The New Jersey Economic Development Authority (NJEDA) has a name that is pretty much self-explanatory when it comes to describing the function and purpose of the authority. The New Jersey state government authority has as its mission the development of the infrastructure of New Jersey in order to “create an environment that ensures opportunity for business growth and employment” (Introduction 1). The NJEDA performs many functions and oversees the creation and implementation of many projects designed to do exactly that. The NJEDA is a self-supporting, independent state financing and development authority which is geared toward serving New Jersey’s business community. The NJEDA was created in 1974 and has given more than $12.7 billion in funding to help businesses and not-for-profit organizations develop worthwhile projects (Introduction 1).
The NJEDA assists businesses of all varieties, from single ownership to global organizations. In its twenty-five year history, more than 6,000 different types of businesses have received support from the NJEDA (Introduction 1). The NJEDA is primarily concerned with creating and retaining employment opportunities throughout New Jersey. The NJEDA is also concerned with bolstering the economic base of governments across the state. In light of these goals, the NJEDA is involved in the following activities designed to accomplish the organization’s objectives:
Creating public/private partnerships to bridge financing gaps and increase access to capital for small and middle-size businesses and not-for-profit borrowers.
Arranging low-cost financing, loan guarantees and creative financing packages.
Providing a full range of real estate development services.
Making available technical support to strengthen targeted business sectors important to the state’s economy.
This analysis will include some of the current programs being undertaken by the NJEDA as well as some of the...