NJEDA, Rowan back AACCNJ Transformation Center in Trenton

The basics:

• NJEDA, Rowan University partner to support AACCNJ Transformation Center
• 26,800-square-foot business incubator planned in downtown Trenton
• NJEDA commits $1.5M to Rowan for planning and implementation
• Center will provide mentorship, workforce development, technical support

The New Jersey Economic Development Authority and Rowan University have joined forces to support the African American Chamber of Commerce of New Jersey‘s Transformation Center.

The hub will establish a first-of-its-kind, main street-focused business incubator. The 26,800-square-foot center aims strengthen small businesses and expand access to resources for entrepreneurs across the state. It will sit in the heart of Trenton’s business district.

Designated by NJEDA as a statewide Economic Empowerment Center, the center will provide technical assistance, mentorship and workforce development programming, as well as outreach to minority- and women-owned businesses.

At its December meeting, the NJEDA board approved a Memorandum of Understanding with Rowan University. The school will serve as the center’s academic and research partner.

The NJEDA will allocate $1.5 million to Rowan to support the planning, coordination and implementation. Rowan was chosen for its expertise in applied research, innovation, regional collaboration, and workforce development through the Rowan Center for Innovation and Entrepreneurship.

‘Advancing equitable economic growth’

“Since taking office, Gov. Murphy has prioritized expanding opportunity and advancing equitable economic growth across New Jersey,” said NJEDA acting CEO Mary Maples. “The NJEDA looks forward to working with the African American Chamber of Commerce of New Jersey and Rowan University to ensure small business owners have access to the tools and resources they need to grow and thrive.”

AACCNJ President and CEO John Harmon Sr. emphasized the importance of the collaboration.

“We are extremely proud of our relationship with the Murphy Administration and our collaboration with the New Jersey Economic Development Authority (NJEDA) and Rowan University. These collective efforts are essential in bringing the vision of our Transformation Center to reality,” said Harmon. “This partnership serves as an excellent example of the public sector engaging strategically with the AACCNJ to mitigate socioeconomic disparities in New Jersey, resulting in a definitive win for everyone – including community stakeholders and small business owners.”

“This partnership with AACCNJ’s Transformation Center will amplify the power of individuals and organizations to build and sustain businesses and communities together,” said Ali Houshmand, president, Rowan University. “Our strengths in education, research and economic development will empower more of our New Jersey neighbors in ways we can only imagine.”

Taking action

The Transformation Center builds on the recommendations of the 2021 Wealth Disparity Task Force. Established by Gov. Phil Murphy, that group examined wealth gaps affecting Black and Hispanic New Jerseyans. The Center will leverage AACCNJ’s local networks to provide practical, community-based support in areas most affected by these disparities.

“The mission of the Wealth Disparity Task Force to close opportunity gaps and support wealth building will be advanced through the AACCNJ’s Transformation Center,” said Jayné Johnson, director of the Governor’s Office of Equity, and convenor of the Wealth Disparity Task Force. “The Center, like the employee stock ownership pilot, pipeline initiatives, and numerous other NJEDA programs, brings to fruition the recommendations of the Wealth Disparity Task Force and increases the bottom line for minority- and women-owned businesses.”

NJEDA Chief Equity and Inclusive Culture Officer Michelle Bodden added, “The Transformation Center represents a long-term investment in the people and places that power New Jersey’s local economies. By expanding access to opportunity and investing in community-based entrepreneurship, we are building a more inclusive economy for all New Jerseyans.”