EDA votes to approve nearly 1 million in incentives for co-working spaces

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In what the Economic Development Authority sees as a boost to the state’s technology sector, the board voted last week to approve a combined $971,550 in loans for three separate co-working spaces in Hoboken, Jersey City and Asbury Park.According to the EDA, each co-working space can use the funds for improvements and expansions to its site. The spaces were selected through a competitive proposal request process under the Edison Innovation Fund.

“This funding will support the earliest stage New Jersey entrepreneurs and technology startups by partnering with three thriving co-working spaces in Hudson and Monmouth counties,” EDA CEO Michele Brown said.

Receiving the loan approvals were Mission 50 in Hoboken for $556,550, Cowerks in Asbury Park for $240,000 and Indiegrove in Jersey City for $175,000.

In a separate announcement last week, Brown noted that, since the implementation of the Economic Opportunity Act, 21 technology companies have been approved for $448 million in Grow New Jersey tax credit awards.

“From real estate to financing, the state is working to ensure we are able to nurture companies throughout their life cycle,” Brown said. “As a result of our expanding portfolio of assistance, innovative companies at all stages of growth are finding a welcoming home here in New Jersey.”

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