Participants in the new Small Business Bonding Readiness Assistance Program gain tools necessary to compete for state and federal government contracts. 

TRENTON, N.J. (January 9, 2019) – The African American Chamber of Commerce of New Jersey (AACCNJ), in partnership with the New Jersey Economic Development Authority (NJEDA), yesterday welcomed the first class to participate in the new Small Business Bonding Readiness Assistance Program. This training initiative is part of Governor Murphy’s plan to build a stronger and fairer New Jersey economy by preparing small, minority- and women-owned businesses to compete for state and federal government contracts.

“Building a stronger, fairer economy means making sure everyone has equal opportunities to bid for contracts and contribute to our state’s growth,” said Lori Matheus, NJEDA Senior Vice President of Finance and Development, “This program levels the playing field for many small businesses, especially minority- and women-owned businesses, that in the past may not have been able to bid on state and federal contracts because they did not have the ability to get bonded and access financing.”

On Tuesday night, small business owners and industry experts gathered in Bordentown for the first of 18 classroom trainings that are the core of the initiative. Over the course of the program, participants will take part in a comprehensive series of classroom trainings, workshops, and strategic counseling sessions covering bonding and insurance, business development, financial presentation, construction and contract law, construction management, estimating, personal credit, and business credit.

The 30 small business owners in this cohort represent a wide variety of small businesses, from contracting, painting, and landscaping to custom computer programming, interior design, and commercial photography. They come from diverse communities all around the state, including Jersey City, Princeton, Trenton, Camden, and Long Branch.

“This program epitomizes what it means to build a stronger, fairer economy that works for all New Jerseyans,” said John Harmon, Founder, President, and CEO of AACCNJ, “Not only will it provide crucial opportunities for minority- and women-owned small businesses to compete for government contracts that were closed to them in the past, but having a more competitive, fair bidding process will also benefit everyone in New Jersey by ensuring we get the best goods and services at the best prices.”

The Small Business Bonding Readiness Assistance Program is one of many ways Governor Murphy is making state government work for New Jersey businesses. In addition to the classroom trainings, which are live streamed for business owners who cannot attend in person, the program includes webinars on accounting for small businesses and 10 one-on-one consulting sessions with industry experts. At the end of the program, every participating business will receive a Bonding Readiness Segment Report, an in-depth assessment of their strengths and weaknesses to help owners plan for the future.

“The bonding program is exciting because it equips small business owners with the strategies and core skills we need to take our businesses to the next level,” said D’Jvonne David, President at Dynamic Digital Air in Jersey City, “It has also connected me with a group of like-minded small business owners who share the same vision.”

For more information on the Small Business Bonding Readiness Program visit www.njeda.com/NJBonding.

To read Governor Murphy’s full economic plan, please visit: https://www.njeda.com/pdfs/StrongerAndFairerNewJerseyEconomyReport.aspx

About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com  and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

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