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Moen & Benson Measure to Provide Relief for Veteran-Owned Businesses Clears Assembly Panel

(TRENTON) – To support military veterans in New Jersey, Assemblymen Bill Moen (D-Camden, Gloucester) and Dan Benson (D-Mercer, Middlesex) sponsor a measure that would make $2.5 million in federal funding available to veteran-owned businesses in need of financial assistance.

The bill (A-1591) would direct the New Jersey Economic Development Authority (NJEDA) to use the funding for grants to eligible veteran-owned businesses. As defined by the bill, a veteran-owned business must have its principal place of operation located in the State, be independently owned and operated, and have a veteran own and control at least 51 percent of the business. The measure was approved by the Assembly Military and Veterans’ Affairs Committee on Monday.

Upon committee approval of the measure, Assembly Democrats Moen and Benson issued the following joint statement:

“Veteran-owned businesses have fought to overcome economic obstacles over the past two years, and every little bit of support will contribute to keeping them open.  By providing access to additional funding for veterans, we will honor those who served in our Armed Forces while helping essential small businesses in New Jersey succeed.