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 this initiative. Eligible applicants must demonstrate their support for incubator businesses and provide documentation showing that their participation will contribute to the financial success of these businesses. The bill also includes provisions for the recovery of costs associated with the program through the societal benefits charge.

Furthermore, the bill outlines the application process, requiring approved applicants to submit proof of expenditures related to their incubator businesses to receive grant payments. It stipulates that non-compliance with grant terms may result in repayment of the grant amount and a penalty of up to 10 percent. The EDA is tasked with preparing an annual report on the program's activities, including details on applicants, approved businesses, and total grants distributed, which will be submitted to the Governor and the Legislature. The program is set to take effect immediately and will expire six years after its enactment.

Statutes affected:
Introduced: 48:3-60