This bill establishes the Business Accelerator and Incubator Network Grant Program, administered by the New Jersey Economic Development Authority (EDA), with a funding allocation of $1 million from societal benefits charge revenues. The program aims to provide grants to business accelerators and incubators that support incubator businesses within their facilities, specifically in fields such as clean energy, life sciences, and advanced materials. To qualify for a grant, applicants must demonstrate their support for these incubator businesses and submit applications that include necessary information as determined by the EDA.

The bill also outlines the responsibilities of the EDA, which include reviewing grant applications, preparing an annual report on the program's metrics, and adopting regulations for effective implementation. Approved applicants must provide proof of expenditures that contribute to the success of the incubator businesses they assist, and failure to comply with grant terms may result in repayment of the grant and a penalty of up to 10 percent. The program is set to expire six years after its enactment, and funding will be sourced from societal benefits charge revenues, other business development funds, and additional public or private sources.

Statutes affected:
Introduced: 48:3-60