Bill > A3168

This bill, aimed at supporting small, women-owned, or minority-owned businesses, proposes to expand eligibility for loans from the New Jersey Economic Development Authority (EDA). Currently, the EDA offers 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 are unable to secure funding from traditional lenders. This bill would allow these same types of qualified businesses to also be eligible for these loans if they are located in a "regional center," which is an area designated as such in the State Development and Redevelopment Plan, or in Planning Area 1 (Metropolitan), also defined by the "State Planning Act." Essentially, the bill treats businesses in these designated regional or metropolitan planning areas as if they were located in an urban center for the purpose of accessing EDA loans, thereby broadening the reach of this financial assistance program.