This bill establishes the Business Accelerator and Incubator Network Grant Program, administered by the New Jersey Economic Development Authority (EDA), to provide grants to business accelerators and incubators that support incubator businesses in specific fields such as clean energy, life sciences, and advanced materials. The EDA will allocate up to $1 million from societal benefits charge revenues to fund the program, which includes a detailed application process for eligible participants. Additionally, the bill amends existing law to allow for the recovery of costs associated with the program through the societal benefits charge and establishes a nonlapsing fund within the Board of Public Utilities to manage these funds.

The EDA is responsible for reviewing grant applications and ensuring that approved applicants demonstrate proof of expenditures that contribute to the success of the incubator businesses they assist. If a grantee fails to comply with the grant agreement, they must repay the grant amount and may incur a penalty of up to 10 percent of the grant received. The program will be funded through societal benefits charge revenues, other business development funds from state agencies, and additional public or private sources. An annual report detailing the program's activities, including the number of applicants and grants distributed, will be prepared by the EDA, and the program is set to expire six years after its enactment.

Statutes affected:
Introduced: 48:3-60