Assembly Commerce and Economic Development Committee Statement to Assembly, No. 996 (December 14, 2020)

Summary

An Assembly Commerce and Economic Development Committee statement to Assembly, No. 996, State of New Jersey, dated December 14, 2020, reporting the bill favorably with committee amendments. The bill would establish a New Jersey "Economic Gardening Program" run by the Business Action Center to give personalized counseling or management consulting to "second-stage growth businesses." A qualifying business would have its principal place of business in New Jersey for at least the last two years, annual revenues of not more than $50,000,000, and at least five but not more than 100 full-time employees, among other criteria. The amendments remove the minimum annual revenue requirement. The Business Action Center would report on the program annually to the Governor and the Legislature.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 996

with
committee amendments

STATE
OF NEW JERSEY

DATED: DECEMBER
14, 2020

The Assembly Commerce and Economic Development
Committee reports favorably Assembly Bill No. 996, with committee amendments.

This bill, as amended by the committee, would
establish a New Jersey “Economic Gardening Program.” Economic gardening is an
approach to economic growth and development that provides assistance to
existing small businesses which qualify as “second-stage growth businesses.”

Under the bill, as amended, a business qualifies as a
“second-stage growth business” if it:

· has maintained its principal place of business in New Jersey for
at least the last two years;

· has annual revenues totaling not more than $50,000,000;

· employs at least five but not more than 100 full-time employees;

· demonstrates growth in annual revenue or jobs, or both, in two of
the last five years;

· delivers products or services to customers outside the business’
local market area or demonstrates the capacity to do so;

· is in a target industry; and

· is organized for profit to perform a lawful, commercial
function.

The bill directs the Business Action Center to
establish the program, and to work in conjunction with the New Jersey Economic
Development Authority and State, local, and private business assistance
entities to develop and promote the program.

The program would provide qualified businesses
customized services tailored to their needs in the form of personalized
counseling or management consulting. These services would include:

· review of core business strategies,

· market research and business development, and

· guidance on increasing a business’ visibility and credibility.

The bill authorizes the Business Action Center to
partner with business assistance organizations to provide services to qualified
businesses.

The bill provides for a General Fund appropriation of
an amount necessary to effectuate the purposes of the bill and allows the
Business Action Center to seek and accept gifts, grants, or donations from
private or public sources for funding the costs of program services.

The bill requires the Business Action Center to report
on the program annually to the Governor and the Legislature.

This bill was pre-filed for introduction in the
2020-2021 session pending technical review. As reported, the bill includes the
changes required by technical review, which has been performed.

COMMITTEE AMENDMENTS:

The committee amendments remove the minimum amount of
annual revenues a business must have in order to qualify as a “second-stage
growth business” and be eligible for assistance under the “Economic Gardening
Program,” being established under the bill.

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