Establishes program in EDA to encourage employee ownership awareness and provide funding and advisory support.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes a program within the New Jersey Economic Development Authority (EDA) to encourage employee ownership in businesses. The program will provide financial assistance, educational resources, and advisory support to businesses interested in transitioning to employee-owned models. It also creates an Advisory Committee to guide the program's strategy and expand employee ownership throughout the state, and establishes a revolving loan fund to offer low-interest loans for employee ownership transitions.
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