Establishes NJ Non-Profit Loan Guarantee Pilot Program within EDA.
The bill establishes the New Jersey Non-Profit Loan Guarantee Pilot Program within the New Jersey Economic Development Authority (EDA). The program aims to provide financial assistance in the form of loan guarantees for non-profit organizations to support the construction of new physical spaces. The EDA is required to establish a special revolving fund, the "New Jersey Non-Profit Loan Guarantee Fund," to be used for this purpose. The fund will be credited with moneys from the Economic Recovery Fund, repayments of loan guarantees, and other authorized funds.
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