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  • NJ A3559
  • Establishes "Small Business Bonding Readiness Assistance Program" in EDA to assist certain small businesses meet State or federal contract surety bond requirements.*
Introduced
(4/4/2016)
In Committee
(10/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
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 assist small businesses in securing surety bonding so that small businesses may bid on public works projects or perform contracts offered by the State or by the federal government. The authority is to enter into an agreement with a non-profit business advocacy association, such as a chamber of commerce, concerning the association's provision of support services and assistance to small businesses seeking surety bonding. The support services and assistance provided are to be designed to increase small business's bonding knowledge and capacity in order for a small business 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 non-lapsing 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, grant funding to an association that provides small businesses participating in the program with support services and assistance, 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, Commerce and Economic Development, Substituted by another Bill
Substituted by S123 (2R)  (on 11/21/2016)
 
 
Date Chamber Action Description
11/21/2016 A Substituted by S123 (2R)
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 out of Asm. Comm. with Amendments, 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)
4/4/2016 A Introduced, Referred to Assembly Commerce and Economic Development Committee
Date Motion Yea Nay Other
Detail 10/27/2016 Assembly Appropriations Committee: Reported Favorably 11 0 0
Detail 9/8/2016 Assembly Commerce and Economic Development Committee: Reported with Amendments 10 0 2