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Assembly Commerce and Economic Development Committee Statement to Assembly, No. 3424 (October 20, 2022)

Summary

The Assembly Commerce and Economic Development Committee statement, dated October 20, 2022, reports favorably Assembly Bill No. 3424. The bill requires the Business Action Center in the New Jersey Department of State, in consultation with the New Jersey Economic Development Authority and the Chief Diversity Officer, to maintain a program known as the Biannual Business Matchmaker Initiative. The Business Action Center is to host a biannual matchmaking event connecting federal, State, and local government agencies and government contractors with eligible small businesses that would provide subcontracting services. The bill authorizes the Business Action Center to seek and accept gifts, grants, or donations for the costs of hosting an event, and requires an annual report to the Governor and the Legislature.

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Cite this document

“Assembly Commerce and Economic Development Committee Statement to Assembly, No. 3424 (October 20, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-10-20-ace-a3424-s2-5e7944acc7/, SHA-256 ba65bb0f59a914e1dc39ac5452a174dddb958055e1e580704c603b8e59ac1139.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 3424

       STATE OF NEW JERSEY
                         DATED: OCTOBER 20, 2022

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 3424.
          This bill requires the Business Action Center (“BAC”) established
      in the New Jersey Department of State, in consultation with the New
      Jersey Economic Development Authority and the Chief Diversity
      Officer, to establish and maintain a program, to be known as the
      “Biannual Business Matchmaker Initiative” (“matchmaker initiative”).
          Under the bill, the BAC is required to host a biannual business
      matchmaking event (“matchmaking event”) with the purpose of
      connecting representatives of federal, State, and local government
      agencies and their government contractors with eligible small
      businesses that would provide the government contractors with
      subcontracting services. Each matchmaking event is to be organized
      or structured with the goal and in a manner that ensures small
      businesses participating in the matchmaker initiative are informed of
      the government subcontracting service opportunities available and that
      government contractors realize the potential of partnering with small
      businesses for subcontracting services.
          Prior to planning or scheduling a matchmaking event, the BAC is
      to contact State and federal agencies to request that those agencies
      send to the BAC any of its small business contact information lists,
      which the BAC is to then use to solicit small businesses for
      participation in the matchmaker initiative. The BAC is to establish the
      terms and conditions by which a small business and government
      contractor may apply for participation in the matchmaker initiative.
          The bill authorizes the BAC to seek and accept gifts, grants, or
      donations from private or public sources for the costs of hosting a
      matchmaking event. The BAC may enter into an agreement with a
      nonprofit corporation, whose mission is to stimulate job creation
      within and attract capital investment to New Jersey, to allow the
      nonprofit corporation to host a matchmaking event.
          The bill requires the BAC to coordinate the scheduling and
      promotion of each matchmaking event in conjunction with the African
      American Chamber of Commerce of New Jersey, the Statewide
      Hispanic Chamber of Commerce of New Jersey, the New Jersey
      Association of Women Business Owners, the New Jersey State
                                2

Veterans Chamber of Commerce, the New Jersey Chamber of
Commerce, the New Jersey Business and Industry Association, and the
National Federation of Independent Business in New Jersey.
    The bill requires the BAC, in partnership with the Chief Diversity
Officer, to report annually to the Governor and the Legislature on the
number of subcontracts awarded, the types of government contracting
services provided by participating small businesses as a result of the
implementation of the matchmaker initiative, and the percentage of the
total number of subcontracts awarded to those participating small
businesses.

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