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Bill > S3749
NJ S3749
NJ S3749Establishes loan program in EDA to assist businesses owned by individuals with disabilities; appropriates $5 million.
summary
Introduced
03/30/2023
03/30/2023
In Committee
03/30/2023
03/30/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Establishes loan program in EDA to assist businesses owned by individuals with disabilities; appropriates $5 million.
AI Summary
This bill establishes a loan program within the New Jersey Economic Development Authority (EDA) to provide funding for operational or capital expenses to businesses owned by individuals with disabilities. The bill appropriates $5 million to the EDA to create a revolving loan fund that will be used to issue low-interest loans to qualified businesses. To be eligible, a business must be owned or operated by an individual with a disability, be located in New Jersey, and employ at least five full-time employees, with at least 50% being state residents. The loans can be partially or fully forgiven if the business is no longer viable after a bona fide effort. The EDA is required to adopt regulations to implement the program within 90 days of the bill's enactment.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee (on 03/30/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S3749 |
| BillText | https://pub.njleg.gov/Bills/2022/S4000/3749_I1.HTM |
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