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
Bill Moen
DDemocratic
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