PROGRAM DETAILS

• Up to $75 million is available annually, with $15 million set aside for businesses located in Innovation Zones, Opportunity Zones, or NJ Certified as a minority and/or woman owned business or enterprise (any unused balance of the $15 million set-aside is reverted to the general program pool)
• Only technology and biotechnology companies whose primary business involves the provision of a scientific process, product or service are eligible
• An eligible company must own, have filed for, or have a license to use protected, proprietary intellectual property (defined as a patent or a registered copyright)
• An eligible company cannot have had positive net operating income on either of its last two full-year income statements according to GAAP.   In addition, an eligible company cannot have a parent company with positive net operating income, or be part of a consolidated group of affiliates for federal income tax purposes with positive net operating income
• An eligible company must have no more than 224 and at least one full-time employee working in New Jersey if incorporated or formed less than three years, five full-time employees in New Jersey if incorporated or formed more than three years but less than five years, or 10 full-time employees in New Jersey if incorporated or formed more than five years
• An eligible company must have financial statements for the two most recent full years of operation compiled, reviewed or audited by an independent CPA firm and prepared according to US GAAP.
• A company must demonstrate meeting all eligibility criteria at application and benefit closing. This includes numbers of employees confirmed via appropriate documentation.