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Economic growth

New Jersey Economic Development Authority Awards $75,000 to Support SHCCNJ Innovation Business Hub at NJCU Center

Strategic Insights

— 2 min read

The New Jersey Economic Development Authority (NJEDA) has announced financial support for the development and operation of the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) Innovation Business Hub, housed at the New Jersey City University (NJCU) School of Business. This partnership aims to support entrepreneurship in the state, particularly among Hispanic-owned businesses. The SHCCNJ Innovation Business Hub will provide a physical location for local business owners to gather, attend workshops, and access educational resources and tools.

Key Takeaways:

  • The NJEDA will provide $75,000 in funding to support the development and operation of the SHCCNJ Innovation Business Hub.
  • The hub will focus on enhancing collaboration on workforce development and entrepreneurship initiatives, offering comprehensive technical education programs, and personalized mentoring and coaching for business owners.
  • The space will also host foreign guests, diaspora businesses, and entrepreneurial exchanges, providing an opportunity for the SHCCNJ to connect business owners with the NJEDA's Small Business Bonding Readiness Assistance Program.
  • Officials say that the partnership and the space aim to foster innovation and spur economic growth, particularly within the Hispanic business community.
  • The initiative allows institutionalized connections between NJCU and the local business community, providing students with direct internship and externship opportunities.
  • SHCCNJ Chairman Luis De La Hoz emphasized that the investment from NJEDA represents a commitment to the community's future, serving as a launchpad for entrepreneurs to scale their businesses and access critical resources.
  • NJCU President Andres Acebo noted that the partnership is meaningful because it allows New Jersey residents to "prosper in place" without having to uproot themselves to tap into their potential.
  • SHCCNJ President and CEO Carlos Medina highlighted the significance of Latino-owned businesses in the state economy, stating that they contribute more than $100 billion to the state economy.
  • NJEDA Chief Executive Officer Tim Sullivan stressed that the effort is about building an economy that is bigger and stronger, creating more opportunity, wealth, prosperity, and jobs.

Statistics:

  • $75,000: The amount of funding provided by the NJEDA to support the development and operation of the SHCCNJ Innovation Business Hub.
  • $100 billion: The amount contributed to the state economy by Latino-owned businesses.
  • 13th: The presidency number of Andres Acebo as NJCU President.
  • 50%: The percentage of the NJCU population that is foreign-born.
  • 50: The percentage of the state's population in Hudson County that is foreign-born.

Sources:

  • SHCCNJ Communications Director Giovanna Aguilar
  • SHCCNJ Chairman Luis De La Hoz
  • NJCU President Andres Acebo
  • SHCCNJ President and CEO Carlos Medina
  • NJEDA Chief Executive Officer Tim Sullivan
  • Press release from Gov. Phil Murphy
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