Bill > A3497

Introduced Session

This bill directs the New Jersey Economic Development Authority (authority) to establish and maintain small business matching grant program for the purpose of awarding grants to eligible small businesses engaged in life sciences that receive certain federal grants. The matching grants would be awarded on a dollar for dollar basis. "Eligible small business" is defined in the bill as a business entity: (1) that 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; and (5) that does not exceed the applicable federal size standard for its industry as established under 13 C.F.R. Part 121. 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, matching 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 and have received a federal Phase II or post Phase II Small Business Innovation Research grant from a federal agency or a federal Phase II or post Phase II Small Business Technology Transfer Program grant from a federal agency. 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), that the authority determines are necessary in response to the demand for the program up to $750,000 per year; (2) monies as may be available to the authority from business development programs administered by the authority, other State agencies, or authorities and which the authority determines are necessary in response to the demand for the program; and (3) other monies as may be made available to the authority from public or private sources. Monies 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.

AI Summary

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Pam Lampitt (D)*, 

Introduced, Referred to Assembly Science, Innovation and Technology Committee (on 02/05/2024)

Official Document