Establishes Small Business Resiliency Project Loan Program in EDA for certain small businesses implementing resiliency projects.
The bill establishes the Small Business Resiliency Project Loan Program within the New Jersey Economic Development Authority (EDA) to provide low-interest loans to small businesses engaged in or having completed resiliency projects. Eligible businesses must be registered in New Jersey, intend to maintain operations in the state, and employ no more than 50 full-time employees. Resiliency projects include activities that mitigate climate change risks, such as improving water management, enhancing electrical grid reliability, expanding broadband access, and utilizing protective technologies.
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