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BUSINESS NEWS
 ARCHIVE
This section provides a variety of news and
happenings throughout Somerset County, New
Jersey.
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ARCHIVED NEWS,
click here for
most recent business news
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A New Law
affecting BEIP and BRRAG recipients and
applicants will take effect in the State
of New Jersey on, April 29, 2008.
Companies receiving Business Employment
Incentive Program (BEIP) grants and/or
Business Relocation and Retention
Assistance Grants (BRRAG) will now be
required to submit annual reports. The
Annual Reports will compare the specific
number of jobs the company has created
to the goals stated on their grant
applications. Businesses applying for
grants will now be required to submit
more detailed information regarding the
jobs they expect to create.
BEIP and BRRAG are grant programs,
provided by the State of New Jersey,
designed to create jobs in New Jersey.
BEIP grants are designed to attract
companies to New Jersey. BRRAG grants
are designed to prevent New Jersey
companies from moving outside of the
State.
Click Here For more information
regarding these two incentive programs.
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Business
Employment Incentive Program Grants
In 2006 the New Jersey Economic
Development Authority awarded 10
Somerset County, New Jersey companies
with a Business Employment Incentive
Program Grant (BEIP Grant) that will
create an estimated 1728 new jobs.
Click
here for a BEIP Grant Fact Sheet .
|
Company |
Estimated
New Jobs |
| Appliedinfo
Partners, Inc. (Franklin Twp.) |
25 |
| Chugai Pharma
USA (Bedminster Twp.) |
50 |
| DOV
Pharmaceutical, Inc (Franklin
Twp.) |
105 |
| Gain Capital
Group, LLC (Bedminster Twp.)
|
26 |
| Infosys
Technologies Ltd. (Bridgewater
Twp.) |
135 |
| King
Pharmaceuticals, Inc.
(Bridgewater Twp.) |
91 |
| Magnolia
Broadband, Inc. (Bedminster Twp)
|
24 |
MetLife Group
Inc. and MetLife Bank
(Bridgewater Twp.) |
400 |
Sanofi-Aventis
U.S., LLC and Sanofi-Aventis
U.S.
(Bridgewater Twp.) |
850 |
| iBiquity
Digital Corp. (Bernards Twp.) |
22 |
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The New Jersey
Economic Development Authority,
in consultation with the New Jersey
Commission on Higher Education and the
New Jersey Commission on Science and
Technology, is responsible for managing
the $150-million Edison Innovation Fund,
which will leverage $350 million in
private capital and increase access to
early-stage capital and provide
specialized assistance to existing
mid-sized and large technology and life
sciences and technology. A recent NJEDA
a $1 million investment assisted in the expansion and growth of Velox Semiconductor Corporation, a
Franklin Township, Somerset County-based company. More
information about the Edison Innovation
Fund can be found at
www.edisoninnovationfund.com
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