NJEDA Partnership Supports Innovation Business Hub

On Jul 31, 2025

The New Jersey Economic Development Authority (NJEDA) announced yesterday it has provided financial support for the development and operation of the Statewide Hispanic Chamber of Commerce of New Jersey’s (SHCCNJ) Innovation Business Hub. The Hub, located at New Jersey City University (NJCU), offers a physical location for local business owners and leaders to gather and attend workshops, seminars, and networking events aimed to strengthen connectivity, provide educational resources and tools, foster innovation, and spur economic growth.

With $75,000 in funding from the NJEDA, the SHCCNJ was able to convert a classroom at NJCU to serve as office space for the Innovation Business Hub. The Hub will offer comprehensive technical education programs, providing small businesses with access to an educational platform where they can take courses, review materials, and access key resources. SHCCNJ will also provide personalized mentoring and coaching for business owners, facilitating one-on-one sessions with industry experts. The Innovation Business Hub will offer space to host foreign guests, diaspora businesses, and entrepreneurial exchanges, making the Hub a center for knowledge-sharing and innovation.

Through the HUB, the SHCCNJ will also connect business owners with the NJEDA’s Small Business Bonding Readiness Assistance Program, which provides a series of classes, workshops, and strategic counseling sessions covering a variety of topics relevant to small businesses in all sectors, including bonding and insurance, business development, financial presentation, construction and contract law, construction management, estimating, and credit. At the end of the program, all participating businesses receive a Bonding Readiness Segment Report, which provides an in-depth assessment of their strengths and weaknesses to help them plan for the future.

“This partnership is an extension of our administration’s commitment to expanding our innovation economy and creating an ecosystem where all businesses can thrive,” said Gov. Phil Murphy. “The SHCCNJ Innovation Business Hub will provide resources to emerging businesses across our state, strengthening New Jersey’s long-term economic competitiveness.”

“Latino-owned businesses contribute more than $100 billion to New Jersey’s economy—a number that speaks volumes not just here at home, but across the river in the broader regional market,” said SHCCNJ President Carlos Medina. “This Innovation Hub is about impact. It’s about turning that economic power into lasting opportunity. At the Chamber, our culture of advocacy grows stronger every day as la familia levels up small business for big impact.”

“This investment from NJEDA represents more than just funding—it’s a commitment to our community’s future,” said SHCCNJ Chairman Luis O. De La Hoz. “The SHCCNJ Innovation Business Hub will serve as a launchpad for entrepreneurs to scale their businesses, access critical resources, and foster meaningful connections. We’re proud to partner with NJEDA and NJCU to turn vision into opportunity and drive sustainable economic impact across New Jersey.”

In October 2024, the SHCCNJ and NJCU signed a memorandum of understanding to facilitate the expansion of SHCCNJ’s Hispanic Business Hub to NJCU’s campus, as well as create new educational and professional opportunities for NJCU students. The agreement was structured around several key objectives, including enhancing collaboration on workforce development and entrepreneurship initiatives.

“What makes this partnership so meaningful is our shared belief that in New Jersey, you don’t have to uproot yourself to tap into your potential—you can prosper in place. We’re anchored right here in Hudson County, where nearly half of our population is foreign-born and where the promise of America speaks in an accent. This initiative allows us to institutionalize the organic connections that have existed for years, providing our students with direct internship and externship opportunities,” said NJCU President Andrés Acebo. “While it’s great to work for an established company, imagine being able to say on your resume that you helped launch a startup while you were climbing toward your own success. That kind of hands-on experience, combined with the grit and resolve that defines our students and our community, creates something truly powerful — students who are not just learning, but actively contributing to the economic vitality of their own neighborhoods.”

“As Kean University prepares to merge with NJCU, we are deeply proud to support initiatives that advance equity, entrepreneurship and economic empowerment in Hudson County and beyond,” said Kean President Lamont O. Repollet, Ed.D. “The SHCCNJ Innovation Business Hub reflects the kind of collaborative public impact that aligns with Kean’s mission as New Jersey’s urban research university. Together, we are opening doors of opportunity for aspiring entrepreneurs and ensuring our students and communities thrive in the innovation economy.”

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