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This bill expands New Jersey's existing small business loan program to include certified rural broadband telecommunications service providers as eligible borrowers. It defines "broadband telecommunications service provider" as entities certified by the Board of Public Utilities to offer high-speed internet (25 Mbps download/3 Mbps upload) in rural areas (population ≤30,000 and ≤4,000 people/sq. mile). The program will allow these providers to access loans for capital purchases, employee training, and new positions - similar to other eligible businesses like farmers and dairy operations. The change modifies the eligibility definition in existing law without creating a new program.
This bill creates a $2.5 million Rural Broadband Infrastructure Grant Program using federal funds from the Infrastructure Investment and Jobs Act. It provides grants to organizations like internet providers, non-profits, and local governments to build or improve broadband infrastructure in rural New Jersey areas lacking adequate service (defined as 25 Mbps download/3 Mbps upload). Grants are capped at $75,000 per project, require a 25% private matching contribution, and prioritize projects targeting unserved areas. The New Jersey Economic Development Authority (NJEDA) will administer the program and report annually on grant distribution and outcomes.
This bill expands New Jersey's small business loan program to include rural broadband telecommunications service providers certified by the Board of Public Utilities. It adds these providers to the list of eligible borrowers under the program, specifically targeting those offering broadband in rural areas (defined as municipalities with populations under 30,000 and low density). The change allows these providers to access loans for capital purchases, employee training, and new hires, aligning them with other small business categories. The bill amends existing law to include this new eligibility category without altering other program requirements.
