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.
Impact
The implementation of A4351 is designed to bolster economic opportunities for veteran entrepreneurs, providing a structured pathway for accessing financial resources that might otherwise be inaccessible due to high costs and inflexible traditional lending practices. By lowering the barrier of entry for veteran-owned businesses in New Jersey, there is a strong potential for job creation and increased economic activity within communities that support veterans and their families. However, this could lead to concerns from non-veteran small business owners about equity and fairness in loan distribution from the EDA.
Summary
Assembly Bill A4351, introduced in May 2024, aims to enhance support for small businesses owned or controlled by veterans in New Jersey. This bill mandates the New Jersey Economic Development Authority (EDA) to administer existing small business loans with adjusted terms specifically favoring eligible veteran-owned businesses. The key provisions include providing loans at lower interest rates and allowing more flexible repayment terms. The bill particularly seeks to benefit those businesses with over 50% of their workforce being veterans, potentially offering loans at a zero percent interest rate for veteran-owned businesses that qualify according to guidelines defined by associated veterans' organizations.
Contention
Notable points of contention surrounding A4351 involve discussions on whether preferential treatment for veteran-owned businesses might detract from available resources for other small enterprises. Critics argue that while assisting veterans is essential, it may unintentionally disadvantage non-veteran minority-owned and small businesses who also face significant challenges. Stakeholders express the need for a balanced approach that ensures all small businesses have equitable access to support without compromising focused assistance to those who served in the military.
Same As
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.
Carry Over
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.
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.
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.
Requires EDA to provide low interest loans to qualified small businesses and not-for-profit corporations during state of emergency declared by Governor.
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.
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.
Public Interest Research, Development, and Demonstration Program and Electric Program Investment Charge program: microgrid projects: diesel backup generators.