Bill
Bill > A1451
NJ A1451
NJ A1451Permits small, women owned, or minority owned businesses located in designated regional centers or planning areas to qualify for loans from EDA as if located in designated urban center.
summary
Introduced
01/27/2016
01/27/2016
In Committee
12/04/2017
12/04/2017
Crossed Over
06/22/2017
06/22/2017
Passed
12/18/2017
12/18/2017
Dead
Signed/Enacted/Adopted
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill requires that in the case of any undertaking by which the New Jersey Economic Development Authority (EDA) makes direct loans to qualified businesses located in an area designated as being an "urban center" in the "State Development and Redevelopment Plan," the EDA is to include qualified businesses located in areas designated in the plan as being a "regional center" or metropolitan "planning area." Accordingly, qualified businesses in regional centers or metropolitan planning areas would be permitted to receive direct loans under a program by the EDA entitled the "Urban Plus Program." A "qualified business" is defined in the bill as a business that is established by the EDA as a small, woman-owned, or minority-owned New Jersey-based business, manufacturer, redeveloper, or non-profit organization that is unable to obtain funding from conventional sources, notwithstanding the assistance of an EDA guarantee.
AI Summary
This bill requires the New Jersey Economic Development Authority (EDA) to include qualified small, women-owned, or minority-owned businesses located in designated regional centers or metropolitan planning areas in its "Urban Plus Program," which provides direct loans to businesses in urban centers that are unable to obtain funding from conventional sources. The bill defines a "qualified business" as one established by the EDA as a small, woman-owned, or minority-owned New Jersey-based business, manufacturer, redeveloper, or non-profit organization that is unable to obtain funding from conventional sources, despite EDA assistance.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (16)
Marlene Caride (D)*,
Nilsa Cruz-Perez (D)*,
Jerry Green (D)*,
Pam Lampitt (D)*,
Gabriela Mosquera (D)*,
Eliana Pintor Marin (D)*,
Loretta Weinberg (D)*,
Benjie Wimberly (D)*,
Anthony Bucco (R),
JoAnn Downey (D),
Reed Gusciora (D),
Gordon Johnson (D),
Elizabeth Muoio (D),
Sheila Oliver (D),
Teresa Ruiz (D),
Brian Stack (D),
Last Action
Approved P.L.2017, c.261. (on 01/08/2018)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/A1500/1451_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/A1500/1451_I1.PDF |
Loading...