Bill > S1570

Introduced Session

This bill includes businesses owned by lesbian, gay, bisexual, or transgender (LGBT) persons, persons with a disability, and veterans among those eligible for certain assistance programs. The bill permits the New Jersey Economic Development Authority (EDA) to waive bonding requirements to facilitate the use of an eligible LGBT, disabled persons', or veteran business if the business has been rejected by two surety companies and is an eligible business as defined by the bill. Further, the Chief Executive of the EDA could approve financial assistance grants to any county or municipality to pay for up to 50 percent of the cost of a pilot program to provide technical or certification assistance to such LGBT, disabled persons', or veteran businesses. The bill provides that the Division of Revenue be permitted to: establish a loan referral program and loan packing program for eligible businesses; compile lists of qualified professionals, including LGBT persons, persons with a disability, and veterans in specific areas of expertise to be disseminated to eligible businesses and used in making referrals; coordinate managerial and technical assistance; establish, in cooperation with institutions of higher education, an internship program for undergraduate and graduate students in business administration and related fields; and provide assistance and advice to eligible businesses in areas including, but not limited to, advertising, marketing, sales, distribution, government contract bidding and procurement, obtaining legal counsel, financial analysis and accounting, insurance, commercial loans, and professional development. The bill requires the division to certify and verify that a business is an eligible LGBT, disabled persons', or veteran business. The bill requires the director of the division to approve third-party agencies to perform certification of eligible businesses, such as the National Gay and Lesbian Chamber of Commerce and the United States Business Leadership Network, from whom it could accept such certifications. The process for certification and verification must be clear, concise, and streamlined. The director is to submit an annual report to the Governor and Legislature concerning the status of certification and verification processes, including any recommendations for legislation that would enable the division to better carry out its duties under the bill. The bill also permits counties and municipalities to establish set-aside programs for qualified LGBT or disabled persons' businesses, and boards of education to establish set-aside programs for qualified LGBT, disabled persons', and veteran businesses. The goals of such programs could be met by the use of subcontracting. The bill establishes requirements related to how local governments and boards of education could administer those programs, including advertising and bidding processes, and establishes penalties that local governments and boards of education could assess against businesses that are classified as eligible businesses based on false information. Local governments and boards of education with these programs are to publish their attainments of the set-aside goals in at least one newspaper in the county, municipality, or school district, as appropriate, by March 1 of each year.

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Committee Categories

Richard Codey (D)*,  Loretta Weinberg (D)*,  Vin Gopal (D),  Teresa Ruiz (D), 

Senate Substitution (28-0) (Weinberg) (on 03/25/2019)