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 bill outlines the application process and criteria for grant approval, ensuring that funds are directed towards fostering innovation and economic development in New Jersey. It allocates up to $1 million from societal benefits charge revenues to fund the program and mandates the EDA to review applications and issue grants based on the needs of the incubator businesses.

Additionally, the bill requires approved applicants to demonstrate proof of expenditures related 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. Funding for the program will come from societal benefits charge revenues, other business development funds from state agencies, and additional public or private sources. The EDA is also responsible for preparing an annual report detailing the program's activities, which will include information on applicants, approved businesses, and total grants distributed. The program is set to expire six years after its establishment.

Statutes affected:
Introduced: 48:3-60