Requires EDA administer small business loan program to provide loans to small businesses owned or controlled by certain veterans.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill directs the New Jersey Economic Development Authority (EDA) to administer a small business loan program and prioritize loans for small businesses owned or controlled by veterans. Specifically, it requires the EDA to consult with the Department of Community Affairs on administering the program to eligible farming operations and dairy businesses. The bill also outlines specific loan terms and conditions, including requirements for audited financial statements and a minimum percentage of loans going to veteran-owned businesses. It amends existing law to clarify these requirements and expand the program’s scope.
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