S.883

Establishes Urban Enterprise Zone Microloan Program in EDA to help certain businesses in Urban Enterprise Zones and UEZ-Impacted districts.

This bill establishes the Urban Enterprise Zone Microloan Program within the New Jersey Economic Development Authority (EDA) to provide low-interest loans to qualified businesses in Urban Enterprise Zones and UEZ-Impacted districts. The program aims to fund operational or capital expenses for businesses that plan to employ at least five full-time employees, with at least 50% of those employees being residents of the designated zones or districts. The bill appropriates $5 million from the General Fund to the EDA for the Urban Enterprise Zone Microloan Fund, which will support the loan program.