New Jersey 2022-2023 Regular Session

New Jersey Assembly Bill A886

Introduced
1/11/22  

Caption

Requires EDA to establish program providing grants to qualified veterans purchasing franchises.

Impact

Upon enactment, A886 is expected to bolster local economies by encouraging veterans to engage in entrepreneurship through franchises, thus obtaining a foothold in the business community. The establishment of this program could lead to substantial job creation and increased economic activity in New Jersey, addressing not only the financial needs of veterans but also leveraging their discipline and leadership skills within the business sector. Moreover, this approach aligns with broader efforts to improve the employment landscape for veterans, providing them with viable paths toward financial independence and community engagement.

Summary

A886, introduced in the New Jersey legislature, is a bill aimed at supporting veterans in starting their own businesses by establishing a grant funding program specifically for veterans purchasing franchises. The bill mandates the New Jersey Economic Development Authority (EDA) to implement this program, which provides qualified veterans with a one-time grant of up to $10,000. This funding is intended to assist veterans who have either become franchisees or have received a valid offer from a franchisor to become franchisees within the state. The EDA is tasked with creating the terms and conditions for participation in the program and establishing priorities for applicants, particularly offering timely assistance to those applying shortly after the bill's effective date.

Contention

While the intent behind A886 is broadly supported as a means to empower veterans, some potential contention lies in the allocation of state funds for this program. Questions may arise regarding the adequacy of grant amounts and whether they are sufficient given the costs associated with starting a franchise business. There could also be discussions around the administrative capacity of the EDA to manage the program effectively, including establishing transparent criteria for grant approval and monitoring the use of funds to ensure they serve the intended purpose. Additionally, as with any funding initiative, scrutiny is likely to focus on whether this program can sustainably support veterans over time without creating dependency on state support.

Companion Bills

NJ S590

Same As Requires EDA to establish program providing grants to qualified veterans purchasing franchises.

Previously Filed As

NJ A2715

Requires EDA to establish program providing grants to qualified veterans purchasing franchises.

NJ S590

Requires EDA to establish program providing grants to qualified veterans purchasing franchises.

NJ S1332

Requires EDA to establish program providing grants to qualified veterans purchasing franchises.

NJ A1288

Revises law concerning the rights and responsibilities of motor vehicle franchisees and franchisors.

NJ A2752

Revises law concerning the rights and responsibilities of motor vehicle franchisees and franchisors.

NJ A4380

Establishes "Motor Vehicle Open Recall Notice and Fair Compensation Act"; revises motor vehicle franchise agreements.

NJ A3679

Establishes New Jersey Veterans' Organization Building Grant Program.

NJ S3309

Establishes "Motor Vehicle Open Recall Notice and Fair Compensation Act"; revises motor vehicle franchise agreements.

NJ S2402

Establishes New Jersey Veterans' Organization Building Grant Program.

NJ A4054

Establishes New Jersey Veterans' Organization Building Grant Program.

Similar Bills

NJ A2715

Requires EDA to establish program providing grants to qualified veterans purchasing franchises.

NJ S1332

Requires EDA to establish program providing grants to qualified veterans purchasing franchises.

NJ S590

Requires EDA to establish program providing grants to qualified veterans purchasing franchises.

AZ HB2775

Franchises; relationships; definitions

UT SB0090

Automobile Franchise Amendments

AZ HB2404

Franchises; regulation

UT HB0516

Automobile Franchise Amendments

NJ S2336

Concerns hospitality franchise agreements.