Bill > S3592

Introduced Session

This bill directs the New Jersey Economic Development Authority (authority) to establish and administer the "Business Accelerator and Incubator Network Grant Program" (program) for the purpose of awarding grants to an individual or network of business accelerators or incubators that provide support to incubator businesses that are located within a business accelerator or incubator in this State. Grants may be made to a business accelerator or incubator in an amount as determined by the authority. Grant funds may be applied to: 1) any aspect of the business accelerator or incubator that provides support to incubator businesses in the business accelerator or incubator as determined by the authority; or 2) any aspect of an incubator business operating within the business accelerator or incubator. The bill requires that, in order to be eligible for a grant, a business accelerator or incubator, at the time of application, is to provide proof that it is a business accelerator or incubator providing support to an incubator business that is in one of the following fields: 1) clean energy or environmental technology; 2) life sciences, biotechnology, or medical device technology; 3) advanced materials, engineering, or manufacturing; 4) supply chain, transportation, and logistics; 5) big data, advanced computing, and digital technology; 6) defense and homeland security; or 7) food and agriculture. A business accelerator or incubator seeking to participate in the program is to submit an application in a form and manner as the authority requires and include information the authority determines is necessary to administer the program. The authority is to review and may approve an application for the grant program. The authority is to issue payment of a grant pursuant to a grant agreement as the authority may determine and subject the approval of the grant agreement to the submission of proof by an approved applicant of the expenditures contributing to the success of an incubator business assisted by the business accelerator or incubator. A grantee that fails to comply with a grant agreement made as a condition of a grant award is to repay any grant amount received and, if so determined by the authority, is to pay a penalty not in excess of 10 percent of the grant amount. The authority is to establish and maintain the program with the following sources of funds: 1) societal benefits charge revenues collected by the Board of Public Utilities that the authority determines are necessary in response to the demand for the program, up to $1,000,000; 2) funds as may be available to the authority from other business development programs administered by the authority or other State agencies or authorities, and which the authority determines to be necessary in light of the volume of applications from business accelerator or incubators and incubator businesses for grants under the grant program as necessary to implement the bill; and 3) other monies as may be made available to the authority from public or private sources. The bill requires the authority to prepare an annual report on the program, deliver the report to the Governor and the Legislature, and make the report available on the authority's website. The report is to include the number of program applicants, the number and names of business accelerator or incubators and incubator businesses approved for the program, the types of incubator businesses located within business accelerator or incubators in the program, the total amount of grants distributed, the amount received per business accelerator or incubator and incubator business, and any other information as the authority determines is necessary to evaluate the progress of the grant program. The program is to expire six years after its establishment upon the effective date of the bill.

AI Summary

Committee Categories

Jim Beach (D)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 02/19/2026)

Official Document