NJ S1644

Creates the Small Business Resiliency Project Loan Program within the New Jersey Economic Development Authority to provide low-interest loans to small businesses undertaking climate resilience projects

Eligible businesses must be registered in New Jersey, intend to maintain operations in the state, and employ no more than 50 full-time employees

Resiliency projects include improvements to water treatment and stormwater management, electrical grid reliability, broadband access, and infrastructure to protect against flooding, hurricanes, sea-level rise, drought, and extreme temperatures

Priority consideration given to businesses based on long-term economic impact, project type, and whether the business is located in a municipality with climate hazard vulnerability assessments in its master plan

Establishes a dedicated, non-lapsing revolving loan fund where loan repayments and interest are recycled to support additional loans, with interest also available to cover program administration costs