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NJ S873
Bill
Status
1/9/2024
Primary Sponsor
Anthony M. Bucco
Click for details
AI Summary
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Requires the New Jersey Economic Development Authority (EDA) to administer its small business loan program so that at least 12 percent of all moneys directly loaned in any calendar year go to eligible small businesses owned or controlled by one or more veterans
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Gives priority to businesses owned or controlled by veterans who have been declared by the U.S. Department of Veterans Affairs or Department of Defense as having a service-connected disability
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Defines "veteran" as any New Jersey resident who has been honorably discharged or released under honorable circumstances from active service in any branch of the U.S. Armed Forces
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Amends the existing small business loan program statute (P.L.2011, c.201) to add the veteran-focused lending requirement
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Takes effect immediately upon enactment
Legislative Description
Requires EDA administer small business loan program to provide loans to small businesses owned or controlled by certain veterans.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
1/9/2024