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NJ S866
Bill
Status
1/13/2026
Primary Sponsor
Michael Testa
Click for details
AI Summary
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New Jersey Economic Development Authority (EDA) must offer veteran-owned small businesses lower interest rates and more flexible repayment terms than other eligible small businesses under the existing small business loan program
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Veteran-owned businesses qualify for preferential loan terms if more than 50 percent 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 the VA or Department of Defense) must carry a zero percent interest rate
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EDA is prohibited from charging any fees to veteran-owned small businesses for loan issuance, including application, commitment, closing, and guarantee fees
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"Veteran" is defined as any 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
1/13/2026