NJ S883

Creates the Urban Enterprise Zone Microloan Program administered by the New Jersey Economic Development Authority to provide low-interest loans for operational and capital expenses to new businesses in Urban Enterprise Zones and UEZ-Impacted business districts

Eligible businesses must employ at least 5 full-time employees for 24 months following application, with at least 50% of employees (excluding owners) being residents of the zone or district

Loans carry a maximum 3% interest rate for qualified businesses and 0% for veteran-owned businesses, with terms up to 6 years and payments deferred for one year after approval

Loans may be forgiven in whole or in part within two years if the business fails despite good-faith efforts, though forgiveness is not automatic and does not apply in cases of fraud or mismanagement

Appropriates $5 million from the General Fund to establish the Urban Enterprise Zone Microloan Fund as a non-lapsing revolving fund for the program