Guiding Small Business Through Today’s Economic Challenges
On Oct 4, 2023These profiles of four-government sponsored organizations and one business association reveal the exceptional resources available to NJ small businesses and entrepreneurs that can help boost their respective trajectories towards success.
US Small Business Administration – NJ District
www.sba.gov/nj | 973-645-2530
In 2023, the U.S. Small Business Administration (SBA) marks its 70th year of helping small businesses start, grow, recover, and succeed. The agency remains committed to its core mission of advocating for entrepreneurs by assisting them to access capital, federal contracts, counseling, and disaster assistance.
During fiscal year 2022, SBA’s New Jersey district office approved a record $891 million in loans to 1,654 small business owners throughout the state.
We are honored to have the expertise of our resource partners, including the Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers, and SCORE chapters. They can assist you in finding federal, state, and local resources that provide you with access to information and programs designed to help you start and grow your business – providing courses and counseling on topics like business formation, licensing requirements, writing a business plan, and the availability of financing and government contracting programs.
The support and dedication of our network of counselors, participating lenders, and other strategic alliances that we have established are critical to our success.
The SBA was created to help New Jersey entrepreneurs. Whether you’re looking to continue on your growth path, or you need the right information to start up, we’re here to assist you every step of the way. We look forward to supporting an even greater number of entrepreneurs in 2024.
The New Jersey District Office is responsible for delivering many programs and services, and webinar/event information can be found on our homepage (see above). The District Office is at Two Gateway Center, Suite 1002, Newark, NJ 07102. Our office hours are from 8:00 am until 4:30 pm, Monday through Friday. Don’t hesitate to contact us at 973-645-2530 for program and service information.
I wish you much success in 2023 and beyond!
New Jersey Small Business Development Centers
www.njsbdc.com
973-353-1927
Established in 1977, the New Jersey Small Business Development Centers (NJSBDC) was one of the first national SBDC pilot programs that justified to Congress the need for robust small business assistance and guidance in communities across the country. The NJSBDC Network comprises a state office at Rutgers Business School in Newark and 11 full-service regional centers across 21 counties. It also operates an additional 28 affiliate 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 provides management consulting, training, and other technical assistance to established small businesses and aspiring entrepreneurs. The NJSBDC hires expert business consultants to provide guidance and valuable insights at no cost, covering a vast array of needs, including digital marketing and human capital management to cybersecurity and government contracting.
The NJSBDC also works with more than 50 economic development stakeholders to ensure each business owner has the resources and support needed to succeed. The NJSBDC recently developed a Capital Team to help streamline the financing process for targeted businesses and launched the “Not-So-Small Business” podcast and webcast to provide essential and relevant information and insights to the business community.
Over the past 10 years, the NJSBDC network counseled more than 69,000 small and mid-sized business owners, helped create and retain over 115,000 jobs, trained nearly 120,000 people on various business management skills, and attained over $865 million in capital formation.
Though today’s economic climate presents considerable challenges to small businesses, we know that we can help New Jersey businesses overcome these obstacles, as we’ve done during turbulent times in the past.
To learn more about the NJSBDC, please go to www.njsbdc.com. To become a small business client, go to www.njsbdc.com/Request-Counseling.
NJ Business Action Center (NJBAC)
www.nj.gov/state/bac | 1-800-JERSEY-7
The New Jersey Business Action Center (NJBAC) is a division of the Department of State that brings the business community the answers and resources needed to help them grow and thrive. We take a proactive approach by convening various technical and supportive services. We aim to streamline processes, provide valuable insights, and foster a conducive environment for business growth with resources designed to provide assistance, guidance, and opportunities for business owners.
Services for Small Business Assistance: The Office of Business Advocacy (OBA) provides support and guidance for businesses of all sizes, at every stage of the development process. From site selection to expansion, from resource referrals to permitting assistance, OBA staff are committed to helping entrepreneurs quickly access efficient and relevant commercial real estate solutions.
The Office of Export Promotion (OEP) provides guidance and resources for businesses looking to start or expand their goods and services via exporting. This office is an SBA partner, collaborating at the state level for the New Jersey State Trade Expansion Program (NJSTEP). NJSTEP provides financial awards through a competitive process to businesses that are new to exporting, as well as those businesses who currently sell their goods and services to other countries.
The Office of Small Business Advocacy (OSBA) provides real time assistance for start-ups and small businesses seeking information about registration, annual reports, certifications, procurement, and other business operations.
More recently, the Cannabis Training Academy (CTA) was created to help individuals, particularly those from underserved communities, interested in pursuing an adult-use cannabis license through the state-regulated application process or opening an ancillary business. Launching in FY24, CTA will offer convenient, asynchronous, free-of-charge online learning via 70+ courses for prospective business owners categorized as social equity, legacy, and Impact Zone applicants seeking to expand their knowledge of cannabis business.
How to Engage with NJBAC: Visit nj.gov/state/bac, which serves as the primary hub for information about programs, resources, and contact details.
Explore business.nj.gov: A wide array of resources covering everything from registering a business to accessing permits and licenses.
NJ Economic Development Authority (NJEDA)
www.njeda.com | (844) 965-1125
The success of small and micro businesses is vital to the strength of the state’s economy. That’s why, under Gov. Phil Murphy’s leadership, the New Jersey Economic Development Authority (NJEDA) has taken a comprehensive approach to providing these businesses with the resources they need to thrive.
In early 2021, Gov. Murphy signed the New Jersey Economic Recovery Act (ERA) of 2020 into law, establishing the Main Street Recovery Program. This allowed the NJEDA to create a suite of products to assist small businesses recovering from COVID-19 and to bolster new businesses launching in the pandemic’s aftermath. The program includes grants and loans, as well as resources to help our lending partners expand their lending capacity, and free consulting services to help certain types of businesses improve their digital and e-commerce capabilities.
More than 3,100 businesses statewide have already been approved for funding totaling over $105 million through the Main Street Recovery Program. Additionally, eight lending partners have received $11.7 million to support micro businesses with technical assistance and access to capital.
Through the Small Business Lease Grant, businesses can get funding to help lease or expand their commercial space. The Small Business Improvement Grant reimburses grantees 50% for eligible capital improvements at their facilities within the last two years.
Two additional resources funded through the ERA are the Main Street Micro Business Loan, a pilot program that provides financing of up to $50,000 to eligible early-stage micro businesses, and the Main Street Lenders Grant, which provides funding to eligible micro business lenders to create new, or supplement existing, micro business loan products.
With consumers becoming more reliant on online services, the NJEDA offers the Small Business E-Commerce Support Program, which helps restaurants, retailers, and personal care businesses that have physical locations and that rely on in-person transactions identify and implement the technological capabilities. To date, 23 businesses have received over $175,000 in technical assistance through this program.
The NJEDA also offers a Small Business Bonding Readiness Assistance Program, which is administered by the African American Chamber of Commerce (AACCNJ) and the Statewide Hispanic Chamber of Commerce (SHCCNJ).
—Tim Sullivan, Chief Executive Officer
New Jersey Business & Industry Association
www.njbia.org | (609) 393-7707
For more than 110 years, the New Jersey Business & Industry Association (NJBIA) has been focused on the competitive excellence and financial success of our member businesses.
With the strongest and largest business Government Affairs team in Trenton, the association is the pre-eminent voice for businesses of all sizes in the state. We advocate for policies to support the state’s business climate and fight hard against policies that will challenge our job creators.
NJBIA also provides numerous products and services to help businesses save money and get a competitive edge.
Our members have the opportunity to participate in a quality group Health Benefits Plan. We have partnered with Association Member Trust (AMT), joining a select group of 16 member associations throughout the Garden State who have access to Horizon Blue Cross & Blue Shield.
We also offer a high-quality 401(k) and profit-sharing plan that can save a business thousands of dollars each year. With the Secure Choice legislation being enacted in 2022 mandating that employers with 25 or more employees must offer a retirement savings plan, this is a key resource that we offer.
NJBIA also offers members a new HR Support Center, powered by Mineral HR, where businesses and employees have full access to everything a company needs to stay informed and compliant in today’s ever-changing world of employment mandates.
Further, NJBIA also offers money-saving payroll processing programs through Primepoint and other savings programs through more than a dozen nationally recognized providers.
We hold more than 100 events per year that provide both top-of-the-line networking opportunities, and critical information to help you with your business. As an example, NJBIA just completed its 9th Annual Women Business Leaders Forum – an event that brings large corporations, entrepreneurs, not-for-profits and students together to get inspired and empowered.
As a business news resource, NJBIA offers members: New Jersey Business Magazine, the Garden State’s longest-standing business publication, now in its 69th year; the New Jersey Business Today (NJBT) newsletter, which provides the latest business and economic news on a daily basis; the weekly Minding Your Business television show on News 12+; and our fun and informative Other People’s Business podcast.
To access more business news, visit NJB News Now.
Related Articles:
- Accounting
- Banking / Financial
- Coronavirus
- Diversity
- Economic Development
- Economy
- Energy
- Environment
- General Business
- Government
- Healthcare
- High-Tech
- Higher Ed
- Infrastructure
- Labor
- Law
- Life Sciences
- Manufacturing
- Meeting Places
- New Hire/Promotion
- Philanthropy
- Real Estate
- Science & Technology
- Small Business
- Tourism
- Workforce Development
- Special Sections
- Sponsored Content
