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Bill > S1030
NJ S1030
NJ S1030Permits small, women owned, or minority owned businesses located in designated regional centers or planning areas to qualify for loans from EDA as if located in designated urban center.
summary
Introduced
02/08/2016
02/08/2016
In Committee
12/04/2017
12/04/2017
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill requires that, in the case of any undertaking by which the New Jersey Economic Development Authority (EDA) makes a direct loan to a qualified business located in an area designated as an "urban center" in the "State Development and Redevelopment Plan" (plan), the EDA is to include a qualified business located in an area designated in the plan as being a "regional center" or in "Planning Area 1 (Metropolitan)." Accordingly, a qualified business in a regional center or in "Planning Area 1 (Metropolitan)" would be permitted to receive a direct loan under a program administered by the EDA entitled the "Urban Plus Program." A "qualified business" means a business that is established by the EDA as a small, woman-owned, or minority-owned New Jersey-based business, manufacturer, redeveloper, or non-profit organization that is unable to obtain funding from conventional sources, notwithstanding the assistance of an EDA guarantee.
AI Summary
This bill requires the New Jersey Economic Development Authority (EDA) to include small, women-owned, or minority-owned businesses located in designated regional centers or planning areas as eligible for the EDA's "Urban Plus Program" direct loan program, which was previously limited to businesses in designated urban centers. This will allow qualified businesses in regional centers or "Planning Area 1 (Metropolitan)" to receive direct loans from the EDA, even if they are unable to obtain funding from conventional sources.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (5)
Last Action
Substituted by A1451 (on 12/18/2017)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/S1500/1030_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/S1500/1030_I1.PDF |
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