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Acting Gov. Way Establishes Business Action Center, New Business Mentorship Program
New legislation aims to enhance support for minority-, women-, and veteran-owned businesses through annual matchmaking events and mentorship programs.
Morristown, NJ — Acting Governor Tahesha Way inked two bills into law today aimed at bolstering the growth of small businesses and expanding economic opportunities across New Jersey. These legislative moves mark a significant advance in the state's ongoing effort to create a more inclusive and dynamic economic landscape.
Key Provisions of the Bills
The first bill, A3424/S1447, requires the New Jersey Department of Treasury, in conjunction with the New Jersey Business Action Center (BAC), to organize an "Annual Business Matchmaking Event." This initiative is designed to connect small businesses with federal, state, and local government agencies and contractors.
The second bill, A4751/S3400, mandates the BAC to set up a mentorship program. Experienced businesses will be paired with newcomers, particularly those owned by minorities, women, and veterans, to offer guidance and foster growth.
Bolstering Small Business Ecosystem
"Since the outset of the Murphy Administration, we’ve been committed not just to expanding our economy, but to supporting the small businesses and aspiring entrepreneurs who make our economy more diverse, more inclusive, and more dynamic than ever before," commented Acting Governor Way.
Acting Governor Way added that the new bills will substantially augment the impact of the BAC in facilitating business growth.
Government and Community Partnership
New Jersey State Treasurer Elizabeth Maher Muoio lauded the initiatives, noting that small businesses form the backbone of the state's economy.
“From the beginning of the Murphy Administration, our Department of the Treasury has worked to improve access of small businesses to contracting opportunities," New Jersey State Treasurer Elizabeth Maher Muoio said.
Similarly, Senate President Nick Scutari emphasized that these laws are part of New Jersey's broader commitment to inclusivity and community-driven economic growth.
Empowering Through Mentorship
The mentorship program is especially geared toward leveling the playing field for businesses at various stages of growth.
"A business built over three generations is going to have a competitive advantage over someone who is just getting started," said Assemblyperson Shavonda Sumter.
Implications for Morris County
For Morris County residents, the bills are poised to offer valuable opportunities for local small businesses to integrate more fully into wider economic networks, thereby supporting community development and job creation in the region.
By enacting these bills, New Jersey is taking definitive steps to ensure that small businesses, particularly those owned by underrepresented groups, are equipped with the tools and resources they need to thrive in an increasingly competitive marketplace.
