The New Jersey Economic Development Authority (NJEDA), Kean University, and the Initiative for a Competitive Inner City (ICIC) launched the first Building for Growth (BFG) program cohort in New Jersey this week. The tuition-free initiative is designed to equip minority-owned construction companies with the skills, tools, and mentorship needed to scale their businesses, secure larger contracts, and achieve sustainable growth.
The kickoff of the 18-week hybrid program took place on January 15 at Kean University, marking the start of an effort to support businesses in navigating public and private construction markets across the state. Participants will have the opportunity to gain vital skills in finance, strategic planning, construction law, and bonding while receiving one-on-one mentorship and technical assistance.
The curriculum begins on January 29. BFG will offer four in-person sessions with panelists who will speak directly to the needs of growing construction businesses in New Jersey. Kean University is hosting key program events, including the program kickoff and graduation. The university’s commitment to fostering economic growth and empowering diverse communities aligns with BFG goals.
“I was thrilled to join NJEDA and ICIC at Kean University this week for the Building for Growth Kick-Off Luncheon. This important partnership will support women-, minority-, and veteran-owned businesses by providing mentoring opportunities and the skills needed to succeed in New Jersey’s construction industry,” said First Lady Tammy Murphy. “This program will uplift underserved communities and promote economic success for diverse entrepreneurs, driving economic growth and opportunity for all.”
According to NJEDA Chief Executive Officer Tim Sullivan, “ICIC’s BFG program has a proven track record of driving economic success for diverse construction companies. We are proud to partner with ICIC and Kean University to replicate these successes in the Garden State.”
BFG was developed by ICIC, a national nonprofit organization committed to spurring economic growth in under-resourced communities by supporting small businesses, creating jobs, and building wealth for residents. Since its inception, ICIC’s BFG program has demonstrated extraordinary results. Alumni of the program report an 88 percent increase in revenue and a 112 percent increase in their largest project size. Collectively, graduates have raised $6.5 million in capital and grown their teams by an average of 34 percent.
With 219 businesses already benefiting from this program, 82 percent are BIPOC-owned, 62 percent are women-owned, and 11 percent are veteran-owned. The results showcase the program’s ability to foster significant economic impact and drive inclusion within the construction industry.
Applications for the program are still open. To be eligible, a company must:
To learn more and apply, click here.
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