Establishes Small Business Resiliency Project Loan Program in EDA for certain small businesses implementing certain resiliency projects.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes the Small Business Resiliency Project Loan Program within the New Jersey Economic Development Authority (EDA) to provide low-interest loans to small businesses undertaking projects that enhance resilience against climate change impacts. Eligible businesses must be registered in New Jersey, maintain operations within the state, and employ no more than 50 employees. The program prioritizes businesses located in municipalities with climate vulnerability assessments and requires annual reporting on loan usage and business performance.
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