Wednesday, March 4, 2020

NJEDA Seeks Information to Ensure Access
to Seed Capital for Underserved Communities
The New Jersey Economic Development Authority (NJEDA) recently released a request for information (RFI) seeking insights into the obstacles and disparities Black- and Latinx-led start-ups in New Jersey face, as well as input into suggested measures that could address these inequalities.

The feedback from the RFI will help the NJEDA fully understand the scope and characteristics of the challenges Black and Latinx business owners and entrepreneurs face when attempting to access public and private capital. It is also an opportunity for stakeholders to provide input that the Authority will use to craft solutions that meet investors’ and entrepreneurs’ needs. One potential solution the NJEDA is considering is a diversity seed fund that would focus on driving capital to Black- and Latinx-owned enterprises.

The RFI seeks input from a diverse range of stakeholders, including fund managers, angel investors, venture capitalists, small-business owners, researchers and practitioners involved in entrepreneurship work, industry and trade groups, and other state governments.

All questions concerning the RFI must be submitted in writing no later than 11:59 PM EST on March 27 to RFI-ExpandingSeedCapital@njeda.com. The subject line of the email should read: “Questions-2020-RFI-099: Expanding Seed Capital to Black and Latinx Entrepreneurs.” Answers to these questions will be publicly posted on the Authority’s website on or about April 7, 2020.


If you have any questions or comments about the above, please feel free to reach out to Hilary Beckett, Manager, Government Affairs, at hbeckett@chambersnj.com.