NJ S2189

Creates the Emerging Technology Urban Grant Program through the New Jersey Economic Development Authority to provide grants covering cloud computing service costs for qualifying tech startups locating in designated urban technology zones

Designates four urban technology zones: Newark, Trenton, Camden, and New Brunswick

Eligible businesses must have 100 or fewer full-time employees, maintain U.S. headquarters in the zone for at least 5 years, and demonstrate 20% growth in employment or gross annual revenue in the preceding 12 months

Grants are capped at $125,000 per quarter for two years, with a maximum of $1,000,000 per business over the program duration

Total program funding limited to $80,000,000, with no more than $20,000,000 allocated to businesses in each urban technology zone