Bill
Bill > A3642
NJ A3642
NJ A3642Establishes "Rural Business Development Program" in EDA; appropriates $35 million to EDA from federal funds.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill requires the New Jersey Economic Development Authority (EDA) to establish and maintain the "Rural Business Development Program" (program). The program is designed to provide grant funding to a rural business to be used for the retention or creation of employment positions at rural businesses. Under the bill, the EDA is to enter into an agreement with a rural business concerning the EDA's provision of grant funding to the rural business for this purpose. The EDA is to establish and maintain the "Rural Business Development Fund" (development fund) to provide grant funding to rural businesses that participate in the program and to administer the program. The development fund is to be credited with $35,000,000 from an appropriation made to the authority. The development fund may be credited with moneys made available by the EDA for the purpose of the development fund and moneys received by the authority from any other public or private donations. In administering the program, the EDA is to establish: 1) procedures and timelines for applications for the program; 2) criteria for determining grant funding amounts to be disbursed from the development fund to rural businesses; 3) reporting requirements for rural businesses accepted into the program and their receiving grant funding from the development fund; and 4) any other policies deemed necessary by the EDA for the administration of the program and the development fund. A rural business receiving grant funding under the program is to report to the EDA every six months while the rural business participates in the program detailing how the rural business used grant funding to retain or create employment positions at the rural business, and any other information the EDA requires.
AI Summary
This bill mandates the New Jersey Economic Development Authority (EDA) to create and manage a "Rural Business Development Program" and a dedicated "Rural Business Development Fund" to support businesses in rural areas. A "rural business" is defined as a small business located in a "rural census tract" (an area not classified as urban by the U.S. Census Bureau) that operates a sustainable farm and food system contributing to the local economy and health. The program will offer grants to these rural businesses to help them keep or create jobs. The EDA will establish application procedures, criteria for grant amounts, and reporting requirements for participating businesses, which must report every six months on how the funds were used to retain or create employment. The "Rural Business Development Fund" will be initially funded with $35 million from federal funds, specifically from the "Coronavirus Relief Fund" established by the federal Coronavirus Aid, Relief, and Economic Security Act, and can also receive other public or private donations. The EDA is authorized to accept these additional funds as long as they don't conflict with state law.
Committee Categories
Agriculture and Natural Resources
Sponsors (1)
Last Action
Introduced, Referred to Assembly Agriculture and Natural Resources Committee (on 01/13/2026)
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/2026/A3642 |
| BillText | https://pub.njleg.gov/Bills/2026/A4000/3642_I1.HTM |
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