Establishes Main Street Assistance Program to encourage business development in small municipalities.
The bill establishes the Main Street Assistance Program within the New Jersey Economic Development Authority (EDA) to provide financial and technical assistance to businesses in small municipalities. Eligible businesses must have at least 15 percent of their full-time employees residing within the municipality. The EDA will establish the Main Street Assistance Fund to provide loans, loan guarantees, and technical assistance to these businesses. The bill also provides tax credits for businesses participating in the program and requires the EDA to report annually on the program's progress.
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