The New Jersey Economic Development Authority (NJEDA) and Rowan University have announced a strategic partnership to support the African American Chamber of Commerce of New Jersey’s (AACCNJ) Transformation Center.
Designed as a statewide “Economic Empowerment Center,” the facility will function as a specialized business incubator focused on Main Street entrepreneurs. The initiative arrives at a critical moment for the state, which currently faces one of the most significant racial wealth disparities in the nation.
The partnership is a direct response to data highlighting a staggering economic divide in New Jersey. Recent reports from the Wealth Disparity Task Force and independent research show that the median household wealth for white families in New Jersey is approximately $662,500, while it remains less than $20,000 for Black and Hispanic families—a gap exceeding $640,000.
To combat these disparities, the NJEDA Board has approved a $1.5 million allocation to Rowan University. As the Center’s academic and research partner, Rowan will leverage its expertise from the Rowan Center for Innovation and Entrepreneurship to provide:
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Technical Assistance: Helping small business owners navigate complex regulatory and financial landscapes.
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Mentorship & Training: Connecting founders with veteran industry leaders.
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Workforce Development: Aligning local talent with the needs of emerging businesses.
“Since taking office, Governor Murphy has prioritized expanding opportunity and advancing equitable economic growth across New Jersey,” NJEDA Acting Chief Executive Officer Mary Maples said. “The NJEDA looks forward to working with the African American Chamber of Commerce of New Jersey and Rowan University to ensure small business owners have access to the tools and resources they need to grow and thrive.”
The Transformation Center will focus on “Main Street” businesses, which are often the backbone of local economies but face the steepest barriers to capital. Research indicates that a 10% increase in business ownership among Black Americans could reduce the racial wealth gap by nearly 9.5%.
John Harmon, Sr., president & CEO of the AACCNJ, hailed the collaboration as a “definitive win” for community stakeholders. “These collective efforts are essential in bringing the vision of our Transformation Center to reality,” Harmon stated, noting that the partnership serves as a model for public-sector engagement with the Black business community.
Ali Houshmand, president of Rowan University, highlighted the university’s commitment to regional growth:
“This partnership will amplify the power of individuals and organizations to build and sustain businesses and communities together. Our strengths in education, research, and economic development will empower more of our New Jersey neighbors in ways we can only imagine.”
By providing specialized resources, the Center aims to move beyond “words on a page” and into meaningful action that fosters an inclusive economy for all New Jerseyans.
