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NJ to give $120 million for firms that add jobs, equipment amid recession

Gov. Corzine tries to spread the people's wealth, giving money to companies that add jobs or equipment despite the recession.

Gov. Jon Corzine today is expected to authorize as much as $120 million in grants to businesses that expand or hire more employees within two years," reports the Newark Star-Ledger here. "He is scheduled to sign the measure this afternoon in Woodbridge, at the New Jersey Business and Industry Association's 2008 Public Policy Forum...

"An InvestNJ Business Grant Program within the state Economic Development Agency... will give qualifying businesses grants of $3,000 for each full-time job they create for at least one year, starting this month and ending Jan. 1, 2011. A business can receive up to $500,000, and the entire initiative will dole out up to $50 million in grants.

"Another $70 million in grants are also being made available, including for an initiative that will pay up to 7 percent of a business's capital investment for those that qualify."