By Joshua Burd
A national organization has recognized the state Economic Development Authority for its use of incentives and other financing tools to spur growth in New Jersey.
The EDA announced that it received the Distinguished State Development Finance Agency Award last week at a national summit hosted by the Council of Development Finance Agencies. According to the CDFA, the award is given to an agency that has tackled particularly complex and challenging financing concerns, revolutionized financing tools or affected the development finance markets.
“We are thankful for the important role the CDFA plays in the development finance industry, and we are honored to be recognized for our work advancing economic development in the state of New Jersey,” said EDA Senior Vice President Maureen Hassett, who also serves as vice chair of the CDFA Board. “Over our 40-year history, the EDA has focused on identifying creative solutions and forming strong partnerships with the public, private and not-for-profit sectors to broaden New Jersey’s economic base and we look forward to continuing our work to help build vibrant communities and create new job opportunities for residents.”
Created by statute in 1974, the EDA commenced operations with a $200,000 startup loan from the New Jersey Department of Treasury, according to a news release. Its initial purpose was helping New Jersey companies take advantage of the federally authorized tax-exempt bond program, but the authority’s role has expanded in recent decades.
Today, the EDA offers everything from low-cost loans for small businesses to seed funding for technology and life sciences companies, along with the powerful incentives that have helped fuel the state’s commercial real estate market in recent years.
The CDFA is a national association dedicated to the advancement of development finance concerns and interests, according to a news release. Its annual awards program recognizes excellence in the use of financing tools for economic development, as well as the individuals who champion those efforts.
