Environment (Small Business)

This bill creates a new loan program through the New Jersey Economic Development Authority to help small businesses with fewer than 50 employees fund projects that make them more resilient to climate-related hazards like flooding and extreme heat. Eligible businesses can apply for low-interest loans with flexible repayment terms to improve infrastructure such as water systems, electrical grids, and broadband, or to upgrade facilities against environmental risks. To qualify, a business must be registered in New Jersey, plan to stay in the state, and submit an application detailing how the loan funds will be used. The program prioritizes businesses located in municipalities that have already assessed climate risks in their land-use plans, and recipients must provide annual financial reports until the loan is fully repaid.

This bill creates the New Jersey Small Business Indoor Air Quality Management Support Program to provide financial assistance to small businesses with 100 or fewer employees. Administered by the New Jersey Economic Development Authority in partnership with the Department of Environmental Protection, the program offers loans for capital purchases, employee training, and new hires aimed at improving indoor air quality. To ensure quality, any work funded by the program must be performed by organizations certified by specific industry bureaus, and businesses that receive grants may apply for a state certification based on a successful inspection. The authority sets the interest rates and terms for these loans while requiring applicants to prove their eligibility as small businesses.

This bill establishes a state loan program to help New Jersey small businesses improve indoor air quality. It directly affects businesses with 100 or fewer full-time employees by providing low-cost loans for equipment, employee training, and new positions related to air quality management. The New Jersey Economic Development Authority will administer the program, requiring businesses to use certified contractors for air quality work and pass annual EPA-based inspections to earn a state certification. Loans will carry interest rates set by the authority, with businesses needing to maintain financial records to retain funding.

New Jersey's S 1644 establishes a loan program through the Economic Development Authority (EDA) to provide low-interest loans to small businesses (under 50 employees) for climate resiliency projects. The program targets businesses implementing projects like flood protection, water system upgrades, broadband expansion, or climate adaptation measures to reduce damage from events like hurricanes or sea-level rise. Loans will be issued from a dedicated revolving fund, replenished by repayments, with priority given to projects benefiting communities with climate vulnerability plans. Businesses must submit applications proving eligibility and outlining how funds will be used, and must provide annual financial reports until loans are repaid.