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  • NJ S123
  • Establishes "Small Business Bonding Readiness Assistance Program" in EDA to assist certain small businesses meet State or federal contract surety bond requirements.*
In Committee
Crossed Over
2016-2017 Regular Session
This bill requires the New Jersey Economic Development Authority (authority) to establish and maintain the "Small Business Bonding Readiness Assistance Program" (program). Under the program, the authority is to provide support services to small businesses and to help small businesses meet surety bonding requirements in order for them to bid on public works projects or perform contracts offered by the State or by the federal government. The authority is to provide small businesses participating in the program with support services and assistance designed to increase their bonding knowledge and capacity in order for them to qualify for surety bonding. The support services and assistance to small businesses are to focus on improving their financial presentation, operational efficiency, profitability, and surety bonding capacity and knowledge through a series of workshops and strategic consulting sessions. The bill defines "small business" as a business in this State that qualifies as a "small business concern" under the federal "Small Business Act" for the purpose of the small business's eligibility for a contract offered by the federal government or for assistance from the United States Small Business Administration. In order to provide funding for the program, the bill requires the State Treasurer to annually transfer $250,000 from the urban enterprise zone assistance fund (UEZ fund) to the "Small Business Bonding Readiness Assistance Fund" (assistance fund), a special nonlapsing revolving fund created by the authority as part of the program. The assistance fund is to be used by the authority to provide grant funding to small businesses that participate in the program and to administer the program. In addition to the moneys received by the authority from the UEZ fund, the assistance fund may be credited with moneys made available by the authority for the assistance fund and moneys received by the authority from any public or private donations.
2nd Reading in the Assembly, 2nd Reading in the Senate, Bills and Joint Resolutions Signed by the Governor, Budget and Appropriations, Commerce and Economic Development, Economic Growth, Passed both Houses, Passed Senate
Approved P.L.2016, c.84.  (on 1/4/2017)
Date Chamber Action Description
1/4/2017 A Approved P.L.2016, c.84.
11/21/2016 A Passed Assembly (Passed Both Houses) (72-0-0)
11/21/2016 A Substituted for A3559 (1R)
10/27/2016 A Reported out of Assembly Committee, 2nd Reading
10/27/2016 Assembly Appropriations Hearing (13:00 10/27/2016 Committee Room 11, 4th Floor)
9/8/2016 A Reported and Referred to Assembly Appropriations Committee
9/8/2016 Assembly Commerce and Economic Development Hearing (14:00 9/8/2016 Committee Room 16, Fourth Floor)
6/30/2016 A Received in the Assembly, Referred to Assembly Commerce and Economic Development Committee
6/30/2016 S Passed by the Senate (39-0)
6/27/2016 S Senate Amendment (34-0) (Pennacchio)
6/16/2016 S Reported from Senate Committee, 2nd Reading
6/16/2016 Senate Budget and Appropriations Hearing (13:00 6/16/2016 Committee Room 4, 1st Floor)
5/5/2016 S Referred to Senate Budget and Appropriations Committee
5/5/2016 S Reported from Senate Committee with Amendments, 2nd Reading
5/5/2016 Senate Economic Growth Hearing (10:30 5/5/2016 Committee Room 1, 1st Floor)
1/12/2016 S Introduced in the Senate, Referred to Senate Economic Growth Committee
Date Motion Yea Nay Other
Detail 11/21/2016 Assembly Floor: Third Reading - Final Passage 72 0 7
Detail 11/21/2016 Assembly Floor: Substitute For A3559 Aca (Voice Vote) 0 0 0
Detail 10/27/2016 Assembly Appropriations Committee: Reported Favorably 11 0 0
Detail 9/8/2016 Assembly Commerce and Economic Development Committee: Reported Favorably 10 0 2
Detail 6/30/2016 Senate Floor: Third Reading - Final Passage 39 0 1
Detail 6/27/2016 Senate Floor: Amend 34 0 6
Detail 6/27/2016 Senate Floor: Second Reading (Voice Vote) 0 0 0
Detail 6/16/2016 Senate Budget and Appropriations Committee: Reported Favorably 13 0 0
Detail 5/5/2016 Senate Economic Growth Committee: Reported with Amendments 5 0 0