NJ S428

Establishes a loan program through the New Jersey Economic Development Authority (EDA) to provide low-interest loans (maximum 3% interest rate) to businesses owned or operated by individuals with disabilities for operational or capital expenses

Qualified businesses must be located in New Jersey, employ at least 5 full-time employees for 24 months after application (with 50% being state residents), and demonstrate engagement in a viable trade or business

Loans have a maximum term of 6 years with payments deferred for one year after approval, and may include provisions for partial or full forgiveness within 2 years if the business fails despite bona fide efforts (excluding cases of fraud or mismanagement)

Creates a non-lapsing revolving loan fund to hold all program monies, with loan repayments and interest recycled back into the fund to support future loans

Appropriates $5 million from the General Fund to capitalize the revolving loan fund, with the Legislature authorized to provide additional funding as needed