NJEDA

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:

well as the large corporate effort, and it also illustrates how the NJEDA not only helps provide financing and funding, but it also works in tandem with other agencies and organizations to make community development a true community project while at the same time scattering risk, "Page approached CoreStates Bank which recommended he contact the EDA. CoreStates agreed to provide Page with a $285,000 loan to purchase and renovate the building, subject to a 50% participation by the EDA. CoreStates also agreed to provide a $50,000 revolving line of credit for the restaurant's short term working capital needs. To further support the project, the EDA facilitated a $238,000 Small Business Administration (SBA) 504 loan. Additional financing support was arranged through the City of Trenton which provided a $230,000 loan, the Trenton Downtown Association which provided a $15,000 loan and the Capital City Redevelopment Corporation which provided a $10,000 grant" (NJEDA 5). Another major success story supported by the NJEDA is Venture Plus Realty, a real-estate holding company that runs two companies which make display fixtures and wall hardware for retailers like Sears and Toys "R" Us. The holding company wanted to consolidate the tw

Category: Economics - N