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 in the New Jersey Economic Development Authority (EDA) to provide financial assistance in the form of low-interest loans to qualified businesses implementing resiliency projects. A qualified business is one registered in New Jersey, intending to maintain operations in the state, and employing no more than 50 full-time employees. Resiliency projects include activities that improve water management, enhance electrical grid reliability, expand broadband access, or protect against climate change-related hazards.
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