NJ S1341

Bill

Requires EDA to provide loans through small business loan program at lower interest rates, with more flexible repayment terms if issued to small businesses owned or controlled by certain veterans, and prohibit certain fees.

Introduced
01/09/2024

In Committee
01/09/2024

Crossed Over

Passed

Dead
01/12/2026

Introduced Session

2024-2025 Regular Session

Bill Summary

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.

AI Summary

This bill requires the New Jersey Economic Development Authority (EDA) to administer its existing small business loan program in a manner that provides small business loans to eligible veteran-owned small businesses at lower interest rates and with more flexible repayment terms than are made available to other eligible small businesses. Specifically, the bill states that an eligible veteran-owned small business can qualify for more favorable interest rates and repayment terms if more than 50% of its employees are veterans, and that loans to veteran-owned small businesses owned or controlled by veterans with service-connected disabilities must have a 0% interest rate. Additionally, the EDA is prohibited from charging any fees, such as application, commitment, closing, or guarantee fees, for small business loans issued to eligible veteran-owned small businesses.

Committee Categories

Business and Industry

Sponsors (1)

Mike Testa (R)*,

Last Action

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

Official Document

https://www.njleg.state.nj.us/bill-search/2024/S1341

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2024/S1341
BillText	https://pub.njleg.gov/Bills/2024/S1500/1341_I1.HTM

Bill	Bill Name	Last Action	Type
A4351	Requires EDA to provide loans through small business loan program at lower interest rates, with more flexible repayment terms if issued to small businesses owned or controlled by certain veterans, and prohibit certain fees.	Introduced, Referred to Assembly Military and Veterans' Affairs Committee	Same As
S848	Requires EDA to provide loans through small business loan program at lower interest rates, with more flexible repayment terms if issued to small businesses owned or controlled by certain veterans, and prohibit certain fees.	Introduced in the Senate, Referred to Senate Economic Growth Committee	Carry Over

Bill > S1341

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary