TRENTON – Officials from the New Jersey Schools Development Authority, Department of Transportation and Economic Development Authority held a roundtable discussion today with minority- and women-owned businesses on upcoming state projects and available financing opportunities.

At the direction of Governor Jon S. Corzine, state agencies have implemented plans to help ensure New Jersey is at the forefront of recovery from the national economic recession. Accelerated investment in public infrastructure projects is a cornerstone of the Governor’s strategy.

"It is critical that all sectors of the economy have opportunities to partake in the state’s efforts to spur economic recovery,” Governor Corzine said. “Today’s roundtable discussion is one more way to do our part to ensure every business has the resources it needs to compete for state contractual work." The event was held this afternoon in the SDA’s West State Street offices, attended by Small Business Enterprises across the state that are owned by minorities and women.

New Jersey Schools Development Authority In the 2008 annual report released by the Department of Treasury’s Division of Minority and Women Business Development in February 2009*, the SDA is listed as the leading agency in awarding contracts to MWBEs (Minority and Women Business Enterprise). It awarded $713.2 million worth of contracts, representing 40.2 percent of the statewide total of $1.77 billion.

Kris Kolluri, CEO of the SDA, said: "The SDA is committed to doing everything in its power to ensure that minority- and women-owned businesses can participate fully in Governor Corzine’s school construction program. We are proud of our record but we have much more we can do."

The SDA upgraded its Web site (www.njsda.gov) this week to improve access for Small Business Enterprises. It added a home-page portal called Small Business Opportunities and a new listing entitled "Upcoming Contract Opportunities".

New Jersey Department of Transportation
NJDOT Commissioner Stephen Dilts announced that the department is exceeding its Disadvantaged Business Enterprise participation goals in federal stimulus projects, ensuring that the benefits of jobs and family income are reaching all segments of New Jersey’s diverse population.

The prime contractors on dozens NJDOT construction projects supported with federal stimulus have committed to an average DBE participation rate of 16.3 percent, which works out to $85 million worth of work. "These impressive numbers mean that minority- and female-owned firms will play a significant role in the projects that are shaping the future of transportation in New Jersey,” said NJDOT Commissioner Stephen Dilts. "Governor Corzine is committed to ensuring that transportation investments provide opportunity for disadvantaged businesses."

New Jersey Economic Development Authority
To combat the challenged economy, Governor Corzine and the State Legislature have advanced several new initiatives that provide enhanced access to financial assistance for small businesses in New Jersey. Those programs, including the Main Street Business Assistance Program, are administered by the New Jersey Economic Development Authority (EDA).

"Our goal is to ensure the small businesses of New Jersey have access to capital in order to maintain and grow jobs,” said Caren S. Franzini, EDA chief executive officer. “We are partnering with banks to help loosen up credit by providing guarantees on lines of credit, loan guarantees and loan participations."

SDA and the Building Contractors Association of New Jersey BCANJ are holding a joint SMWBE Contractor’s Fair on Friday, October 30, 2009 at The National Conference Center at the Holiday Inn of East Windsor, 399 Monmouth Street, East Windsor, New Jersey from 9:00 AM to 1:00 PM. For information on this event please call Carol Murphy at 609-341-5902

*The 2008 annual report released by the Department of Treasury’s Division of Minority and Women Business Development in February 2009 is available at: http://www.state.nj.us/njbusiness/forms/DMWBD%20FISCAL%20YEAR%202008%20ANNUAL%20REPORT.pdf