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  • NJ A2494
  • Creates grant program for newly established small businesses engaged in life sciences.
Introduced
(2/4/2016)
In Committee
(2/4/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill directs the New Jersey Economic Development Authority (authority) to establish and maintain a small business grant program for the purpose of awarding grants to eligible small businesses engaged in life sciences. "Eligible small business" is defined in the bill as a business entity that: (1) is independently owned and operated; (2) is not dominant in its field of operation; (3) is organized for profit with a place of business located in New Jersey; (4) operates primarily within New Jersey; (5) employs no more than 225 full-time employees, or equivalent number of part-time employees, or equivalent number of a combination of full-time and part-time employees; and (6) has been incorporated for less than three years. The bill defines "life sciences" as the discovery, production, or development of medical equipment, ophthalmic goods, medical or dental instruments, diagnostic substances, or biopharmaceutical products, or physical and biological research. Under the program, grants of up to $250,000 are to be awarded to eligible small businesses that are primarily engaged in life sciences as determined by the authority. The program is to be funded from: (1) $2,500,000 transferred from the Securities Enforcement Fund account established pursuant to section 15 of P.L.1985, c.405 (C.49:3-66.1) of which up to $750,000 per year may be awarded as the authority determines is necessary in response to the demand for the program; (2) moneys as may be available to the authority from business development programs administered by the authority, or other State agencies, or authorities as the authority determines is necessary in response to the demand for the program; and (3) other moneys as may be made available to the authority from public or private sources. Moneys in the program which are not allocated for current responsibilities of the program may be invested by the authority in any direct obligations as to which principal and interest are guaranteed by the United States of America or any other obligation deemed appropriate by the authority.
Commerce and Economic Development
Introduced, Referred to Assembly Commerce and Economic Development Committee  (on 2/4/2016)
 
 

Date Chamber Action Description
2/4/2016 A Introduced, Referred to Assembly Commerce and Economic Development Committee
Date Motion Yea Nay Other
None specified