New Jersey S126 provides financial assistance and tax credits to business accelerators, incubators, and startup businesses.
New Jersey S126 establishes the "Startup Businesses in Business Incubators Development Program" to provide financial assistance and support services to business accelerators and incubators. The New Jersey Economic Development Authority (EDA) is tasked with administering this program, which includes offering grants to eligible businesses. The bill also creates the "Business Accelerator and Business Incubator Network Grant Program," awarding 10 grants annually for seven years, each worth $100,000.
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