In a strong show of support for fostering entrepreneurship, workforce development and community engagement initiatives in the Hispanic community, the N.J. Economic Development Authority committed $75,000 to support expansion of the Innovation Business Hub at New Jersey City University that is being run by the Statewide Hispanic Chamber of Commerce.
The Innovation Business Hub offers a physical location for local business owners and leaders to gather and attend workshops, seminars, and networking events aimed to strengthen connectivity, provide educational resources and tools, foster innovation, and spur economic growth.
The impact of the funding will be far-reaching.
The Hub will offer comprehensive technical education programs, providing small businesses with access to an educational platform where they can take courses, review materials and access key resources.
Through the Hub, the SHCCNJ will connect business owners with the EDA’s Small Business Bonding Readiness Assistance Program, which provides a comprehensive series of classes, workshops, and strategic counseling sessions covering a variety of topics relevant to small businesses in all sectors, including bonding and insurance, business development, financial presentation, construction and contract law, construction management, estimating and credit.
At the end of the program, all participating businesses receive a Bonding Readiness Segment Report, which provides an in-depth assessment of their strengths and weaknesses to help them plan for the future.
The SHCCNJ also will be able to provide personalized mentoring and coaching for business owners, facilitating one-on-one sessions with industry experts. The Innovation Business Hub will offer space to host foreign guests, diaspora businesses, and entrepreneurial exchanges, making the Hub a center for knowledge-sharing and innovation.
The funding was about more than just programs and initiatives; it will enable the chamber was able to convert a classroom at NJCU to serve as office space for the Hub.
Chamber CEO Carlos Medina obviously was thrilled.
“Latino-owned businesses contribute more than $100 billion to New Jersey’s economy — a number that speaks volumes not just here at home, but across the river in the broader regional market,” he said. “This Innovation Hub is about impact. It’s about turning that economic power into lasting opportunity. At the chamber, our culture of advocacy grows stronger every day as la familia levels up small business for big impact.”
SHCCNJ Chair Luis De La Hoz agreed.
“This investment from NJEDA represents more than just funding — it’s a commitment to our community’s future,” he said. “The SHCCNJ Innovation Business Hub will serve as a launchpad for entrepreneurs to scale their businesses, access critical resources, and foster meaningful connections. We’re proud to partner with NJEDA and NJCU to turn vision into opportunity and drive sustainable economic impact across New Jersey.”
EDA CEO Tim Sullivan said the group was happy to contribute.
“Under Gov. Phil Murphy’s leadership, New Jersey continues to invest in initiatives and resources that support the state’s entrepreneurs, encourage startup creation, and strengthen the state’s small business ecosystem,” he said. “The NJEDA is proud to collaborate with the SHCCNJ and NJCU on its Innovation Business Hub, which will create networking opportunities and expand access to resources for the next generation of business owners.”
In October 2024, the SHCCNJ and NJCU signed a memorandum of understanding to facilitate the expansion of SHCCNJ’s Hispanic Business Hub to NJCU’s campus, as well as create new educational and professional opportunities for NJCU students. The agreement was structured around several key objectives, including enhancing collaboration on workforce development and entrepreneurship initiatives.
The funding was announced Wednesday at a press conference held at the NJCU School of Business in Jersey City.
NJCU President Andres Acebo was delighted.
“What makes this partnership so meaningful is our shared belief that in New Jersey, you don’t have to uproot yourself to tap into your potential — you can prosper in place,” he said. “We’re anchored right here in Hudson County, where nearly half of our population is foreign-born and where the promise of America speaks in an accent.”
Acebo said the impact of the Hub will be deep for those in the area.
“This initiative allows us to institutionalize the organic connections that have existed for years, providing our students with direct internship and externship opportunities,” he said.
“While it’s great to work for an established company, imagine being able to say on your resume that you helped launch a startup while you were climbing toward your own success. That kind of hands-on experience, combined with the grit and resolve that defines our students and our community, creates something truly powerful — students who are not just learning, but actively contributing to the economic vitality of their own neighborhoods.”
The SHCCNJ was established in 1989 to foster, mentor, and train Hispanic-owned businesses in New Jersey and now represents over 120,000 businesses, contributing over $100 billion to the state’s economy.
Medina and De La Hoz said the Chamber is committed to creating new business opportunities, educating and training entrepreneurs and business owners, fostering advantageous relationships with the public and private sectors, advocating actively and visibly in the political process, and promoting trade between the business communities at the state, national and international levels.
Murphy said the state is happy to do its part.
“This partnership is an extension of our administration’s commitment to expanding our innovation economy and creating an ecosystem where all businesses can thrive,” he said. “The SHCCNJ Innovation Business Hub will provide resources to emerging businesses across our state, strengthening New Jersey’s long-term economic competitiveness.”
