NJEDA, Kean University & ICIC Partner to Bring National Education Program for Underserved Construction Contractors to New Jersey

Applications for the tuition-free program are now open

TRENTON, N.J. (October 7, 2024) - The New Jersey Economic Development Authority (NJEDA) and Kean University are partnering with the Initiative for a Competitive Inner City (ICIC) to bring Building for Growth (BFG) to the State of New Jersey. BFG is a tuition-free program that provides construction companies education and tools to help them increase capacity and develop sustainable growth strategies for their businesses. BFG was developed by ICIC, a national nonprofit advocacy group committed to spurring economic growth in under-resourced communities by supporting small businesses, creating jobs, and building wealth for residents.

"This partnership between the NJEDA, Kean University, and the Initiative for a Competitive Inner City underscores New Jersey's commitment to giving our diverse small businesses the opportunity to grow," said Gov. Phil Murphy. "I'm proud to make this investment in uplifting our underrepresented communities and ensuring that New Jersey's women- and minority-owned businesses have the resources they need to succeed."

BFG aims to help businesses build their backlog, access capital, increase their bonding capacity, and position themselves to secure larger-scale contracts. Since its inception, BFG has demonstrated success in improving outcomes for construction companies owned primarily by people of color, women, and veterans. This hybrid 18-week program combines weekly classroom training, dedicated technical assistance, and one-on-one mentorship. Applications for the program are now open. Click here to apply.

"Under Governor Murphy's leadership, New Jersey continues to implement unique programs to ensure minority- and women-owned small businesses have the resources, support, and access to capital needed to grow and thrive," said NJEDA Chief Executive Officer Tim Sullivan. "The NJEDA is proud to partner with Kean University and ICIC on this initiative, which will provide quality, tuition-free education for diverse small business owners on the path to success. The effort to bring BFG to the State builds off of our successful investment in the Small Business Bonding Readiness Program, and we plan to continue the partnerships we have developed with the diverse chambers across the state to offer this pivotal program to their members and New Jersey's diverse business community."

The program will offer four in-person sessions during the 18-week curriculum, including a kickoff and graduation hosted at Kean University, with panelists who will speak directly to the needs of growing construction businesses in New Jersey. During the course, participants will learn finance fundamentals, how to compete for contracts, construction law, contract negotiation, how to navigate certifications, and how to build a long-term business plan.

"As New Jersey's urban research university, Kean is committed to creating pathways for economic opportunity and growth in our communities," said Lamont O. Repollet, Ed.D., president of Kean University. "Our collaboration with NJEDA and ICIC on the Building for Growth program will equip diverse construction businesses with the knowledge and resources they need to thrive. By fostering these types of strategic partnerships, we are advancing Kean's goal to be a catalyst for positive change and sustainable economic development across the state."

"Expanding the Building for Growth program to New Jersey marks a significant step in empowering diverse contractors to overcome barriers and achieve lasting success," said Steve Grossman, CEO of ICIC. "By equipping these talented entrepreneurs with the skills, connections, and support they need, we are not only strengthening their businesses but also fostering economic growth and resilience in under-resourced communities across the state."

To be eligible for the BFG program, a company must:

• Be an independent corporation in the construction industry
• Be at least 51 percent minority, woman- or veteran-owned and/or located in an Overburdened Community;
• Have annual revenues of $1-10 million and/or be on course to exceed $2 million within the next 3 years; and
• Headquartered in New Jersey, or perform a significant percentage of contracts in New Jersey.

For a full list of eligibility and to learn more, click here.

About the NJEDA

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.

About Kean University

Kean University, New Jersey's urban research university, is a national institution of higher education recognized for its diversity, innovation, and the social mobility of its graduates. Founded in 1855 as a teachers college, Kean has evolved into a thriving research university that supports students as they persist to graduation, give back to their communities, and launch successful careers. Kean's six colleges offer more than 50 undergraduate programs, six doctoral degree programs, and more than 70 options leading to master's degrees, professional diplomas, or certifications across a full range of academic subjects. With campuses in Union, Toms River, and Manahawkin, New Jersey, and Wenzhou, China, as well as Kean Online, the University provides students of all backgrounds an affordable and accessible world-class education. Learn more at www.kean.edu.

About ICIC

Initiative for a Competitive Inner City (ICIC) is the widely-recognized authority on accelerating small business growth in under-resourced communities. Founded by renowned Harvard Business School professor Michael Porter 30 years ago as a research and strategy organization, today ICIC drives inclusive economic prosperity in underserved communities through innovative research and programs to create jobs, income, and wealth for local residents.

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