A 2168 New Jersey General Assembly · 2024-2025 Regular Session

Establishes Veteran-Owned Business Contract Financing Loan Program in EDA to help certain veteran-owned businesses perform public contracts; appropriates $5 million.

This bill establishes a Veteran-Owned Business Contract Financing Loan Program within New Jersey's Economic Development Authority (EDA). It provides low-interest loans of up to $500,000 to veteran-owned businesses and service-disabled veteran-owned businesses that have secured public contracts but lack funds to perform them, with preference given to service-disabled veteran-owned businesses. Loans are secured by future public contract payments and can be used for working capital, equipment, or other contract-related expenses. The program is funded by a $5 million appropriation from the General Fund, held in a non-lapsing revolving loan fund.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024 Last action Jan 9, 2024
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
1
Key actions
0
Committee
0
Jan 9, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Military and Veterans' Affairs Committee
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Bill Moen
Bill Moen
DDemocratic
NJ
5