NJEDA Aspire Program

If you qualify, we'll secure Aspire tax credits and other subsidies for your project - saving you 20%

Aspire Program - Overview

The Aspire program offers tax credits that can fund up to 50% and even 85% of your project’s total eligible costs. Maximum funding, on a per project basis, ranges from $30 million up to $100 million. The tax credits are received over a 10-year period and are sold to banks and institutional investors, generating an income stream that can subsidize your project.

How much of your ELIGIBLE costs can be offset by aspire?

85%

Aspire Program - Example Cash Flow Model

(Contact Us for a Complimentary Model Based on Your Project)

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Aspire Program - Eligibility

Projects must meet certain eligibility requirements to qualify. In some cases, a project’s scope can be modified to comply without adding excessive costs (e.g. adding outdoor storage area to meet square footage goals or using prefab construction methods to avoid on-site prevailing wages):

  • All NJEDA financed project must use prevailing wages for all on-site construction labor
  • Projects must be located in an Eligible Incentives Area within New Jersey
  • Have a total project cost of $10 million (for municipalities with populations less than 200,000) or $17.5 million otherwise. Note that some locations allow for smaller $5 million projects.
  • Commercial projects must be 50KSF in size or 25KSF if located in a “Government Restricted Municipality”, healthcare projects must be at least 10KSF
    Include at least 20% of owner/developer equity in the capital stack
  • Demonstrate a financial need for the subsidies
  • Provide a Letter of Support from the governing body of the municipality where the project will be located
  • Projects must meet affirmative action requirements for all on-site work
  • Residential projects must meet certain Affordability requirements
  • Pass a “Net Benefit Test” whereby the NJEDA will confirm that the project provides benefits to the state and community in excess of the total Aspire award

Combining Aspire with Other Incentives

Many projects that qualify for Aspire financing also qualify for other sources of subsidized financing, allowing developers and project sponsors to combine incentives. These additional subsidies include tax credits and grants, along with government debt. These incentives can be sourced from federal, state and local governments and are best negotiated early in the funding process. Contact Us to learn more.

We’ve secured over $650MM of subsidies and raised more than $4B in debt and equity.

OUR Past Projects

dyouville universitydyouville university

Corporate
Headquarters

quality philly steaksdyouville university

Food Processing
Plant Financing

quality philly steakstimewell drainage

Extruded Pipe
Plant Financing

quality philly steaksniagra galvanizing

Steel Galvanizing
Plant Financing

best selfbest self

Child Advocacy Center
Non-profit

dyouville universitydyouville university

Campus Health
Professions Hub

ferroglobeferroglobe

Silicon Foundry
Refurbishment

printflyprintfly

Manufacturing Plant
Expansion

renu environmentalrenu environmental

Plastic-to-Oil
Recycling Facility

korber logokorber

Pharmaceutical
Manufacturing

    Find Out How We Can Finance YOUR Project for 20% Less

    our team

    Adam Tkaczuk

    Adam Tkaczuk

    Senior Partner

    Adam has secured >$650M in subsidies and manages our incentives and project development efforts. He serves as the CFO of a steel processing business and is the co-founder of a 25 million lb./year protein processing business.

    Bill Sprague

    Bill Sprague

    Chair - Investment Committee

    Bill chairs our investment committee where he sources our investments made with our Seed Capital fund. He's raised $4B for infrastructure and industrial projects.

    Mike Kosmoski

    Mike Kosmoski

    Construction Management

    Mike has managed over $2.1B of construction projects and oversees our construction services.

    Christine Coleman

    Christine Coleman

    Partner

    Christine is dedicated to supporting often-overlooked communities. With over five years of experience in nonprofit organizations, she has volunteered, worked on staff, and provided financial advice to boards.