New Jersey Senate Bill S1327

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Expands EDA small business loan program to include certain broadband telecommunications service providers.

Impact

The inclusion of broadband telecommunications service providers in the EDA’s loan program is expected to support the expansion of high-speed internet infrastructure in rural areas. This could result in improved access to essential services like education, healthcare, and business opportunities for residents in these regions. The loans will bear terms deemed appropriate by the EDA, and the bill mandates that the authority consult with the Board of Public Utilities (BPU) to implement necessary rules and regulations for eligibility and compliance.

Summary

Senate Bill S1327 proposes to expand the small business loan program administered by the New Jersey Economic Development Authority (EDA) to include broadband telecommunications service providers. This bill specifically targets providers who deliver services in rural areas and aims to enhance broadband accessibility in underserved regions of the state. By defining broadband telecommunications services and establishing guidelines for eligible providers, the bill seeks to foster competition and spur economic growth in rural communities.

Contention

While the bill aims to enhance broadband services in rural areas, concerns may arise regarding the potential financial burden placed on the EDA and the state budget. Further, there may be debates surrounding the definition of 'broadband telecommunications service provider,' as this could inadvertently favor larger providers over smaller or community-operated entities. The bill also repeals a redundant provision from a prior law, which some legislators may view as retrogressive in addressing broadband needs among smaller local businesses.