The New Jersey agency that steers billions in tax credits to boost the state's economy has embarked on a new program to help small businesses get funding, with legislation Republican Gov. Chris Christie signed into law Wednesday.
Christie signed the measure at the African-American Chamber of Commerce of New Jersey in Trenton and cast it as part of a broader effort to make Trenton attractive to small businesses. The new law creates the Small Business Bonding Readiness Assistance Program.
The measure passed unanimously in the Democrat-led Legislature, and it directs the Economic Development Authority to give support services to small businesses to help them bid on public projects or perform government contract work.
Christie told his audience of administration officials, lawmakers, and others that the new law will help businesses get surety bonds that are required to get government work. The idea for the legislation came from conversations among businesses, the Christie administration and lawmakers, the governor said.
The Legislature's budget analysts say it's unclear how much the program could cost the state.
The Economic Development Authority helps secure hundreds of millions in financing and billions in tax credits for businesses that agree to stay in state and create jobs.
Christie is entering his final year in office and has highlighted business development deals his administration oversaw or helped broker in the capital city, including expanding Thomas Edison State University. He says the projects mirror developments in Camden and Newark.
