NJEDA Board Approves New Funding for Small Business Bond Readiness Assistance Program

May 11, 2022

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Grant $500,000 in funding to help small businesses qualify for government contracts

Trenton, NJ (May 11, 2022) – The New Jersey Economic Development (NJEDA) Commission Two contracts were approved today. African American Chamber of Commerce of New Jersey (AACNJ) and one Jeonstate Hispanic Chamber of Commerce of New Jersey (SHCCNJ) Administer the Small Business Bonding Readiness Assistance Program. The program provides training and credible bonding education to small businesses through a series of workshops and strategic consulting sessions designed to increase small business bonding knowledge and competencies.

Since the program was first launched in 2018 facilitated by an agreement with AACNJ, 105 business owners have graduated from the program. Fifty of them are eligible for government contracts totaling $40 million.

The new phase of funding, approved today, will provide both AACNJ and SHCCNJ with up to $250,000 and a series of courses designed to enhance business practices in the following areas: Construction and Contract Law, Certification, and Financing. The overall goal of the program is to enable small businesses to qualify for warranty guarantees, thereby increasing their competitiveness for public works projects or winning contracts offered by state or federal governments. It is to fulfill.

Through the Small Business Bonding Readiness Assistance Program, both AACCNJ and SHCCNJ graduate at least 60 small businesses from the program each year. The budget increase will double the program’s funding and NJEDA will contract with additional entities to enable more New Jersey small businesses to access these free resources, services, and coordinated assistance. I was able to

“Small businesses are the engine of New Jersey’s economy, and under Gov. Murphy’s leadership, we have made it a priority to connect businesses with the resources they need to sustain, grow and thrive. NJEDA CEO Tim Sullivan“The Small Business Bond Readiness Assistance Program will ensure that all businesses, especially minority- and women-owned businesses, have access to the tools they need to remove barriers to entry when bidding for government contracts. It’s a testament to the efforts of New Jersey.”

“We are pleased to continue our partnership with NJEDA and the Murphy Administration in their joint commitment to leverage the ideals and resources provided through AACCNJ to strengthen underperforming sectors of the New Jersey economy.” AACCNJ Founder, President and CEO John E. Harmon, Sr., IOM said: “As small businesses continue to drive the state’s post-COVID economic recovery, it’s more important than ever to provide resources and information to Black-, women-, and minority-owned businesses.” Through our Small Business Bond Readiness Assistance Program, we are enabling all small businesses to compete in a fairer and more inclusive manner in state and federal contracting processes.”

“Allowing small businesses to participate in the Guarantee Guarantee process is an essential step in removing barriers to entry for minority- and women-owned businesses wishing to obtain state and federal contracts,” he said. SHCCNJ President and CEO Carlos Medina“The Small Business Bonding Readiness Program is a tremendous asset for small business owners looking to succeed in today’s ever-changing economy.”

AACCNJ and SHCCNJ announced earlier this year in response to a request for proposal from qualified non-profit business advocacy membership associations with proven track record of contracting with other governmental or public agencies to administer warranty warranty support services. Selected based on submitted proposals.

The chairs of the New Jersey Legislative Latino Caucus and the state’s Black Legislative Caucus applauded today’s announcement and noted the benefits it will bring to voters.

“We are excited to expand our successful Small Bonding Readiness Assistance Program and have SHCCNJ be one of its stewards.” Senator Nellie Poe“With New Jersey being home to over 120,000 Hispanic businesses, this program will be better positioned for future growth.”

“AACCNJ has long been a leader in empowering black business owners and connecting them with the tools they need to succeed. Congressman Shabonda E. Sumter“By putting this vitally important money into programs managed by AACCNJ, NJEDA will invest in the future of black-owned businesses and ensure that they have the skills and resources they need to win state contracts. to.”


The New Jersey Economic Development Authority (NJEDA) serves as the state’s primary agency for promoting economic growth. NJEDA empowers New Jersey by focusing on key strategies to build strong, dynamic communities, create good jobs for New Jersey residents, and provide a pathway to a stronger and just economy. We are committed to becoming a national model for inclusive and sustainable economic development. Through partnerships with various stakeholders, NJEDA creates and implements initiatives to increase the state’s economic vitality and quality of life, and to strengthen New Jersey’s long-term economic competitiveness.

For more information on state resources available to New Jersey entrepreneurs and early stage businesses, please visit: https://www.njeda.com Follow @NewJerseyEDA Facebook, twitter, Instagramand LinkedIn.


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