Bill > S1055

Introduced Session

This bill requires the New Jersey Economic Development Authority (authority) to establish a "New Jersey Emerging Business Advertising Grant Program" to provide funds to New Jersey emerging businesses to support advertising and marketing expenses. The bill defines "New Jersey emerging business" to mean a company with fewer than 225 employees, of whom at least 75 percent are filling a position in New Jersey that is doing business, employing or owning capital or property, or maintaining an office in this State. To qualify for the grant program, the business must be a New Jersey emerging business. The authority would also be permitted to establish any other eligibility requirements that it deems appropriate. Additionally, the authority would determine the amounts of each grant awarded under the program. The bill also requires grant recipients to submit an audited financial statement to the authority to demonstrate compliance with the terms and conditions of the grant program on a yearly basis until all monies from the fund have been expended. If a recipient improperly uses the grant, the authority would be required to convert the grant to a loan.

AI Summary

Committee Categories

Linda Greenstein (D)*,  Andrew Zwicker (D)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 01/09/2024)

Official Document