The New Jersey Economic Development Authority, or EDA, and the New Jersey Department of Labor and Workforce Development provide grant funding to businesses in the state. Grant programs support the employment of persons with disabilities, the creation of new jobs, employee training and apprenticeship programs. Grant funding ranges from $3,000 to $50,000 per employee incentive.
Business Employment Incentive Program
The New Jersey Business Employment Incentive Program provides grant funding to businesses that expand or relocate and create additional jobs. Eligible businesses receive an annual grant of up to 80 percent of the state income taxes generated from newly hired employees to a maximum of $50,000 per employee. To apply, employers must create at least 25 new jobs during a 24-month period, with the exception of technological and biotech companies, which must create at least 10 new jobs during that same period. Employers must also explain the rationale for their grant request, provide proof that the jobs generated are viable and pay the applicable application fees for the grant program.
Customized Training Grants
The New Jersey Department of Labor and Workforce Development provides customized training grants to employers who want to upgrade the skills of their full-time or permanent part-time employees. The grant supports increased employee productivity and employer competitiveness. Employers who apply for grant funding must demonstrate that the grant addresses their business needs and use the funding to upgrade the skills of front-line workers. Maximum grant funding ranges from $50,000 for businesses with fewer than 250 employees to $75,000 for businesses with more than 250 employees.
Invest New Jersey Business Grant Program
The New Jersey EDA business grant program provides up to $500,000 in funding to eligible businesses that create new full-time job positions and maintain those positions for a minimum of 12 months. Eligible businesses must have at least five employees, offer health plan benefits to employees and have operated for at least two years. As of the date of publication, the 2010 to 2011 program funding has been reached. New applicants are placed on a waiting list.
Registered Incentive Apprenticeship Program for the Manufacturing Industry
New Jersey's Registered Incentive Apprenticeship program provides one-time funding to employers in the manufacturing industry to upgrade the skills of front-line employees. Grant funding is a maximum of $5,000 for current or newly hired employees whom the employer sponsors for apprenticeship training. Eligible employers receive an initial installment of $2,500 once an employee has worked for six months and the remaining $2,500 after one year of employment.
- New Jersey New Jersey Economic Development Authority:Business Employment Incentive Program
- New Jersey Department of Labor and Workforce Development: Customized Training Grants
- New Jersey Economic Development Authority: Business Grant program
- New Jersey Department of Labor and Workforce Development: Registered Incentive Apprenticeship Program
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