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

The New Jersey Economic Development Board (NJEDA) has approved two contracts. One contract with the African American Chamber of Commerce of New Jersey (AACCNJ) and another contract with the All-Hispanic Chamber of Commerce of New Jersey (SHCCNJ) manage small business bond readiness assistance. program.

The program is set up to provide training and bond education to small businesses through a series of workshops and strategic consulting sessions designed to increase small business bond knowledge and competence.

NJEDA CEO Tim Sullivan said, “Small businesses are the engine of the New Jersey economy, and under Gov. “The Small Business Bond Readiness Assistance Program is needed to help all businesses, especially minority- and women-owned businesses, remove barriers to entry when bidding for government contracts. It’s a testament to New Jersey’s commitment to making these tools accessible.”

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.

AACCNJ Founder, President and CEO John E. Harmon said: , Senior, IOM. “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.”

The new phase of funding has been approved to provide up to $250,000 to both AACNJ and SHCCNJ to deliver a series of courses designed to enhance business practices in the following areas: Accounting and Financial Presentations , operational efficiency, marketing, guaranteed binding capacity, construction contract law, certification, 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

Carlos Medina, President and CEO of SHCCNJ, said: “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, noting the benefits the announcement will bring to voters.

Senator Nellie Poe said: “With New Jersey being home to over 120,000 Hispanic businesses, this program will be better positioned for future growth.”

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *