(HAMILTON) – Assemblyman Wayne DeAngelo (D-Mercer/Middlesex) on Thursday praised the $33.8 million in federal funding that the state will receive to support small businesses and create jobs in the state, funding he advocated for through a resolution approved last fall.
“I’m glad the administration joined our call to apply for this funding to support our small businesses and spur job creation in New Jersey,” said DeAngelo. “This funding will allow small businesses to receive loans they are not getting despite having good credit, allowing them to grow and create jobs that are sorely needed to jumpstart our state’s economy.”
DeAngelo sponsored a resolution calling on the governor to apply for funding under the State Small Business Credit Initiative (SSBCI) component of the federal “Small Business Jobs Act of 2010” last fall. The state will receive $33.8 million in funding from the U.S. Department of Treasury through the SSBCI to promote small businesses lending and create jobs.
The SSBCI provides states with a total of $1.5 billion in grants for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs, and to strengthen state programs that support lending to small businesses and small manufacturers.
Under the SSBCI, New Jersey’s expected share would be more than $33.7 million dollars with an expected 10:1 private match providing more than $337.6 million in total.
In keeping with his focus on job creation, DeAngelo also sponsored a seven-bill legislative package, “Business Expansion and Job Creation Plan”, that would provide tax credits and assistance to small businesses creating new jobs and revitalizing communities in New Jersey.