NJEDA, Kean University, and ICIC Host Kickoff Event for First Building for Growth Program Cohort in New Jersey

Program aims to bolster New Jersey minority-owned construction businesses

UNION, N.J. (January 17, 2025) - The New Jersey Economic Development Authority (NJEDA), Kean University, and the Initiative for a Competitive Inner City (ICIC) launched the first Building for Growth (BFG) program cohort in New Jersey this week. The transformative, tuition-free initiative is designed to equip minority-owned construction companies with the skills, tools, and mentorship needed to scale their businesses, secure larger contracts, and achieve sustainable growth.

The kickoff of the 18-week hybrid program took place on January 15 at Kean University, marking the start of a groundbreaking effort to support businesses in navigating public and private construction markets across the state. Participants will gain vital skills in finance, strategic planning, construction law, and bonding while receiving one-on-one mentorship and technical assistance.

"I was thrilled to join NJEDA and ICIC at Kean University this week for the Building for Growth Kick-Off Luncheon. This important partnership will support women-, minority-, and veteran-owned businesses by providing mentoring opportunities and the skills needed to succeed in New Jersey's construction industry," said First Lady Tammy Murphy. "This program will uplift underserved communities and promote economic success for diverse entrepreneurs, driving economic growth and opportunity for all."

"Under Governor Phil Murphy and First Lady Tammy Murphy's leadership, New Jersey is expanding funding opportunities, resources, and training for diverse business owners, creating equitable economic opportunities for women, minority, and veteran entrepreneurs," said NJEDA Chief Executive Officer Tim Sullivan. "ICIC's BFG program has a proven track record of driving economic success for diverse construction companies. We are proud to partner with ICIC and Kean University to replicate these successes in the Garden State."

BFG was developed by ICIC, a national nonprofit organization committed to spurring economic growth in under-resourced communities by supporting small businesses, creating jobs, and building wealth for residents. Since its inception, ICIC's BFG program has demonstrated extraordinary results. Alumni of the program report an 88 percent increase in revenue and a 112 percent increase in their largest project size. Collectively, graduates have raised $6.5 million in capital and grown their teams by an average of 34 percent.

With 219 businesses already benefiting from this program, 82 percent are BIPOC-owned, 62 percent are women-owned, and 11 percent are veteran-owned. The results showcase the program's ability to foster significant economic impact and drive inclusion within the construction industry.

"ICIC extends its deepest gratitude to Governor Phil Murphy and Tammy Murphy for their visionary leadership and unwavering support for small businesses," said Steve Grossman, CEO of ICIC. "With their partnership as well as the support of the NJEDA, today marks the beginning of an exciting new chapter for New Jersey's construction industry, as we launch a program that will create lasting impact for businesses and communities statewide."

During the 18-week curriculum beginning January 29, BFG will offer four in-person sessions with panelists who will speak directly to the needs of growing construction businesses in New Jersey. Kean University is hosting key program events, including the program kickoff and graduation. The university's commitment to fostering economic growth and empowering diverse communities aligns with BFG goals.

"Building for Growth embodies Kean's commitment to creating opportunity, advancing accessibility and driving innovation as the state's urban research university," said Kean University President Lamont O. Repollet, Ed.D. "When we empower minority-owned construction businesses with the resources to succeed, they strengthen both the physical and economic foundations of our communities, generating jobs and fostering prosperity. Through our collaboration with NJEDA and ICIC, we're creating pathways of opportunity across New Jersey, empowering contractors who will shape our state's future."

Applications for the program are still open. To be eligible, 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;
• Headquartered in New Jersey, or perform a significant percentage of contracts in New Jersey.

To learn more and apply, 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.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

About ICIC

The Initiative for a Competitive Inner City (ICIC) accelerates small business growth in under-resourced communities through innovative research and programs. Founded by Harvard Business School professor Michael Porter, ICIC fosters inclusive economic prosperity and creates pathways for jobs, income, and wealth.

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.

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