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 or incubators that support incubator businesses within their facilities. The EDA will allocate up to $1 million from societal benefits charge revenues to fund this initiative, targeting specific fields such as clean energy, life sciences, and advanced materials. Eligible applicants must demonstrate their support for incubator businesses and can use the grant funds for various aspects of their operations. The bill outlines an application process requiring documentation to prove eligibility, and the EDA will review applications and issue grants based on established criteria.

Additionally, the bill mandates that approved applicants must provide proof of expenditures that contribute to the success of the incubator businesses they assist. Non-compliance with grant agreement terms may result in the requirement to repay the grant amount and a potential penalty of up to 10 percent. The program will be funded through societal benefits charge revenues, other business development funds, and additional public or private sources. The EDA is responsible for preparing an annual report on the program's progress, including metrics such as the number of applicants and grants distributed, and the program is set to expire six years after its enactment.

Statutes affected:
Introduced: 48:3-60