(TRENTON) – Senator Donald Norcross (D-Camden/Gloucester) released the following statement upon the Economic Opportunity Act of 2013 being signed into law today. The new law merges the five existing programs into two, expand their scope and enhance their ability to attract and retain businesses to the state. In doing so, the formula by which these funds are administered has been revised to better reflect regional differences in population and industry, creating a larger pool of funds for which Southern New Jersey businesses and potential businesses will be eligible:
“The incentives package outlined in this bill finally puts Southern New Jersey on more equal footing with the rest of the state and Philadelphia. Paired with the current expansion of higher education and the medical industry, our region is set to begin a new era of development. This could not come at a better time for New Jersey.”
The reorganization also makes it easier for small and medium-sized businesses to take advantage of the programs. The new formula creates a tiered system based on regional population and business growth potential, freeing up more of those dollars to support balanced development across the state. With the new system in place, companies will be able to access a new source of capital to reinvest in communities.
