NJ Launches Statewide Economic Empowerment Center To Boost Minority and Women-Owned Businesses

The New Jersey Economic Development Authority picked a 26,800-square-foot business incubator in downtown Trenton as its statewide Economic Empowerment Center. This building will provide help with technical skills, mentorship, and worker training programs to businesses owned by minorities and women throughout New Jersey.

At its December meeting, NJEDA approved a Memorandum of Understanding with Rowan University. The school will serve as the academic and research partner for the African American Chamber of Commerce of New Jersey's Transformation Center.

The authority allocated $1.5 million to the university. This money will support planning, coordination, and making things happen. Rowan got chosen because it knows how to do applied research, create new ideas, work with regions, and develop workers through the Rowan Center for Innovation and Entrepreneurship.

"Since taking office, Gov. Murphy has prioritized expanding opportunity and advancing equitable economic growth across New Jersey," said NJEDA acting CEO Mary Maples, according to NJBIZ. "The NJEDA looks forward to working with the African American Chamber of Commerce of New Jersey and Rowan University to ensure small business owners have access to the tools and resources they need to grow and thrive."

AACCNJ President and CEO John Harmon Sr. said this partnership will shrink gaps between different groups. "These collective efforts are essential in bringing the vision of our Transformation Center to reality," said Harmon.

The hub will build something no one has made before — a Main Street-focused incubator. It wants to make small businesses stronger and give entrepreneurs more ways to get what they need.

The Transformation Center comes from ideas suggested by the 2021 Wealth Disparity Task Force. Gov. Phil Murphy started that group to study wealth gaps that hurt Black and Hispanic New Jerseyans.

"The mission of the Wealth Disparity Task Force to close opportunity gaps and support wealth building will be advanced through the AACCNJ's Transformation Center," said Jayné Johnson, director of the Governor's Office of Equity. Johnson serves as convenor of the task force.

NJEDA Chief Equity and Inclusive Culture Officer Michelle Bodden described the project as an investment that will last for years. "By expanding access to opportunity and investing in community-based entrepreneurship, we are building a more inclusive economy for all New Jerseyans," said Bodden.

The center will operate right in the middle of Trenton's business district. It will tap into AACCNJ's local connections to deliver hands-on, community-based support in places hit hardest by wealth gaps.