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NJ S1341
Bill
Status
1/9/2024
Primary Sponsor
Michael Testa
Click for details
AI Summary
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Requires the New Jersey Economic Development Authority to offer small business loans to veteran-owned businesses at lower interest rates and more flexible repayment terms than other eligible businesses
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Veteran-owned businesses qualify for the enhanced loan terms if more than 50% of their employees are veterans
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Small business loans issued to businesses owned or controlled by veterans with service-connected disabilities (as declared by VA or DoD) must have an interest rate of zero percent
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Prohibits the EDA from charging any fees on loans to veteran-owned small businesses, including application, commitment, closing, and guarantee fees
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Defines "veteran" as a New Jersey resident honorably discharged from active service in any branch of the U.S. Armed Forces
Legislative Description
Requires EDA to provide loans through small business loan program at lower interest rates, with more flexible repayment terms if issued to small businesses owned or controlled by certain veterans, and prohibit certain fees.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
1/9/2024