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 will be required to submit documentation to prove their eligibility. The EDA will review applications and issue grants based on established criteria, with the authority also responsible for preparing an annual report on the program's progress.

The bill outlines the application process and stipulates that approved applicants must provide proof of expenditures that contribute to the success of the incubator businesses they assist. In cases of non-compliance with grant agreement terms, grantees must repay the grant amount and may incur a penalty of up to 10 percent. Funding for the program will come from societal benefits charge revenues, other business development funds, and additional public or private sources. The program is set to expire six years after its establishment, ensuring a structured timeline for its operation and evaluation.

Statutes affected:
Introduced: 48:3-60