Bill > S3571

Introduced Session

This bill requires the New Jersey Economic Development Authority (EDA) to establish a program that provides grant funding to a veteran, approved by the EDA for program participation, who becomes a "franchisee," as defined in the bill, after the effective date of the bill. The EDA is to establish the terms and conditions by which a veteran may apply and receive approval from the EDA for program participation. The EDA is to enter into an agreement with a qualified veteran concerning the EDA's provision of grant funding to a qualified veteran for this purpose. The EDA is to provide a one-time grant of no more than $10,000 to each veteran approved by the EDA for participation in the program. The EDA is to provide priority assistance to a qualified veteran who submits an application and receives program approval within six months after the effective date of the bill providing proof the veteran is a franchisee, or has received a valid offer from a franchisor for the veteran to become a franchisee, operating at a location within this State. The bill requires the EDA to establish and maintain a fund to provide grant funding to a veteran that participates in the program and to administer the program. The fund is to be credited with an appropriation made to the EDA, with monies made available by the EDA for the purpose of the fund, and monies received by the EDA from any other public or private donations. In administering the program and the fund, the EDA is to establish: 1) procedures and timelines for applications for the program and approvals thereof; 2) criteria for determining grant funding to be disbursed from the fund to a qualified veteran; 3) reporting requirements for a veteran participating in the program and the qualified veteran's receiving grant funding from the fund; and 4) any other policies deemed necessary by the EDA for the administration of the program and the fund. The EDA, in its sole discretion, may amend these policies at any time if the policies are established or amended in a manner consistent with the provisions of the bill. The reporting requirements require a veteran receiving grant funding under the program to report to the EDA, in a form and manner determined by the EDA, within a year of receiving grant funding. The report is to include: 1) proof that the veteran used grant funding to purchase a franchise within the State; and 2) any other information the EDA requires in a form and manner determined by the EDA.

AI Summary

Committee Categories

Vin Gopal (D)*,  Mike Testa (R)*,  Tony Bucco (R),  Kristin Corrado (R), 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 03/22/2021)