New Jersey S866 requires the Economic Development Authority to offer lower interest rates and more flexible repayment terms for small business loans.

New Jersey S866 mandates that the Economic Development Authority (EDA) provide small business loans to veteran-owned businesses at lower interest rates and with more flexible repayment terms. The bill also prohibits the EDA from charging fees for issuing loans to eligible veteran-owned small businesses. A veteran-owned small business qualifies for these benefits if it is owned or controlled by one or more veterans, or if more than 50% of its employees are veterans. The bill amends existing law to include these provisions, which take effect immediately upon enactment.

New Jersey S866 requires the Economic Development Authority to offer lower interest rates and more flexible repayment terms for small business loans.

New Jersey S866 mandates that the Economic Development Authority (EDA) provide small business loans to veteran-owned businesses at lower interest rates and with more flexible repayment terms. The bill also prohibits the EDA from charging fees for issuing loans to eligible veteran-owned small businesses. A veteran-owned small business qualifies for these benefits if it is owned or controlled by one or more veterans, or if more than 50% of its employees are veterans. The bill amends existing law to include these provisions, which take effect immediately upon enactment.