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AI for Small Business Grant Program (proposed bill A2480) is sponsored by New Jersey Economic Development Authority (NJEDA). This proposed program (NJ A2480) would offer grants to qualified start-up and small businesses in New Jersey for research and development, business expansion, or job creation using AI technologies. Grants range from $10,000 to $1 million depending on the purpose.
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Establishes programs in EDA to support New Jersey-based start-up, small businesses, and medium-sized businesses adopting artificial intelligence capabilities; appropriates $175. 5 million.
2026-2027 Regular Session This bill provides support, through the New Jersey Economic Development Authority ("authority"), to New Jersey-based start-ups, small businesses, and medium-sized businesses that operate within the artificial intelligence industry or that seek to adopt artificial intelligence capabilities.
Specifically, the bill establishes three distinct programs within the authority to support these purposes and appropriates a sum of $175. 5 million to support these programs.
AI Job Creation and Economic Development Fund Program First, the bill establishes the "AI Job Creation and Economic Development Fund Program" within the authority to support the establishment, expansion, or improved operations of AI businesses in the State and to support the development of AI innovation hubs by AI businesses in the State.
Under the program, the authority would provide: (1) grants of up to $500,000 to AI businesses that seek to develop AI innovation hubs in the State; and (2) low-interest loans of up to $1 million to AI businesses that seek to establish, expand, or improve business operations in the State.
An AI innovation hub is defined under the bill to include any facility or campus that is designed to foster artificial intelligence research, development, and commercialization through collaboration between businesses, academic institutions, and research organizations.
To qualify for assistance, AI businesses would be required to demonstrate a viable business plan, commit to creating a minimum number of new full-time jobs in New Jersey, as determined by the authority, and meet certain other eligibility requirements. The bill appropriates $25 million from the General Fund to the authority to support the operations of this program.
These monies would be deposited into a non-lapsing revolving loan fund, which the authority would administer for purposes of the program. Notably, the bill requires the authority to submit annual reports detailing program operations, including the number of jobs created, economic impact, and development of AI innovation hubs.
AI for Small Business Grant Program Secondly, the bill establishes an "AI for Small Business Grant Program" in the authority, supported through a special, non-lapsing fund known as the "AI for Small Business Grant Program Fund," for the purpose of awarding grants to qualified start-up businesses and small businesses that seek to adopt and implement artificial intelligence technologies for research and development, business expansion, or job creation purposes.
Under the program, start-up businesses and small businesses could apply for grant funding to adopt and implement artificial intelligence technologies for research and development purposes, business expansion purposes, and job creation purposes.
However, any grant awarded to a recipient would not be: (1) less than $50,000 or greater than $250,000 for research and product development purposes; (2) less than $250,000 or greater than $1 million for business expansion purposes; or (3) less than $10,000 or greater than $20,000 for job creation purposes. The bill appropriates $150 million from the General Fund to the authority to support this program.
Beginning one year after the establishment of the grant program and each year thereafter until all funds deposited into the AI for Small Business Grant Program Fund have been expended, the authority would be required to submit a report to the Governor and the Legislature on the number of applications submitted during the previous year, and the amount awarded to each grant recipient for that year.
AI for Small and Medium-Sized Businesses Consultancy Program Lastly, the bill also establishes the "AI for Small and Medium-Sized Businesses Consultancy Program," which would be administered by the authority, in consultation with the New Jersey Chief Technology Officer.
Under the program, the authority would provide consultancy services and technical assistance to small and medium-sized businesses, upon application to the authority, in identifying and implementing the artificial intelligence technologies and tools that support the business development and growth plan identified in the business's application to the program.
The program would be administered by a manager, appointed by the Chief Executive Officer of the Authority, qualified by work in artificial intelligence development activities or its equivalent in training and experience.
As part of the program manager's duties, the person would establish and update, as necessary, a database listing the availability of qualified artificial intelligence professionals, businesses, research institutions, industry networks, academic networks, technologies, and tools in the State. The database would be published and maintained on the official Internet website of the authority.
The bill appropriates $500,000 from the General Fund to the authority for the purposes of establishing and administering the AI for Small and Medium-Sized Businesses Consultancy Program. This bill establishes three programs within the New Jersey Economic Development Authority (EDA) to support New Jersey-based businesses in adopting and developing artificial intelligence (AI) capabilities, allocating a total of $175. 5 million.
The first program, the "AI Job Creation and Economic Development Fund Program," will provide grants of up to $500,000 for the creation of AI innovation hubs—facilities fostering AI research and collaboration—and low-interest loans of up to $1 million for AI businesses to establish, expand, or improve their operations, with $25 million appropriated for this fund.
The second program, the "AI for Small Business Grant Program," will offer grants ranging from $10,000 to $1 million to qualified start-up and small businesses for research and development, business expansion, or job creation using AI technologies, with $150 million appropriated for this program.
The third program, the "AI for Small and Medium-Sized Businesses Consultancy Program," will provide technical assistance and consultancy services to help small and medium-sized businesses identify and implement AI tools to improve their operations, with $500,000 appropriated for its administration.
An "AI business" is defined as an entity with its main operations in New Jersey that owns or licenses AI-related intellectual property and employs skilled workers in AI development, while "small business" and "medium-sized business" refer to businesses meeting specific federal or authority-defined criteria, respectively, and "start-up business" is a for-profit entity operating for seven years or less.
Introduced, Referred to Assembly Commerce and Economic Development Committee (on 01/13/2026) Banking, Finance, and Domestic Commerce Space, Science, Technology, and Communications ‐ Research and Development https://www. njleg. state.
nj. us/bill-search/2026/A2480 https://www. njleg.
state. nj. us/bill-search/2026/A2480 https://pub.
njleg. gov/Bills/2026/A2500/2480_I1. HTM Establishes programs in EDA to support New Jersey-based start-up businesses; small businesses, and medium-sized businesses adopting artificial intelligence capabilities; appropriates $175.
5 million. Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee Establishes programs in EDA to support New Jersey-based start-up businesses; small businesses, and medium-sized businesses adopting artificial intelligence capabilities; appropriates $175. 5 million.
Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee
According to the current listing, eligibility includes: Qualified start-up and small businesses in New Jersey for research and development, business expansion, or job creation using AI technologies. Confirm the full requirements in the official notice before applying.
The current listing shows $10,000 - $1 million. Verify award ceilings, matching requirements, and allowable costs in the official notice.
AI for Small Business Grant Program (proposed bill A2480) is funded by New Jersey Economic Development Authority (NJEDA). Verify program details on the funder's official page before applying.
This opportunity targets applicants in New Jersey. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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