Permits small businesses to qualify for loans from EDA for costs of energy audit and making energy efficiency or conservation improvements.

S 1027 creates a New Jersey Economic Development Authority (EDA) program providing low-interest loans to eligible small businesses for energy audits and efficiency improvements. The bill covers 100% of costs for energy audits (conducted by licensed contractors) and installing efficiency equipment at the business's buildings, with loans capped at 10 years and interest rates not exceeding 3% or half the prime rate. Eligible businesses must be independently owned, operate primarily in New Jersey, and meet additional criteria set by the EDA. This program directly supports small businesses seeking to reduce energy costs and improve building efficiency through accessible financing.