authority (NJSEA), noted that NJEDA is the force behind the post Hurricane Sandy “Stronger Than the Storm” and “New Jersey is Open for Business” advertising campaigns. As the lead agency overseeing tourism in New Jersey, Hasenbalg and his staff work closely with NJEDA to assure rapid economic recovery following the October storm that devastated the Jersey Shore.
Ms. Brown provided the more than 100 business leaders in attendance with an overview of the ongoing distribution of funds dedicated to the recovery of storm-impacted businesses and communities.. She explained that the Housing and Urban Development has developed a plan for distribution of $1.8 billion through the Community Development Block Grant process with $1.3 billion designated to support homeowners. NJEDA is providing planning and oversight of the effort.
NJEDA utilized the services of various Chambers of Commerce and the New Jersey Business and Industry Association to survey businesses as a means of assessing needs prior to the distribution of the balance of the funds. With individual business advisors out in the field, NJEDA is determining eligibility for grants of up to $50,000 to small businesses in various areas of the shore.
In addition to the grant program, business loans are being made available with no interest accrued for the first two years. She also explained that $75 million is being made available to support the restoration efforts of business districts impacted by the storm.
Additional NJEDA programs, outside of the recovery initiatives, are focused on simplifying the regulatory process in the state to make business attraction more predictable. A major focus is being placed on re-use of properties, with incentives being offered for rehabilitation of commercial structures. In its recently released Investment Somerset – A Collaborative Blueprint for Economic Growth – the Business Partnership detailed its support for the NJEDA goals of reducing the regulatory burden on business, hazard mitigation to increase resiliency, and the reuse of major office and industrial properties in New Jersey.
The Somerset County Business Partnership serves as central New Jersey’s regional Chamber of Commerce. Members and investors represent public, private and community organizations, working in partnership and dedicated to maintaining and promoting economic prosperity and quality of life in Somerset County. The Somerset County Business Partnership is an essential partner for doing business in Somerset County, and as such is the premier regional business organization in New Jersey. The Business Partnership seeks to achieve four key outcomes; public leadership, advocacy, economic and community development, and value/engagement, providing LEADERSHIP, OPPORTUNITY, AND RESULTS to the Somerset County Business Community.
