The New Jersey Economic Development Authority (NJEDA) board approved the creation of the Employee Stock Ownership Plan (ESOP) Assistance Program. In its
press release, the board said the program “will connect applicants with an approved contractor to perform feasibility studies and provide technical assistance. The program aims to increase employee ownership models in the state, which can provide employees with opportunities to have a greater stake in a business, generate sustainable and equitable wealth, and ensure greater financial security.”
The program is the result of
Executive Order No. 262, issued in 2021 by Governor Phil Murphy. The program will include ESOPs, worker cooperatives, and employee ownership trusts (EOTs). In 2024, the state entered into an agreement with Rutgers University, which has a long history of work in this field, to run the program.