The New Jersey Economic Development Authority (NJEDA) and Kean University have joined forces with the Initiative for a Competitive Inner City (ICIC) to introduce Building for Growth (BFG) in New Jersey. BFG is a tuition-free initiative designed to provide construction companies with education and resources aimed at enhancing their capacity and developing sustainable growth strategies. Developed by ICIC, a national nonprofit organization dedicated to fostering economic growth in under-resourced communities, BFG supports small businesses, creates jobs, and builds wealth.

“This partnership between the NJEDA, Kean University, and the Initiative for a Competitive Inner City underscores New Jersey’s commitment to giving our diverse small businesses the opportunity to grow,” said Gov. Phil Murphy. “I’m proud to make this investment in uplifting our underrepresented communities and ensuring that New Jersey’s women- and minority-owned businesses have the resources they need to succeed.”

BFG focuses on helping businesses build their backlog, access capital, increase bonding capacity, and position themselves for larger contracts. Since its launch, the program has successfully improved outcomes for construction companies predominantly owned by people of color, women, and veterans. The 18-week hybrid program includes weekly classroom instruction, dedicated technical assistance, and one-on-one mentorship. Applications for the program are currently open.

“Under Governor Murphy’s leadership, New Jersey continues to implement unique programs to ensure minority- and women-owned small businesses have the resources, support, and access to capital needed to grow and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is proud to partner with Kean University and ICIC on this initiative, which will provide quality, tuition-free education for diverse small business owners on the path to success. The effort to bring BFG to the State builds off of our successful investment in the Small Business Bonding Readiness Program, and we plan to continue the partnerships we have developed with the diverse chambers across the state to offer this pivotal program to their members and New Jersey’s diverse business community.”

The program will include four in-person sessions throughout the 18-week curriculum, featuring a kickoff and graduation hosted at Kean University, along with panelists addressing the needs of growing construction businesses in New Jersey. Participants will learn finance fundamentals, contract competition strategies, construction law, contract negotiation, certification navigation, and how to build a long-term business plan.

“As New Jersey’s urban research university, Kean is committed to creating pathways for economic opportunity and growth in our communities,” said Lamont O. Repollet, Ed.D., president of Kean University. “Our collaboration with NJEDA and ICIC on the Building for Growth program will equip diverse construction businesses with the knowledge and resources they need to thrive. By fostering these types of strategic partnerships, we are advancing Kean’s goal to be a catalyst for positive change and sustainable economic development across the state.”

“Expanding the Building for Growth program to New Jersey marks a significant step in empowering diverse contractors to overcome barriers and achieve lasting success,” said Steve Grossman, CEO of ICIC. “By equipping these talented entrepreneurs with the skills, connections, and support they need, we are not only strengthening their businesses but also fostering economic growth and resilience in under-resourced communities across the state.”

To be eligible for the BFG program, a company must:

• Be an independent corporation in the construction industry
• Be at least 51% minority, woman-, or veteran-owned and/or located in an Overburdened Community
• Have annual revenues of $1-10 million and/or be on track to exceed $2 million within the next three years
• Be headquartered in New Jersey, or perform a significant percentage of contracts in New Jersey

For a complete list of eligibility criteria and additional information, click here.