Bill > S1922

This bill, aimed at supporting small, women-owned, or minority-owned businesses, expands eligibility for loans from the New Jersey Economic Development Authority (EDA). Currently, the EDA provides direct loans to qualified businesses, defined as small, woman-owned, or minority-owned New Jersey-based businesses, manufacturers, redevelopers, or non-profit organizations, that are located in designated "urban centers" and cannot secure funding from traditional sources. This bill amends the law to allow these "qualified businesses" located in "regional centers" – areas designated as such in the State Development and Redevelopment Plan – or in Planning Area 1 (Metropolitan) as defined by the "State Planning Act," to be treated the same as if they were located in an "urban center" for the purpose of receiving these direct loans. The bill will take effect 60 days after enactment, though the EDA can take preparatory steps beforehand.