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

Summary

Statement of the Assembly Commerce and Economic Development Committee of the State of New Jersey, dated October 20, 2022, reporting Assembly Bill 3424 favorably. The bill requires the Business Action Center in the New Jersey Department of State, with the New Jersey Economic Development Authority and the Chief Diversity Officer, to run a Biannual Business Matchmaker Initiative. Its biannual events connect federal, State and local agencies and their government contractors with eligible small businesses offering subcontracting services. The center may accept gifts, grants or donations and may let a nonprofit corporation host an event. It reports annually to the Governor and the Legislature on subcontracts awarded to participating small businesses.

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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 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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