Small Business Guide: State and Federal Agencies

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Small business

This profile of four leading government-sponsored organizations reveals the exceptional resources available to New Jersey small businesses and entrepreneurs to help accelerate their respective trajectories to success.

New Jersey Small Business Development Center

www.njsbdc.com|973-353-1927

Jhe New Jersey Small Business Development Center (NJSBDC) is the premier provider of growth-oriented, strategic business training and technical assistance services for created small businesses and start-up entrepreneurs in New Jersey.

Established in 1977, the NJSBDC was one of the first nationwide SBDC pilot programs, vindicating to Congress the need for strong support and guidance for small businesses in communities. Across the country. The NJSBDC network includes a state office at Rutgers Business School in Newark and 11 full-service regional centers in 21 counties. It also operates 28 additional affiliate (or satellite) offices located throughout New Jersey. Regional centers are hosted by – and affiliated with – a two- or four-year college or university business program.

Each center offers management advice, coaching and other technical assistance to established small businesses and aspiring entrepreneurss. We engage expert business consultants to provide valuable advice and information at no cost, covering a wide range of needs.

The NJSBDC also works with more than 50 economic development actors to ensure that every business owner has the resources and supportrt necessary to succeed in the current climate. We recently established a Capital team to help streamline the process of financing targeted businesses and launched the “Not-So-Small Business” podcast and webcast to provide essential and relevant information and inviews towards the business community.

Since the beginning of 2020, the NJSBDC network has advised more than 11,000 small and medium-sized business owners, helped create and retain more than 7,800 jobs, trained more than 15,000 people in various business management skills, and reached $85 million in capital formation.

To learn more about the NJSBDC, visit www.njsbdc.com. To become a small business customer, go to www.njsbdc.com/Request-Counseling.

—Kelly Brozyna, CEO and State Director

New Jersey Business Action Center (NJBAC)

www.nj.gov/state/bac | 1-800-JERSEY-7

Jthe new jersey trade action Center (NJBAC) is a business-focused resource that can help you get answers from government agencies, all for free and on a strictly confidential basis. Located within the New Jersey Department of State, NJBAC is a corporate advocacy team dedicated to problem solvings, providing resources and maximizing growth opportunities for businesses of all sizes.

NJBAC’s business advocacy experts provide start-up and existing businesses with assistance in site planning and technical support, advice and guidance in the professional licensing, business certification, sourcing opportunities, workforce development, identifying funding sources, etc. In addition, they can help facilitate responses from government or regulators, directing businesses toofficials or provide updates on new legislation and statutory changes affecting businesses.

The experts at the Office of Small Business Advocacy are focused on serving the needs of New Jersey’s small business community.

NJBAC Export Promotion Office The team works with companies to develop export plans to reach new global markets. The team also administers the New Jersey State Business Development Program (NJ STEP) grants, which fund attendance at trade shows and other export-related programs. Funded in In part through the Small Business Administration (SBA), NJ STEP offers financial rewards to eligible small domestic businesses to export their goods and services to other countries.

The New Jersey Motion Picture & Television Commission (NJMPTVC) works with production and New Jersey municipalities to encourage the use of Garden State locations to film commercials, movies, television shows and other digital media.

NJBAC encourages businesses to take advantage of the free and valuable and useful service support from its team of business experts. A dedicated team operates the popular business hotline at 1-800-JERSEY-7 and the online live chat feature on New Jersey’s user-friendly website, www.business.nj.gov. Support line and live chat are easyled by trained business experts every week from 8 a.m. to 5 p.m.

—Mélanie Willoughby, Executive Director

New Jersey Economic Development Authority (NJEDA)

www.njeda.com|(844) 965-1125

JNew Jersey’s economic developmentnt Authority (NJEDA), the Garden State’s primary economic growth agency, is armed with a robust set of reforms known as the New Jersey Economic Recovery Act (ERA) of 2020, which Governor Phil Murphy signed into law in 2021 It provides the NJEDA with the resourcethese needed to create programs and drive transformative change that uplifts communities, supports small businesses, and creates new opportunities for everyone.

One of ERA’s initiatives is the funding of $150 million Main Street Recovery Program, which supports small business growth and success with a variety of offerings. The Small Business Lease Grant provides grants to eligible businesses entering into new or amended leases, and the Small Business Printsmovement grant provides funds to reimburse eligible businesses for a portion of the costs associated with upgrades and/or the purchase or installation of furniture and fixtures.

Combined, more than 500 companies have received more than $13 million in grants through these products since October 2021. Meanwhile, the Main Street Lenders Grant offers New Jersey-based Community Development Financial Institutions, Minority Depository Institutions and other eligible lenders up to $1 million to establish new or additional existing businessesss loan products.

The Loan to micro-enterprises – launching soon – will help smaller businesses in the statecome some of the longstanding barriers associated with access to capital. Forty percent of program funding for all of these products is earmarked to support businesses and nonprofits in Opportunity Zone-eligible census tracts.

NJEDA also contracts with the African American Chamber of Commerce (AACCNJ) and the State Hispanic Chamber of Commerce (SHCCNJ) to administer the Small Business Bond Preparation Assistance Program. This program provides small, minority, and women-owned businesses with the educational tools necessary to compete for federal and state government contracts through a series of workshops and business strategies.counseling sessions.

In addition to these, NJEDA continues to offer traditional loan products, including low-cost financing such as low-interest direct loans and loans in partnership with more than two dozen banks. Tax-exempt bond financing is alsoo available for manufacturing companies.

—Tim Sullivan, Chief executive officer

US Small Business Administration

www.sba.gov/district/new-jersey|973-645-2434

NOTNew Jersey’s small businesses have played a key role in our economic recovery and will continuee to play a role in our efforts to achieve a strong and stable economy. The main source of referral was the United States Small Business Administration (SBA). Our agency has provided $42.2 billion in SBA-backed loans and rewards to New Jersey small businesses across the COVID-19 pandemic.

These companies have seen an influx of $26.6 billion in privately funded, federally guaranteed loans through the Forgivable Paycheck Protection Program. This is in addition to more than 133,000 COVID Economic Idisaster loans and advances for damages totaling $15.3 billion.

The SBA is working to address today’s challenges and the remnants of what COVID has left in its wake. Agency gives small businesses and entrepreneurs access to capital, even if they don’t have a pre-established relationship with a lender. Just visit www.sba.gov/lendermatch, describe your needs and be put in touch with potential lenders interested in your loan. Once you have spoken to them, you can apply and submit applications and documents. Like our Paycheck Protection Program, each of these traditional financings oOptions are offered directly by SBA participating lenders using private funds. The SBA guarantees the loan to mitigate lender risk.

A former administrator frequently called the SBA “America’s best-kept secret.” Well, the cat is out of the bag – everywe know the SBA – and we intend to ensure that we continue to meet your needs.

The SBA is committed to providing capital, guidance, contracting assistance, and other support to help small businesses thrive and build the resilience of suApplication strings. Contact the SBA New Jersey District at 973-645-2434 or by email at [email protected] for more information or to see how we can best help you get started, growing up and extendD.

—John M. Blackstock, New Jersey SBA District Director

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