Bill > S848

Introduced Session

This bill requires the New Jersey Economic Development Authority, to the greatest extent practicable, to administer an existing small business loan program in a manner to provide small business loans to eligible veteran-owned small businesses at lower interest rates and with more flexible repayment terms than are made available by the authority to other eligible small businesses. An eligible veteran-owned small business can qualify for more favorable interest rates and repayment terms if more than 50 percent of the individuals employed by the eligible veteran-owned small business are veterans. The interest rate for a small business loan issued to an eligible veteran-owned small business that is owned or controlled by one or more veterans who have been declared by the United States Department of Veterans Affairs or the United States Department of Defense as having a service-connected disability would be zero percent. The authority is not allowed to charge fees for the issuance of a small business loan to an eligible veteran-owned small business, including, but not limited to, application, commitment, closing, and guarantee fees.

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Mike Testa (R)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 01/18/2022)

Official Document