M E M O R A N D U M

TO:                       Members of the Assembly Science, Innovation and Technology Committee

FROM:                 Hilary Chebra, Manager, Government Affairs, CCSNJ

RE:                      Innovation Economy Bill Package

The Chamber of Commerce Southern New Jersey (CCSNJ) would like to voice our support for the following package of bills, which aim to provide assistance to new and growing businesses in New Jersey. This bill package will provide much needed resources to innovative new businesses looking to grow in the state.

The bill package includes the following measures:

• A-5158 (Tully/Murphy/Freiman) - Establishes advertisement grant program for NJ emerging businesses.
• A-5159 (Tully/Freiman/Carter) - Establishes Office of Financial Assistance in Economic Development Authority to help businesses and non-profit organizations access opportunities for public financial assistance; requires office to develop common application platform.
• A-5160 (Tully/Murphy/Freiman) - Requires Economic Development Authority to create needs-matching website for entities engaged in innovation.
• A-5161 (Tully/Park/Moen) - Requires Director of Division of Housing and Community Resources in the Department of Community Affairs, to establish grant program to encourage local governments to promote New Jersey as innovation hub in certain fields; appropriates $100,000.

Th bills within this package assist in removing barriers to starting a new business, including the creation of an Office of Financial Assistance to help businesses access available sources of public financial assistance, such as grants or loans. It is often difficult for small businesses with limited resources to navigate all the available programs the state offers, and this office will provide critical assistance. Additionally, the development of a common application through which businesses and non-profits may apply for sources of public financial assistance will greatly enhance access to these resources.

With a highly educated workforce and prime geographic location, New Jersey is well positioned to be a leader in the fields of science, technology, and engineering. The creation of a grant program to encourage local governments to promote New Jersey as an innovation hub will assist in attracting these industries to the state.

Over the past two years, there has been an increase of entrepreneurs starting new businesses in the state. The creation of a needs matching website and advertising and marketing grant program will help these new business owners get their businesses off the ground.

Thank you for allowing the CCSNJ to express our support for these bills before you today.