|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||1||$500,000|
With Manhattan as an impressive and unmistakable backdrop across the river, the film, media and communications industry is thriving in New Jersey’s Hudson County. Despite the abundance of potential opportunities for job growth in this arena, the wave of opportunity has not taken hold in the community. The County tends to "import" workers for high-skill, high-wage jobs as opposed to hiring from within, leaving Hudson County and Jersey City long term unemployment rates reaching between 166% to 174% of the national average.
In June 2014, EDA awarded $500,000 to the New Jersey City University (NJCU) and Rising Tide Capital, Inc., a Jersey City-based non-profit, to support the “Start, Sustain, and Expand” program. This investment will provide business development services to more than 200 entrepreneurs in Hudson County’s film, media, and communications clusters. The program will recruit, train, and develop entrepreneurs, and provide opportunities for job creation and expansion of businesses that will diversify and grow the regional economy.
Rising Tide Capital will extend its Community Business Academy and its Business Acceleration programs, and the university will provide incubator space and services at its Business Development Incubator (BDI) located on West Side Avenue. Additionally, the New Jersey Small Business Development Center located at the BDI will provide management consulting, coaching, and mentoring in the areas of finance, marketing, and other technical assistance.