Recognizing the significant contributions New Jersey’s downtown districts provide by generating economic activity and instilling community pride, Lt. Governor Kim Guadagno today visited Hope Township, stopping at shops and businesses on Walnut Street, High Street and Hope Bridgeville Road. During her visit, the Lt. Governor also conducted a roundtable discussion with the town’s small business leaders.
“Hope’s quaint, small town atmosphere contributes to a cooperative spirit among the town’s business owners, which helps promote success, improve the town’s economy and create jobs,” said Lt. Governor Guadagno. “From antique shops and a historic bed and breakfast to its annual Christmas Crafts Market, which draws tens of thousands of visitors, Hope’s downtown is served well by the community’s rich past.”
Established by German Moravians in 1769, Hope is one of the earliest planned communities in the country.
"Hope Township Village is a unique blend of beautifully restored historic buildings and an actively growing business community,” said Hope Township Mayor Timothy McDonough. “Property and business owners respect the significance of being in an historic district while at the same time expanding business opportunities. We are excited and proud to be able to show the Lt. Governor our ‘main street' and discuss ways we can work together to maintain and attract businesses."
The Lt. Governor stopped in on The Nest at 2 Walnut Street, American County Real Estate at 324 High Street, and the First Hope Bank at 1301 Hope Bridgeville Road.
“The success of small business is what built this township,” said Maria McDonough, who opened American County Real Estate in 1984. “The Hope community values small business and its leaders understand and are responsive to the challenges facing small business owners. There is a strong sense among business operators and residents that all of us here in Hope are members of a larger Hope family that looks after and assists one another, and that has made operating a business here not only profitable, but personally fulfilling, too.”
“The historic edifice of First Hope Bank has been the center of Hope Village since 1781,” said Norman E. Beatty, president, CEO and chairman of First Hope Bank. “Over the last century, First Hope Bank has served as the financial center of the township as well. Through our long history, we have had the honor of building strong relationships and serving the hard-working and honest members of our community; with some relationships going back over five generations.”
To help small businesses in New Jersey grow, create jobs and increase investment and expansion, Governor Christie enacted small business tax cuts saving New Jersey small businesses $2.3 billion over five years. The tax reforms included an option for taxpayers to carry forward losses from certain business-related categories of gross incomes and a 25% reduction in the minimum tax for S-Corporations. The Governor has also continued to advance policies to further improve New Jersey’s business climate by changing the corporate business tax formula from a three-factor formula to a single sales factor formula that incentivizes businesses located in New Jersey; sunsetting the corporate business tax surcharge; signing business attraction legislation; and protecting businesses from an average $400 per employee, or 52% increase in the unemployment insurance payroll tax.
Lt. Governor Guadagno hosts a series of events that highlight state resources for business growth available to business owners. These events give business owners the opportunity to interact with representatives from a dozen or more agencies. Along with the U.S. Small Business Administration, the New Jersey Business Action Center funds the Small Business Development Center Network to provide counseling at no or minimal charge for entrepreneurs and aspiring entrepreneurs. The Red Tape Review Commission, chaired by the Lt. Governor, has dedicated public meetings to the needs of small business and non-profits organizations. One of the signature accomplishments of the Commission was passage of the Revised Uniform Limited Liability Act, which updates and simplifies the framework under which LLCs – the most popular business formation in NJ – are established and operate.
The New Jersey Partnership for Action (PFA) supports the vital role business plays in advancing the state’s economy and creating jobs. Led by Lt. Governor Guadagno, the PFA is a three-pronged public-private approach to economic development and the starting point for all initiatives, policies, and efforts to grow New Jersey’s economy and create quality, sustainable jobs in our communities. The three elements of the PFA include the Business Action Center, reporting directly to the Lt. Governor and providing the business community with a single point of contact, applying a proactive, customer-service approach to businesses’ interactions with State government; the New Jersey Economic Development Authority, serving as the state’s “bank for business”; and Choose New Jersey, an independently funded and operated 501(c)(3) not-for-profit corporation created to encourage and nurture economic growth throughout New Jersey.
Businesses considering a move or in need of assistance are encouraged to call New Jersey’s Business Action Center at (866) 534-7789 or visit the State’s Business Portal at www.newjerseybusiness.gov.